Riverfront Museum finances in question

Apr 17, 2013

The Peoria Riverfront Museum plans to comply with its contractual obligation to provide financial data to the county. So says museum president Jim Richerson.  County staff say the museum is months overdue in providing last fiscal year’s audit and other tax forms. Richerson says the audit from last fiscal year isn’t finished because it involves the colossal transition from Lakeview to the new organization that complicates the finances. Some close to the situation say the museum is running a monthly operating deficit. Richerson says he cannot answer that:

 “That’s why I have a finance department...I can’t verify that one way or the other.  I’d have to go back to the numbers.  But on a monthly basis I feel we’re doing well, it’s a blend of assistance and revenue as we go forward and that certainly is part of the plan,” Richerson says.  

 Richerson says the museum is using dollars from its capital campaign to offset daily operating costs in addition to daily ticket and refreshment sales. He says that’s been part of the operational plan from the start. He would not say whether the entire museum board knows about the reporting delay with the County. But Richerson says the museum’s finance and audit committee has discussed the issue.  He says staff plan to update the full museum board at its next meeting.