Dear Radio Bean community,
Thank you for showing up in support of the space in such a beautiful way. We are so grateful. Many folks have been asking how to offer financial support to the Radio Bean during this time of transition, and the answer is below! Thanks for everything, we're glad you're here.
Community fundraising efforts begin!
The goal of this fundraiser is at a few different scales and in stages:
GOAL 1: initial donations will go towards the expenses of the month ahead (e.g. rent/utilities/labor costs/monthly insurance cost)
GOAL 2: once those expenses have been met, the intention is to pay off the debts that inhibit immediate function (e.g. accounts payable, monthly loan payments and outstanding bills, we'd love to have our full bar program up for you again...)
GOAL 3: beyond those fundraising goals, the next goal is to be able to tend to some of the larger repairs the space needs (e.g. repairing and/or servicing larger appliances) as well as covering some of the costs of the transition ahead (e.g. legal and accounting fees, big annual liability insurance cost, onboarding and training additional staff and management, and moving towards sustained financial stability)
(For folks interested in a further breakdown of expenses, please read on below)
Please don't break your bank, but if you have the resources and are able to aid the redevelopment and future of the space, whatever you can offer is deeply appreciated.
If you are someone with access to wealth who would like to discuss making a larger donation and would like more information before doing so, please feel free to contact Lee directly: [email redacted]
Community and live music is at the heart of what Radio Bean does and we wouldn't be here without you. Thanks for reading, thanks for donating and spreading this around. <3
Thank you all so much!
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Further Breakdown of Expenses:
GOAL 1 TOTAL: $25,000 - this 'keeps the lights on" and ensures staff is paid in a timely way
Here is a rough breakdown of our biggest monthly operating expenses which total approximately $60,000: (Meeting the fundraising goal above catches us up, supplemented by sales)
Rent, electric, gas, internet, trash, water, taxes - approximately $25,000
Labor costs monthly - approximately $26,000
Insurance - approximately $4,000
GOAL 2 TOTAL: additional $25,000 - this repays immediate debts that inhibit full operation
This expense includes settling accounts payable, short term loan repayments that will allow us to return to full service and operations:
Accounts payable - approximately $10,000
Short term loan repayments - approximately $15,000
GOAL 3: Advancement and Transition - anything beyond Goal 2 will support the finances during transition, the necessary repairs to the space, and the cost of the liability insurance
Some of the larger repairs the space needs: (all of these price points are estimates)
Walk In Cooler Repair: approximately $7,000-$8,000
Repairing Hood System: approximately $2000
Bar Refrigeration: approximately $3,000
New Heating System in Radio Bean Room: approximately $10,000-$15,000
Broken Storefront Windows: approximately $4,000
New Water Heater: approximately $1,200
July 1st Liquor Liability Insurance Renewal:
This is a huge annual expense, the price has gone up exponentially year to year for all clubs across Vermont. (e.g. In 2018, we were paying $8.5k for a policy, last year it was $69,000) We don't know at this point what the exact renewal amount will be, but no doubt, it will be more than last year.
Supporting the transition: (the cost of this is also unknown)
Legal and Accounting Fees
Onboarding and Training Additional Staff and Management
Food Service Program Development
Additional Offerings and Daytime Programing
Other Expenses
(To clarify, these donations have no strings attached. We are hopeful about, and are actively exploring the possibility of, a co-op model. Conversations are in the beginning stages with some interested groups and individuals. This GoFundMe is a contribution to the continuation of this community asset. For folks interested in becoming more directly involved, please fill out this google form or contact Lee directly.)