Arena broke even in prior fiscal year, unaudited figures show
By Josh Mitchell
Corinth Today News Editor
Crossroads Arena officials on Wednesday released salary amounts and profit/loss information from the prior fiscal year.
Crossroads Arena General Manager Tammy Genovese said she received total compensation of $87,216 from Oct. 1, 2016, to Sept. 30, 2017. That included a base salary of $70,000 and designated cash in lieu of benefits of $17,216, she said.
Genovese noted that she is not an employee of the Crossroads Arena but is under contract with the Arena board.
Crossroads Arena employees were compensated as follows:
Full-time director of operations: $43,154;
Full-time Box Office Manager/Event Manager (Position was not filled all year): $20,595;
Full-time Box Office Assistant (This job has been eliminated as an employee position): $17,842;
Part-Time Finance Manager: $17,407.
The Crossroads Arena basically broke even in the fiscal year that ran from Oct. 1, 2016, to Sept. 30, 2017, according to an unaudited profit/loss statement.
Corinth Today on June 6 filed a public records request with Crossroads Arena officials for the profit/loss information.
The information was provided to Corinth Today on Wednesday.
Below is a breakdown of the Arena’s unaudited finances for the prior fiscal year.
The Arena had total operating income of $302,439 ($200,000 from the tourism tax and $102,439 from sponsors and other sources).
Revenue from events and rentals totaled $451,162.
Total revenue: $753,601.
Operating expenses totaled $404,495
Expenses from events, etc. totaled $337,133
Total expenses: $741,628
State taxes paid by Arena: $11,581.
The Arena ended the year $392 in the black.
Genovese said she was “pleased” to end the year at a break-even point. Facilities such as the Crossroads Arena are not designed to be profit centers, Genovese said.
The Arena helps bring tourism dollars to the community when people stay at a local hotel or eat at a restaurant when they are in town for a show, she said.
The Arena has been rented for many private events hosted by the hospital and others through August. But Genovese has avoided booking shows during the hot summer months that would require full utilities. The cost to cool the facility is so high in the summer that it does not make good economic sense to book a show unless it is a major event, Genovese noted.
There is a volleyball tournament booked at the Arena in early September, and the county fair is also in September. Two other events are on hold for September, and The Lacs/Saving Abel concert is Oct. 20.
Arena officials are also in final negotiations with several other shows for the fall and winter and first quarter of 2019, Genovese added.