The future of the Folk Arts Society is in jeopardy, and as things now stand, the possibility of a 50th anniversary folk festival seems remote.
Saying it faces a precarious financial situation and a “crisis of significant proportions,” the Folk Arts Society has closed its office and laid off its administrative coordinator while executive director Julie Vogt (vote) has resigned.
The provincial government did signal it might be willing to help, but delays in decision-making and government’s shift to caretaker status during the election had a “cascading impact” on the Folk Arts Society’s ability to cover accounts receivable.
While it did manage to pay down its debt to CRA, the society’s reserves have been exhausted, and smaller than expected income has complicated their ability to cover accounts receivable.
A letter issued by the society’s board of directors paints a grim picture. It says that the “Board has a fiduciary duty not to incur further debt” and they must now “make tough but necessary decisions about the society’s future.”
Members will be called together to discuss the feasibility of moving to a volunteer-run model as it explores possible paths forward.
