How did we get here? A snapshot of finances.
Before 2020, we were close to being financially stable. In 2020-2021, with various COVID-19 subsidies, we were able to remain stable. As the subsidies decreased in 2021 and ceased in 2022, our revenue did not return to pre-pandemic levels. With inflation on overdrive, we saw a sudden, massive decrease in sales about 9 months ago as people were forced to be careful with their money. Glad Day is still busy, but everyone spends less per visit, and many folks can’t spend anything at all.
Here are some figures to keep in mind:
Our rent is almost $18,000 a month.
Our insurance is $2,500 a month.
Our hydro is often over $2,500 a month.
Our gas is about $1,000 a month.
So that’s $24,000 a month before we have paid for an hour of staff time, paid for one book or paid for coffee beans.
And we have cut what we can.
We have been without a general manager since early 2020.
We have been without a bookstore manager since mid 2022.
We have cut our daytime hours.
We have reduced the size and scope of our book collection.
We have reduced our ‘high risk/high reward’ events like dance parties.
We have reduced our social media presence.
These cuts might explain some of the frustrations we know some folks have had with us over the last few years. We don’t always reply to emails and social media messages, we don’t always get books in fast, we don’t always pay local suppliers quickly, we can’t always attend off-site events. We know we have a lot of loose ends - but with our very lean staff time and some volunteer hours, we have still managed to survive and create unique opportunities for community and creativity