JAC Reports Net Profit for City Venues During Pandemic Year
YOUNGSTOWN, Ohio – The city-owned Covelli Centre, Youngstown Foundation Amphitheatre and Wean Park finished 2020 with an operational profit of $10,915 despite being unable to host events for much of the year.
The net-positive financial performance for the venues during what manager Eric Ryan called “the most challenging year in the history of the entertainment industry” was in part because of a combination of cost-cutting measures and funds from the Coronavirus Aid, Relief and Economic Security Act.
JAC Management, which operates the three venues for the city, had budgeted for a net income of $318,243 for the year.
It reported adjusted gross income for the year of $1.74 million, which included $353,310.59 received though the Cares Act. That funding helped offset operational losses caused by the ongoing COVID-19 pandemic by helping cover payroll and benefits, utility and other costs. JAC reported $1.73 million in expenses.
“Sadly, many venues across the state and country have not had the same fate,” Ryan, JAC president, said in a letter to Mayor Jamael Tito Brown and members of City Council. “We are grateful to be able to report these figures as our entire industry was completely shut down for nearly five months, has the highest unemployment rate among all sectors in the state, and continues to operate under heavy capacity restrictions.”
While the capacity restrictions prevented major events such as concerts from taking place, JAC hosted events at the Youngstown Foundation Amphitheatre and Youngstown Phantoms hockey games during the fall. In addition, the company “developed and attracted nontraditional rentals such as ice hockey and figure skating at the Covelli Centre this winter,” he said.
JAC also participated in city-sponsored and charitable events such as the Juneteenth Celebration, United Way of Youngstown and the Mahoning Valley food giveaways, church services, Youngstown City Health District minority drive-though baby showers and multiple veteran food giveaways.
“As we reflect on 2020, it is evident the impact our facilities have on our community’s culture, quality of life and economy,” Ryan said in the letter. “We look forward to once again energizing our community this summer and fall as we are hard at work planning a busy event schedule at all facilities in hopes that restrictions will be lifted by the State of Ohio in the near future.”
Copyright 2024 The Business Journal, Youngstown, Ohio.
