Covelli Centre, Amp Post 2Q Loss of $138K
YOUNGSTOWN, Ohio – Unable to host events due to the coronavirus pandemic, Covelli Centre and the Youngstown Foundation Amphitheatre showed a second-quarter loss of $137,931.
Gross income for the quarter was $214,440, set against expenses of $352,371.
Through the first two quarters of the year, the two facilities have lost $38,118. They were projected to have earned $38,244 for the second quarter and $211,867 for the first half.
JAC Management, which operates both of the city-owned venues, said it received funds from the Payroll Protection Program, and used $135,000 of it in the second quarter for payroll and utilities.
“Due to accounting practices, this income cannot be recognized as income until we receive the forgiveness document from the Small Business Administration, which is expected to be issued in the latter part of 2020,” said Eric Ryan, president of JAC, in his report to the mayor and City Council. “Once confirmed, these funds will be applied to the financials, offsetting a portion of the incurred loss.”
Funding from PPP loans becomes a grant if certain criteria are met.
Ryan said that JAC has “drastically” reduced operating expenses and has furloughed more than 80% of its staff. The company is also rescheduling postponed events “to minimize the financial effect once we are able to reopen,” Ryan said.
In April, Gov. Mike DeWine named Covelli Centre as an overflow hospital site in the event that it would be needed to handle Covid-19 patients. That never happened, but Ryan pointed out that JAC remains under agreement with the state and the arena could be pressed into use as an emergency medical center in the future.
Copyright 2024 The Business Journal, Youngstown, Ohio.