Troubadour

From: Mike Agranoff <mike@mikeagranoff.com>

Sent: Friday, March 27, 2020 1:36 PM

To: 'FP - BOD' <fullboard@folkproject.org>

Subject: FW: Troubadour Booking Report, April 2020 -- amended

Based upon updated information, I am amending my report of yesterday. Notably, I am withdrawing my proposed motion to offer cancelled acts an advance deposit on their return engagement. See bottom of this report.

Mike Agranoff

www.MikeAgranoff.com

From: Mike Agranoff <mike@mikeagranoff.com>

Sent: Friday, March 27, 2020 12:07 PM

To: 'FP - BOD' <fullboard@folkproject.org>

Subject: FW: Troubadour Booking Report, March 2020 -- Addendum

Please note:

I mentioned my intention to propose a motion about offering deposits to cancelled performers on their future bookings, only to give you advance notice, and provide time for you to think about it ahead of the meeting. I didn’t want to spring it on you cold. Please do not start an email discussion on the topic. But current Board members should be prepared to discuss this at the meeting where the discussion belongs. (See earlier email below.)

Mike Agranoff

www.MikeAgranoff.com

From: The Troubadour <mike.agranoff@folkproject.org>

Sent: Thursday, March 26, 2020 7:54 PM

To: 'FP - BOD' <fullboard@folkproject.org>

Subject: Troubadour Booking Report, April 2020

Short but bitter. The Troubadour started March off with a bang with a great concert from Beppe Gambetta. And then Corvid-19 hit, and everything else got cancelled. The stats on the one show we had were 119 paid attendees (147 total attendance) and a profit of $151. Year to date, we’ve averaged 98.3 paid (122.4 total) attendance with a profit of $1.012 And that’s it for the foreseeable future.

We, along with the rest of the Project has cancelled all shows through the end of April, and we will make a determination on the following month by the 15th of the upcoming month on an ongoing basis. It don’t look good for May or June.

Pam Robinson had made the suggestion that we provide some compensation to the performers we had to cancel. I believe she suggested half their guarantee. Looking at the Project’s financial status, I don’t think we can afford to do that. I did a rough estimate of our available funds on March 16 (See attached file), and what I’m seeing is a total available cash on hand of $13,534, and the General Funds portion of the Vanguard Account about $22,000 as of that date, and liable to drop further. Half of the sum of the guarantees of all Troubadour acts cancelled through June would come to $3,120. (If I also include the “Deeper Than the Skin” Special Concert I’m running, that would add another $1,000) I don’t think we can afford to give away 25% of our liquid assets. (30% if we include “Deeper Than the Skin”.)

Proposed Motion:

But here’s another proposal I would like to make to the Board. It’s common for bigger acts to ask for a deposit upon signing their contract, which will be put towards their pay on the date of their performance. So I’m proposing that we offer all the cancelled feature acts an advance deposit on their rescheduled show equal to half of their guarantee, up to a maximum of $750. So it won’t be an outright gift to the cancelled acts, but an advance on their upcoming show. And we will recoup that money by deducting it from their pay when they come back to do their rescheduled show. What it will do is to help these artists’ cash flow at this time when it’s critical. What it would cost us now would be slightly less than the above figures, due to the $750 cap: it would total $2,850. ($3,600 if we include “Deeper Than the Skin”.) Still a healthy percentage of our liquid assets, but with the knowledge that it will all come back to us over the next year when we return to normal operations. (And if we never return to normal operations, we won’t need it anyway L ) I do understand that perhaps some acts might not return, and I’m willing for the Troubadour to take that loss. I think it shows good will and our concern for the artist community. I intend to make this motion at the upcoming Board Meeting as a two-part motion: First for all cancelled Troubadour acts, and second to include “Deeper Than The Skin”.

Currently most of the summer is not booked. I have tentatively scheduled that when we return to operations, the first show will feature myself as the headliner, with the Annie Donahue Trio opening. That shows up on our schedule on June 5, but we’ll move it to July 3, August 7, or August 28 (was Ukefest date) as needed. (All dates are currently open.) It would be good to return with an all-Folk Project show. If we’re still dark beyond that date, we’ll make other plans.

Stay safe

Respectfully submitted:

Mike Agranoff

Program Chair

The Troubadour Acoustic Concert Series

(Formerly the Minstrel Acoustic Concert Series)

Morristown, NJ. USA

www.Troubadour.FolkProject.org