September 1, 2026
Andrew P. Powers
City Manager
City of Thousand Oaks
2100 Thousand Oaks Blvd.
Thousand Oaks, CA 91362
RE: TOArts Update
Dear Mr. Powers,
The TOArts Board of Directors is pleased to present this report to the City of Thousand Oaks (“City”) outlining TOArts’ operations and programming for the last twelve months ending, June 30, 2026. On behalf of the entire Board, I would like to thank you for the incredible partnership that we share with the City of Thousand Oaks. Together we are making our community a place Where the Arts Thrive for All.
Governance
Board Membership – The TOArts Board added three new members this year: Aerin LeDuc-Gummeson, Michael Hart (California Lutheran University), and Victor Fakrogha (Community West Bank).
Memorandum of Understanding (MOU) – Members of the Governance Committee worked with staff to update and amend the MOU between TOArts and the City. These revisions remove obsolete language which was unique to the nonprofit merger in 2017, provide clarity of responsibilities, and guides the relationship as operations continue to grow and evolve. To maintain close relationship of the organization, TOArts is proposing that the City’s Cultural and Community Services Director become ex-officio member of the Board of Directors.
Finance
Annual Audit – The Board reviewed and accepted the annual independent audit report for FY 2024-25 (Attachment #1).
Development
Campaign Success -- The Sparking Joy! campaign, targeting a June 30, 2028 (culmination of our 10th year of operations), close continued to advance toward its $5 million goal in FY 2025-26.
Work Force Development
Youth Arts Leadership Academy (YALA) -- The 24 students of the 2025-26 YALA cohort capped their program on May 23, 2026, with the YALA Film Festival in the Scherr Forum: a red-carpet celebration of 11 local filmmakers before an audience of ATTACHMENT #1
2 more than 250, featuring an industry judging panel, student MCs, and the debut of the cohort's own student-written, directed, and acted short film. At the February Donor Gratitude Reception, the cohort paid tribute to TOArts' civic origins, performing a song by Cheryl Talbot inspired by the words of Dr. Raymond Olson, honoring both Dr.
Olson and the late Eloise Cohen, his daughter and a longtime TOArts board member.
In November 2025, the prior year's YALA executive team received the Youth in Philanthropy Award from AFP Santa Barbara Ventura County for their leadership of the Revive Aid Benefit Concert.
Artist Incubator – The program’s inaugural cohort of working adult artists completed ten months of business development training, culminating in a showcase attended by Mayor Mikey Taylor. Participating artists sold more than $8,000 in artwork that evening, and their work hung in the Kavli Theatre gallery from early June through September.
Creators Club – This new program, pre-event programming led by Artist Incubator artists, launched in 2025-26 with well-received offerings including Paint and Sip and Creative Journaling ahead of National Geographic events, and continues into the 2026-27 season.
Arts Education
Arts Odyssey -- TOArts continued its cross-disciplinary programming bringing theatre, visual arts, dance, and music into partner classrooms, including hands-on activities and field trips to Camarillo Ranch House. We also continued to support the Music Production/Sound Engineering Career Technical Education Pathway at Conejo Valley High School, serving 30 students with industry-standard curriculum, professional guest teaching artists, and hands-on experience at DAW workstations where students created original podcasts, beat samples, and songs.
Kids and the Arts -- This program brought 6,623 students and teachers from PreK through 8th grade to live performances at both the Kavli and Scherr theatres. We presented four distinct productions across nine performances, including The Magic School Bus: Lost in the Solar System, Wind in the Willows, JazzReach's Miles Davis and the Blue Flame Incident, and Camelot in partnership with Pacific Festival Ballet.
Trailblazers Ed - Nearly 1,000 students across the four Conejo Valley high schools were inspired by National Geographic speakers adventurer Peter Hillary, monarch butterfly photographer Jaime Rojo, urban ecologist Chris Schell, and astronomer/photographer Babak Tafeshi, gaining insight into career paths combining scientific inquiry, creative storytelling, and environmental stewardship.
AccessArts -- TOArts provided $19,000 to Conejo Valley elementary schools funding arts programming for over 1,300 students, from weekly dance instruction to arts in the classroom projects.
3 Community Support
Residencies - TOArts brought artist residencies directly to students this year, with JazzReach performers leading an improvisation workshop at Royal High School and the author and playwright behind I'm Not a Comedian... I'm Lenny Bruce, giving a masterclass at Moorpark College.
Olson Performance Grants -- TOArts granted over $143,000 in theatre credits to 12 nonprofit performing arts groups to subsidize rental costs at Bank of America Performing Arts Center theatres, supporting the broader arts ecosystem.
Community Involvement
Sponsorship -- TOArts continued its proud sponsorship of the City's annual Pop-Up Arts & Music Festival, supporting diverse programming that reflects our community.
We maintained partnerships with organizations including CLU's Center for Nonprofit Leadership and various Chamber of Commerce initiatives.
Leadership -- TOArts staff continued serving on community boards and committees throughout Ventura County, providing arts advocacy and professional expertise to regional initiatives.
ReFrame Ventura County -- We partnered with the County of Ventura on the third annual arts summit, bringing together over 125 artists, arts workers, and culture bearers from across East and West Ventura County. This collaboration, supported by Studio Channel Islands, Oxnard Performing Arts Center Foundation, and Five07, provided professional development and policy input opportunities.
Young Artists Ensemble (YAE) – TOArts continued to serve as the fiscal receiver for the program. YAE is a fixture in the local community and provides local youth and teens, between the ages of 10 and 19, with opportunities to perform in plays and musicals.
Thrive VC - Through partnership with Vibe Well and the County of Ventura, this program engaged local residents and solicited photography submissions which were exhibited online, in the Kavli Theatre Gallery, both libraries, and with community partners at Five07 and The Arterie.
Downtown Project – We were proud to engage in dialogue with City staff, consultants, and members of the public to express our TOArts’ support for the Downtown Project. As your nonprofit partner, we look forward to working together collaboratively to strengthen the creative economy through arts, culture, and entertainment in the future development.
Performances
TOArts Presents -- As the largest presenter at the Bank of America Performing Arts Center, TOArts presented 77 diverse performances to 61,066 patrons, featuring programming spanning world-class headliners, family shows, multicultural productions, dance performances, comedians, and National Geographic speakers.
TOArts Presents After Dark at Stagecoach Inn Museum -- This festival-style outdoor concert series featured three shows reaching 1,200 attendees with fresh and 4 compelling artists.
FamilyPAC -- This program provided low-cost and complimentary tickets to 395 attendees across 12 shows, ensuring families have access to live performance experiences regardless of economic circumstances.
Leadership
Leadership Transition -- FY 2025-26 marked the first full year under Executive Director Niki Chopra Richardson’s leadership, following her promotion by the Board of Directors effective July 1, 2025.
The TOArts Board recognizes the continued growth and impact achieved in FY 2025-26, a successful inaugural Artist Incubator cohort, and continued progress toward our capital campaign goal. Under Executive Director Niki Chopra Richardson’s continued leadership, and with ongoing City partnership, TOArts is positioned to build on this momentum while maintaining our commitment to ensuring the arts thrive for all community members.
For FY 2026-27, we anticipate continued growth in all program areas, expanded community partnerships, progress toward completing our capital campaign, and sustained collaboration with the City to strengthen our community’s cultural and economic vitality.
TOArts remains proud to serve as a vital partner in strengthening the creative economy of the Conejo Valley and beyond through arts, culture, and entertainment, contributing to the quality of life that makes Thousand Oaks a desirable place to live, work, and visit.
On behalf of the members of the TOArts Board and staff, thank you for your continued support of our efforts and activities.
Sincerely,
Al Lowe
Board Chair
Attachments:
Attachment #1 – FY 2024-25 Audit
Attachment #2 – FY 2025-26 Programming
Attachment #3 – FY 2026-27 Approved Budget
Thousand Oaks Alliance for the Arts
INDEPENDENT AUDITORS’ REPORT
AND
FINANCIAL STATEMENTS
JUNE 30, 2025 AND 2024
Attachment #1 to Board Letter
Thousand Oaks Alliance for the Arts
TABLE OF CONTENTS
PAGE
Independent Auditors' Report 1 - 2
Financial Statements
Statements of Financial Position 3
Statements of Activities 4
Statements of Cash Flows 5
Statements of Functional Expenses 6 - 7
Notes to Financial Statements 8 - 18
HINRICHER & COUSINO, LLP
Certified Public Accountants
3275 Old Conejo Road Thousand Oaks, California 91320
805-496-1883 | 805-496-5602 | www.hccpasllp.com
INDEPENDENT AUDITORS' REPORT
To the Board of Directors
of Thousand Oaks Alliance for the Arts
Report on the Audit of the Financial Statements
Opinion
We have audited the accompanying financial statements of Thousand Oaks Alliance for the Arts (a nonprofit organization) which comprise the statement of financial position as of June 30, 2025, and the related statements of activities, cash flows and functional expenses for the year then ended, and the related notes to the financial statements.
In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of Thousand Oaks Alliance for the Arts as of June 30, 2025, and the changes in its net assets and its cash flows for the year then ended in accordance with accounting principles generally accepted in the United States of America.
Basis for Opinion
We conducted our audit in accordance with auditing standards generally accepted in the United States of America (GAAS). Our responsibilities under those standards are further described in the Auditors’ Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of Thousand Oaks Alliance for the Arts and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Other Matter
The financial statements of Thousand Oaks Alliance for the Arts for the year ended June 30, 2024, were audited by another auditor who expressed an unmodified opinion on those statements on June 19, 2025.
Responsibilities of Management for the Financial Statements Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about Thousand Oaks Alliance for the Arts’ ability to continue as a going concern for one year after the date that the financial statements are issued.
Auditors’ Responsibilities for the Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors’ report that includes our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements.
In performing an audit in accordance with GAAS, we:
Exercise professional judgment and maintain professional skepticism throughout the audit. Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of Thousand Oaks Alliance for the Arts’ internal control. Accordingly, no such opinion is expressed. Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements. Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about Thousand Oaks Alliance for the Arts’ ability to continue as a going concern for a reasonable period of time.
We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control–related matters that we identified during the audit.
Hinricher & Cousino, LLP
Thousand Oaks, California
April 30, 2026
June 30, 2025 and 2024
2025 2024
Current assets:
Cash and cash equivalents 220,142 $ 424,980 $
Pledges receivable, current portion 114,960 417,990
Show settlement receivables 12,378 0
Deposits 5,489 26,641
Total current assets 352,969 869,611
Pledges receivable, net of current portion 243,701 199,232 Cash surrender value of life insurance 87,044 83,734
Beneficial interest in charitable remainder trust 391,954 389,856 Beneficial interest in endowment fund:
Ventura County Community Foundation 229,781 209,837
California Community Foundation 4,030,634 4,048,309
Investments 11,200,718 10,207,053
Total assets $ 16,536,801 $ 16,007,632
Current liabilities:
Accounts payable 182,779 $ 147,385 $
Total current liabilities 182,779 147,385
Long-term liabilities:
Shared revenue agreement 125,853 125,853
Total long-term liabilities 125,853 125,853
Total liabilities 308,632 273,238
Net assets:
Without donor-imposed restrictions 8,170,333 7,841,370
With donor-imposed restrictions 8,057,836 7,893,024
16,228,169 15,734,394
Total liabilities and net assets $ 16,536,801 $ 16,007,632 See accompanying independent auditors' report and notes to financial statements. - 3 -
NET ASSETS
THOUSAND OAKS ALLIANCE FOR THE ARTS
STATEMENTS OF FINANCIAL POSITION
ASSETS
LIABILITIES
Without Donor With Donor Without Donor With Donor
Imposed Restriction Imposed Restriction Total Imposed Restriction Imposed Restriction Total Public support, revenue, and reclassifications
Contributions 332,451 $ 0 $ 332,451 $ 2,054,981 $ 350,000 $ 2,404,981 $ Performance revenue, net of costs 394,966 0 394,966 327,793 0 327,793 Grants 7,000 0 7,000 1,000 0 1,000
Concessions revenue 185,558 0 185,558 135,000 0 135,000 Ticket sales 24,880 0 24,880 8,400 0 8,400
In-kind contributions of rent and services 245,138 0 245,138 324,608 0 324,608 Sponsorships 15,000 0 15,000 37,500 0 37,500
Net investment return 974,459 0 974,459 1,498,044 0 1,498,044 Special events, net of expenses of revenue $162,646 (58,750) 0 (58,750) 0 0 0 Net assets released from restrictions 137,866 (137,866) 0 0 0 0 Total public support, revenue, and reclassifications 2,258,568 (137,866) 2,120,702 4,387,326 350,000 4,737,326 Other income
Change in value of charitable remainder trust 0 2,098 2,098 0 13,090 13,090 Change in cash surrender value of life insurance 0 3,310 3,310 0 4,515 4,515 Change in value of beneficial interest in endowment 0 297,270 297,270 Founders credit income 0 0 0 2,000 0 2,000
Total other income 0 302,678 302,678 2,000 17,605 19,605 Total public support, revenue, reclassifications, and other income 2,258,568 164,812 2,423,380 4,389,326 367,605 4,756,931 Expenses
Program expenses 1,573,617 0 1,573,617 1,196,200 0 1,196,200 Supporting services
Management and general 190,152 0 190,152 246,503 0 246,503 Fundraising 165,836 0 165,836 272,572 0 272,572
Total expenses 1,929,605 0 1,929,605 1,715,275 0 1,715,275 Change in net assets 328,963 164,812 493,775 2,674,051 367,605 3,041,656 Net assets - beginning of year 7,841,370 7,893,024 15,734,394 5,167,319 7,525,419 12,692,738 Net assets - end of year 8,170,333 $ 8,057,836 $ 16,228,169 $ 7,841,370 $ 7,893,024 $ 15,734,394 $ See accompanying independent auditors' report and notes to financial statements. - 4 -
THOUSAND OAKS ALLIANCE FOR THE ARTS
STATEMENTS OF ACTIVITIES
For the Years Ended June 30, 2025 and 2024
2025 2024
2025 2024
CASH FLOWS FROM OPERATING ACTIVITIES:
Change in net assets 493,775 $ 3,041,656 $
Adjustments to reconcile change in net assets to
net cash provided by (used in) operating activities:
Amortization of charitable trust and founders credits (2,098) (15,090) Change in cash surrender value of life insurance (3,310) (4,515) Change in beneficial interest in endowment (297,269) 0
Realized and unrealized (gain)/loss on investments (668,791) (3,243,792) (Increase) or decrease in:
Pledges receivable 258,561 (330,793)
Show settlement receivables (12,378) 0
Deposits 21,152 (1,641)
Increase or (decrease) in:
Accounts payable 35,394 (61,340)
Deposits payable 0 (75)
Net cash provided by (used in) operating activities (174,964) (615,590)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of investments (2,949,639) 0
Proceeds from sales of investments 2,624,765 0
Distributions from beneficial interest in endowment 295,000 0 Net cash provided by (used in) investing activities (29,874) 0 Total increase (decrease) in cash and cash equivalents (204,838) (615,590) Cash and cash equivalents at beginning of year 424,980 1,040,570 Cash and cash equivalents at end of year $ 220,142 $ 424,980 Supplemental Cash Flow Information:
Interest paid during the fiscal year 0 $ 0 $
Income taxes paid 0 $ 0 $
See accompanying independent auditors' report and notes to financial statements. - 5 -
THOUSAND OAKS ALLIANCE FOR THE ARTS
STATEMENTS OF CASH FLOWS
For the Years Ended June 30, 2025 and 2024
Management Total
Program and General Fundraising Total Expenses
Accounting and auditing 0 $ 37,680 $ 0 $ 37,680 $ 37,680 $ Advertising and public relations 11,992 27,496 16,634 44,130 56,122 Dues and subscriptions 0 3,724 0 3,724 3,724
Conferences and meetings 0 9,071 0 9,071 9,071
Contractual agreements 133,201 18,797 61,894 80,691 213,892 Grants 136,401 0 0 0 136,401
Information technology 500 5,344 10,704 16,048 16,548
In-kind services and rents 245,138 0 0 0 245,138
Insurance 0 7,651 0 7,651 7,651
Miscellaneous 0 0 3,657 3,657 3,657
Printing 767 2,672 5,984 8,656 9,423
Performances 903,762 0 0 0 903,762
Personnel expenses 134,703 32,142 61,801 93,943 228,646 Professional fees 0 5,520 3,742 9,262 9,262
Special programs 7,153 3,137 1,420 4,557 11,710
Supplies 0 28,073 0 28,073 28,073
Travel and training 0 8,845 0 8,845 8,845
-
Total expenses $ 1,573,617 $ 190,152 $ 165,836 $ 355,988 $ 1,929,605 See accompanying independent auditors' report and notes to financial statements. - 6 -
THOUSAND OAKS ALLIANCE FOR THE ARTS
STATEMENT OF FUNCTIONAL EXPENSES
For the Year Ended June 30, 2025
Supporting Services
Management Total
Program and General Fundraising Total Expenses
Accounting and auditing 0 $ 26,500 $ 0 $ 26,500 $ 26,500 $ Advertising and public relations 105 4,507 41,041 45,548 45,653 Dues and subscriptions 0 3,162 0 3,162 3,162
Contractual agreements 35,438 41,690 52,142 93,832 129,270 Contractual services 0 129 2,700 2,829 2,829
Grants 127,490 0 0 0 127,490
Information technology 0 6,976 11,123 18,099 18,099
In-kind services and rents 103,113 123,382 103,113 226,495 329,608 Insurance 0 1,685 0 1,685 1,685
Miscellaneous 0 468 1,715 2,183 2,183
Printing 969 0 5,018 5,018 5,987
Performances 795,862 0 0 0 795,862
Personnel expenses 100,237 23,918 45,988 69,906 170,143 Special programs 0 3,135 9,732 12,867 12,867
Supplies 32,728 6,031 0 6,031 38,759
Taxes 0 420 0 420 420
Travel and training 258 4,500 0 4,500 4,758
Total expenses $ 1,196,200 $ 246,503 $ 272,572 $ 519,075 $ 1,715,275 See accompanying independent auditors' report and notes to financial statements. - 7 -
THOUSAND OAKS ALLIANCE FOR THE ARTS
STATEMENT OF FUNCTIONAL EXPENSES
For the Year Ended June 30, 2024
Supporting Services
Thousand Oaks Alliance for the Arts
NOTES TO FINANCIAL STATEMENTS
June 30, 2025 and 2024
- 8 -
NOTE 1 - DESCRIPTION OF ORGANIZATION
Thousand Oaks Alliance for the Arts (“TOArts”), is a nonprofit public benefit corporation and the presenting and fundraising partner of the Bank of America Performing Arts Center at the Thousand Oaks Civic Arts Plaza.
With the mission "Where the Arts Thrive for All," TOArts advances arts education, audience development, and ecosystem support across Ventura County and greater northern LA County. TOArts is governed by a Board of Directors which is responsible for all activities of the organization. Trustees serve three-year terms and receive no compensation for their services.
The Thousand Oaks Civic Arts Plaza's two-theatre complex consists of the 1,800-seat Fred Kavli Theatre and the 400-seat Janet and Ray Scherr Forum Theatre. TOArts operates through three strategic areas: First Five to First Job (arts education and workforce development including Kids and the Arts, Arts Odyssey, Trailblazers Ed, YALA, Creators Conservatory, Artist Incubator, Creators Club, and AccessArts); Audience Development (presenting approximately 70 performances annually through TOArts Presents); and Ecosystem Support (providing grants and capacity-building resources to the regional arts community through Olson Performance Grants and expanded grant categories).
Annually, TOArts serves more than 50,000 people through performances, education programs, and community initiatives. Through its flagship Kids and the Arts school outreach program, TOArts provides free admission and bus transportation to performances for deserving children, with expanded programming serving students from early childhood through workforce entry across the arts education pipeline.
NOTE 2 - SUMMARY OF ACCOUNTING POLICIES
Financial Statement Presentation
The accompanying financial statements have been prepared on the accrual basis of accounting in accordance with Generally Accepted Accounting Principles (“GAAP”) for not-for-profit organizations.
Net Asset Presentation
Net assets, revenues, gains and losses are classified based on the existence or absence of donor-imposed restrictions. Descriptions of the two net asset categories and transactions affecting each category are as follows:
Without donor-imposed restrictions: Net assets that are not subject to donor-imposed restrictions and are currently available at the discretion of management and the governing board for use in operations.
With donor-imposed restrictions: Net assets that are subject to donor-imposed restrictions that will be met by actions of TOArts or the passage of time. Transactions affecting this category include gifts with donor-imposed restrictions not met by year-end, endowments where the principal may be used upon the passage of time or used for a specific purpose. Included in this category are gifts with donor-imposed restrictions to be maintained permanently by TOArts. Generally, the donor requires the original corpus of the gift to be held in perpetuity, but the income generated from the gift may be used by management for general program and operating expenses.
Thousand Oaks Alliance for the Arts
NOTES TO FINANCIAL STATEMENTS
June 30, 2025 and 2024
- 9 -
NOTE 2 - SUMMARY OF ACCOUNTING POLICIES (Continued)
Use of Estimates
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities (e.g. the fair value of financial instruments, potential impairments to fixed assets and accrued expenses) at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Accordingly, actual results could differ from those estimates.
Income Taxes
Thousand Oaks Alliance for the Arts is exempt from federal and state income taxes under Section 501(c)(3) of the Internal Revenue Code (the “IRC”) and Section 23701(d) of the California Franchise Tax Code and therefore has made no provision for federal or state income taxes in the accompanying financial statements. In addition, the Internal Revenue Service has determined that TOArts is not a "private foundation" within the meaning of Section 509(a) of the IRC. There was no unrelated business income for the years ended June 30, 2025 and 2024. As of June 30, 2025, TOArts' federal and state information returns generally remain open to examination by taxing authorities for the preceding three and four years, respectively.
Cash and Cash Equivalents
Cash equivalents consist of highly liquid investments with an initial maturity of three months or less. Fair value approximates carrying amounts. At June 30, 2025, TOArts had $119,677 of cash equivalents.
Pledges Receivable
Pledges receivable that are expected to be collected in future years are recorded in the year the pledge is made at the present value of estimated future cash flows. The discounts on those amounts are computed using an interest rate of five percent. Future amortization of the discount will be included in contributions on the accompanying statements of activities. Management closely monitors outstanding balances and writes off any balances deemed uncollectible.
Investments
Thousand Oaks Alliance for the Arts presents its investments in accordance with GAAP for not-for-profit organizations. Under this guidance investments in marketable securities with readily determinable fair values and all investments in debt securities are reported at their fair values in the statements of financial position.
Unrealized gains and losses are included in the change in net assets and are allocated among the two classifications of net assets.
Revenue Recognition
Thousand Oaks Alliance for the Arts’ major sources of revenue are from contributions, performance revenue, concessions revenue, and contributed goods or services. Revenue recognition from each major source is described below:
Thousand Oaks Alliance for the Arts
NOTES TO FINANCIAL STATEMENTS
June 30, 2025 and 2024
- 10 -
NOTE 2 - SUMMARY OF ACCOUNTING POLICIES (Continued)
Contributions: Contributions are recognized as revenue when they are received or unconditionally pledged and are recorded as revenues with donor-imposed restrictions or without donor-imposed restrictions according to donor stipulations that limit the use of these assets due to either a time or purpose restriction. Contributions received with donor-imposed restrictions that are met in the year of receipt are recorded as revenues without donor-imposed restrictions. When the restriction expires or is met in a subsequent year, net assets are reclassified from net assets with donor-imposed restrictions to net assets without donor-imposed restrictions in the accompanying statements of activities.
Conditional promises to give, that is, those with a measurable performance or other barrier, and a right of return, are not recognized until the conditions on which they depend have been substantially met.
Performance revenue: Performance revenue is recognized as revenue when it is earned and reported net of costs on the accompanying statements of activities.
Concessions revenue: TOArts has entered into an exclusivity agreement for all concessions with Evergreen Alliance Golf Limited, LP d/b/a Arcis Golf. 100% of the net cash flow from concessions is recognized as concessions revenue on a quarterly basis.
Contributed Goods or Services: Donated goods or services are recognized at their estimated fair value when the goods or services have been received. Estimated fair value is determined based on appraisals, other objective bases, or in certain circumstances management’s best estimate of fair value.
Thousand Oaks Alliance for the Arts records donated services that either a) create or enhance a nonfinancial asset, or b) require specialized skills and are provided by persons possessing those skills (and would need to be purchased if they were not donated), at their fair value. These amounts are reported as without donor-imposed restrictions contributions on the statements of activities.
Thousand Oaks Alliance for the Arts receives substantial donated services each year from volunteers.
These volunteer services, however, do not meet the above criteria, and therefore, no recognition of their services is included in the accompanying financial statements.
Functional Allocation of Expenses
The cost of providing the various programs and activities has been detailed on a functional basis in the accompanying statements of functional expenses. During the year, such costs are accumulated into separate groupings as either direct or indirect. Indirect or shared costs are allocated among program and support services by a method that best measures the relative degree of benefit. TOArts allocates indirect costs based on time estimates.
Advertising
Thousand Oaks Alliance for the Arts expenses the costs of advertising in the period incurred. Advertising expense for the years ended June 30, 2025 and 2024, was $98,333 and $45,653, respectively.
Thousand Oaks Alliance for the Arts
NOTES TO FINANCIAL STATEMENTS
June 30, 2025 and 2024
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NOTE 3 - CONCENTRATION OF CREDIT RISK
Thousand Oaks Alliance for the Arts maintains several bank accounts at one financial institution. Accounts are insured up to $250,000 by the Federal Deposit Insurance Corporation (“FDIC”). At June 30, 2025 and 2024, TOArts had no uninsured cash.
NOTE 4 - PLEDGES RECEIVABLE
At June 30, 2025 and 2024, TOArts has pledges receivable consisting of multi-year pledges from donors.
Estimated collections on the pledges receivable at June 30, 2025 and 2024, are as follows:
2025 2024
Receivable in one year or less $ 114,960 $ 417,990
Receivable in two to five years 281,385 180,602
Receivable in six to ten years 3,600 18,630
399,945 617,222
Less present value discount (41,284) 0
Net pledges receivable $ 358,661 $ 617,222
NOTE 5 - INVESTMENTS
Generally Accepted Accounting Principles defines fair value, establishes a framework for measuring fair value, and establishes a fair value hierarchy that prioritizes the inputs to valuation techniques. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A fair value measurement assumes that the transaction to sell the asset or transfer the liability occurs in the principal market for the asset or liability or, in the absence of a principal market, the most advantageous market.
The fair value hierarchy prioritizes the inputs to valuation techniques used to measure fair value as follows:
Level 1 inputs are quoted prices in active markets for identical assets or liabilities TOArts has the ability to access.
Level 2 inputs are inputs other than quoted prices included with level 1 that are observable for the asset or liability either directly or indirectly.
Level 3 inputs are unobservable inputs for the asset or liability that are supported by little or no market activity and rely on management’s own assumptions about the assumptions that market participants would use in pricing the asset or liability.
Thousand Oaks Alliance for the Arts
NOTES TO FINANCIAL STATEMENTS
June 30, 2025 and 2024
- 12 -
NOTE 5 - INVESTMENTS
In some cases, inputs used to measure fair value might fall in different levels of the fair value hierarchy. In such cases, the level within which the asset falls is determined based on the lowest level input that is significant to the asset in its entirety. Assessing the significance of a particular input to the asset in its entirety requires judgment and considers factors specific to the asset. The categorization of an asset within the hierarchy is based upon the pricing transparency of the asset and does not necessarily correspond to TOArts’ perceived risk of liquidity for the asset.
The following tables present the fair value hierarchy for those assets and liabilities measured at fair value on a recurring basis as of June 30, 2025 and 2024:
2025
Level 1 Level 2 Level 3 Total
Equities $ 2,478,509 $ 0 $ 0 $ 2,478,509
ETF and CEFs 1,290,265 0 0 1,290,265
Corporate fixed income 328,059 0 0 328,059
Government securities 317,062 0 0 317,062
Mutual funds 5,689,211 0 0 5,689,211
Hedge funds 0 1,097,612 0 1,097,612
Total investments $ 10,103,106 $ 1,097,612 $ 0 $ 11,200,718 2024
Level 1 Level 2 Level 3 Total
Equities $ 2,241,396 $ 0 $ 0 $ 2,241,396
ETF and CEFs 1,116,638 0 0 1,116,638
Corporate fixed income 309,340 0 0 309,340
Government securities 168,988 0 0 168,988
Mutual funds 5,522,454 0 0 5,522,454
Hedge funds 0 848,237 0 848,237
Total $ 9,358,816 $ 848,237 $ 0 $ 10,207,053
At June 30, 2025 and 2024, included in investments is $3,150,000 of endowments from donors who restricted these funds in perpetuity (See note 10).
Thousand Oaks Alliance for the Arts
NOTES TO FINANCIAL STATEMENTS
June 30, 2025 and 2024
- 13 -
NOTE 5 - INVESTMENTS (Continued)
The following table summarizes the investment income in the accompanying statements of activities for the year ended June 30, 2025:
2025
Interest and dividends $ 361,295
Realized gains/(losses) 97,486
Unrealized gains/(losses) 571,305
Investment expense (55,627)
Total investment income/(loss) $ 974,459
NOTE 6 - CASH SURRENDER VALUE OF LIFE INSURANCE POLICIES Thousand Oaks Alliance for the Arts owns, and is the beneficiary of, four $25,000 face value life insurance policies contributed by donors in prior years. At June 30, 2025 and 2024, two of the policies have outstanding loans totaling $14,759 and $12,829, respectively. Annual premiums on the policies are paid by policy earnings and by advances to the loan balances. At June 30, 2025 and 2024, the total cash surrender value, net of outstanding loans, was $87,044 and $83,734, respectively.
NOTE 7 - BENEFICIAL INTEREST IN CHARITABLE REMAINDER TRUST On October 13, 1995, TOArts, was designated as the beneficiary of assets held in an irrevocable charitable remainder trust (the “Trust”). The Trust stipulates that TOArts will receive $500,000 upon the death of the donors. Adjustments to the asset to reflect the changes in present value are recognized in the accompanying statements of activities as a change in value of beneficial interest in charitable remainder trust.
For the years ended June 30, 2025 and 2024, the value of the Trust is as follows:
2025 2024
Future value of charitable remainder trust $ 500,000 $ 500,000 Less: present value discount (108,046) (110,144)
Beneficial interest in charitable remainder trust $ 391,954 $ 389,856 NOTE 8 - VENTURA COUNTY COMMUNITY FOUNDATION
In April 1996, the board of directors of TOArts’ predecessor agency, The Alliance for the Arts, established two permanent endowment funds, the Civic Arts Plaza Community/Education Fund (“Education Fund”) and Civic Arts Plaza Fine Arts Programming Fund (“Programming Fund”) (collectively, the “Funds”), at the Ventura County Community Foundation (“VCCF”). TOArts or its donors may contribute to these Funds at any time.
TOArts has granted VCCF variance power. Variance power provides that if the board of directors of VCCF, in its sole judgement, determines that the Funds become unnecessary, incapable of fulfillment, or inconsistent with the needs of the community served by VCCF, the VCCF board of directors shall modify any restriction or condition on the use or distribution of the income and principal of the Funds. TOArts’ board of directors intends Thousand Oaks Alliance for the Arts
NOTES TO FINANCIAL STATEMENTS
June 30, 2025 and 2024
- 14 -
NOTE 8 - VENTURA COUNTY COMMUNITY FOUNDATION (Continued) for the fund to be a permanent endowment at VCCF for the sole benefit of TOArts. TOArts can make an annual distribution of eligible funds up to 5% of the total value of the respective Funds, subject to approval of the board of directors of VCCF. The principal of the Funds may not be invaded except when contributions with donor-imposed restrictions specify the use of the principal, unless VCCF’s board of directors deems the restriction impractical or impossible.
These Funds are reported at fair value in the accompanying statements of financial position, with distributions and changes in fair value recognized in the accompanying statements of activities. For the years ended June 30, 2025 and 2024, there were no distributions from Funds. At June 30, 2025 and 2024, the fair value of the beneficial interest in endowment funds at VCCF were as follows:
2025 2024
Education Fund $ 149,542 $ 136,563
Programming Fund 80,239 73,274
$ 229,781 $ 209,837
NOTE 9 - CALIFORNIA COMMUNITY FOUNDATION
In December 2017, TOArts received a $4,000,000 contribution with donor-imposed restrictions from the City of Thousand Oaks (the “City”) which was invested with California Community Foundation (“CCF”) as an increase to TOArts’ endowment (See note 12). TOArts or its donors may contribute to the fund at any time. TOArts has granted CCF variance power. Variance power provides that if the board of directors of CCF, in its sole judgement, determines that the endowment fund becomes unnecessary, incapable of fulfillment, or inconsistent with the needs of the community served by CCF, the CCF board of directors shall modify any restriction or condition on the use or distribution of the income and principal of the endowment fund. Per the donor-imposed restrictions, this fund is intended to be a permanent endowment at CCF for the sole benefit of TOArts. TOArts can make an annual distribution of eligible funds up to 5% of the total value of the fund, subject to approval of the board of directors of CCF. The $4,000,000 principal and any other contributions are restricted in perpetuity and may not be invaded.
The fund is reported at fair value in the accompanying statements of financial position, with distributions and changes in fair value recognized in the accompanying statements of activities. For the year ended June 30, 2025, there was $295,000 distributed to TOArts. At June 30, 2025 and 2024, the fair value of the assets at CCF were $4,030,634 and $4,048,309, respectively.
NOTE 10 - ENDOWMENT FUND
Thousand Oaks Alliance for the Arts’ endowment fund (the “Endowment”) was established by donor-imposed restricted gifts and bequests, and funds designated by the board of directors, to provide a perpetual endowment, and a permanent source of income to TOArts.
Thousand Oaks Alliance for the Arts
NOTES TO FINANCIAL STATEMENTS
June 30, 2025 and 2024
- 15 -
NOTE 10 - ENDOWMENT FUND (Continued)
The primary long-term financial objective for TOArts’ endowment is to preserve the real (inflation-adjusted) purchasing power of endowment assets and income after accounting for endowment spending, inflation, and costs of portfolio management. The endowment is also managed to optimize the long-term total rate of return on invested assets, assuming a prudent level of risk. The goal for this rate of return is one that funds the existing spending policy of TOArts and allows sufficient reinvestment to grow the endowment principal at a rate that exceeds inflation (as measured by the Consumer Price Index). It is anticipated that the elements of the endowment portfolio generally should match or exceed each of the returns for the broader capital markets in which assets are invested.
For the years ended June 30, 2025 and 2024, the activity of the Endowment is as follows:
2025
Board
Designated
With Donor
Restrictions
Total
Beginning balance $ 6,856,885 $ 7,150,000 $ 14,006,885
Contributions 37,133 0 37,133
Investment return 957,856 277,325 1,235,181
Distributions (50,000) (295,000) (345,000)
Reclassifications 202,895 48,309 251,204
Ending balance $ 8,004,769 $ 7,180,634 $ 15,185,403
2024
Board
Designated
With Donor
Restrictions
Total
Beginning balance $ 5,199,433 $ 6,800,000 $ 11,999,433
Contributions 0 350,000 350,000
Investment return 1,657,452 0 1,657,452
Distributions 0 0 0
Reclassifications 0 0 0
Ending balance $ 6,856,885 $ 7,150,000 $ 14,006,885
At June 30, 2025, distributions from the Endowment “With Donor Restrictions” consist of $295,000 from funds held at CCF (See Note 9). Earnings from the funds restricted in perpetuity are considered not restricted and in accordance with the Endowment purpose the investment earnings from funds at Morgan Stanley are retained in the Endowment and shown as Board Designated “Investment returns” in the above table. The distribution from the funds at CCF were used by TOArts for its annual contribution to the City of Thousand Oaks (See note 11).
Thousand Oaks Alliance for the Arts
NOTES TO FINANCIAL STATEMENTS
June 30, 2025 and 2024
- 16 -
NOTE 10 - ENDOWMENT FUND (Continued)
At June 30, 2025 and 2024, the composition of the Endowment is detailed in the following tables:
2025
Board
Designated
With Donor
Restrictions
Total
Cash $ 124,007 $ 0 $ 124,007
Investments 7,880,762 3,150,000 11,030,762
California Community Foundation 0 4,030,634 4,030,634
$ 8,004,769 $ 7,180,634 $ 15,185,403
2024
Board
Designated
With Donor
Restrictions
Total
Investments $ 6,856,885 $ 3,150,000 $ 9,797,048
California Community Foundation 0 4,000,000 4,000,000
$ 6,856,885 $ 7,150,000 $ 14,006,885
At June 30, 2025, the Endowments had $124,007 of cash included in “cash and cash equivalents” on the accompanying statements of financial position. The board believes the cash in the brokerage account, as described above, is available for management’s use.
Additionally, the Carpenter fund of $160,000 is included in investments (See note 5). At June 30, 2025, investments on the accompanying statements of financial position are either board designated or restricted.
NOTE 11 - RELATED PARTY TRANSACTIONS
Thousand Oaks Alliance for the Arts has several contractual agreements with the City of Thousand Oaks which are detailed below:
Contributions to the City of Thousand Oaks: Thousand Oaks Alliance for the Arts is contractually committed to contributing annually to the City of Thousand Oaks. For the year ended June 30, 2025, the contribution was $541,216. The annual contribution amount increases two-percent (2.0%) annually.
The Alliance for the Arts, TOArts’ predecessor agency, contributed $3,000,000 to Thousand Oaks Civic Auditorium/Forum Theatre Endowment Fund (Fund) maintained by VCCF to provide financial support to the City of Thousand Oaks exclusively for the Civic Auditorium/Forum Theatre.
The City receives an annual distribution of the fund’s earnings which are used to reduce TOArts annual commitment to the City. Neither TOArts nor the City has the ability to take distributions other than the annual distribution previously mentioned and has no other form of control over the fund, therefore it is not included as an asset in the financial statements of the City nor of TOArts.
For the year ended June 30, 2025, TOArts paid to the City $314,392 to fulfill the annual commitment.
Thousand Oaks Alliance for the Arts
NOTES TO FINANCIAL STATEMENTS
June 30, 2025 and 2024
- 17 -
NOTE 11 - RELATED PARTY TRANSACTIONS
For the next five (5) years TOArts commitment to the City of Thousand Oaks is estimated to be:
2026 $ 552,040
2027 563,081
2028 574,343
2029 585,830
2030 597,546
Contributions in-kind: For the years ended June 30 2025 and 2024, in-kind personnel provided by the City of Thousand Oaks was $245,138 and 294,607, respectively.
Shared Revenue Agreement: The City of Thousand Oaks and TOArts are parties to an agreement governing “naming opportunities” at the Civic Arts Plaza. The agreement calls for the City to receive a percentage of the proceeds from the donor after expenses. C At June 30, 2025 and 2024, estimated future payments due to the City, resulting from one naming opportunity pledge, were $125,853 and included in the accompanying statements of financial position as “Shared revenue agreement”. Payments to the City are due when the payments are received in full.
NOTE 12 - NET ASSETS
The following table details the net assets of TOArts at June 30, 2025 and 2024:
2025 2024
Net assets without donor-imposed restrictions:
Available for general operations $ 159,618 $ 984,485
Carpenter Fund 5,946 0
Board designated Endowment (see note 10)
Cash – board designated 124,007 0
Investments 7,880,762 6,856,885
8,004,769 6,856,885
Total net assets without donor-imposed restrictions $ 8,170,333 $ 7,841,370 Net assets with donor-imposed restrictions:
Subject to expenditure for specified purpose:
FOTCAP $ 8,423 $ 9,434
Carpenter fund 160,000 260,000
168,423 269,434
Beneficial Interest in Endowment Funds at CCF
Thousand Oaks Alliance for the Arts Fund 30,634 0
Thousand Oaks Alliance for the Arts
NOTES TO FINANCIAL STATEMENTS
June 30, 2025 and 2024
- 18 -
NOTE 12 - NET ASSETS (Continued)
Beneficial Interest in Endowment Funds at VCCF
Education Fund 123,542 0
Programming Fund 66,211 0
389,821 269,434
Subject to the passage of time:
Charitable remainder trust 391,954 389,856
Cash surrender value of life insurance 87,044 83,734
478,998 473,590
Subject to restriction in perpetuity:
Beneficial Interest in Endowment Funds at CCF
Thousand Oaks Alliance for the Arts Fund 4,000,000 4,000,000 Beneficial Interest in Endowment Funds at VCCF
Education Fund 26,000 0
Programming Fund 14,028 0
4,040,028 4,000,000
Endowments funds held in Investments
TOLD Foundation Endowment Fund 350,000 350,000
General endowment 2,800,000 2,800,000
7,150,000 7,150,000
Total net assets with donor-imposed restrictions $ 8,057,836 $ 7,893,024 NOTE 13 - LIQUIDITY AND AVAILABILITY OF FINANCIAL ASSETS Thousand Oaks Alliance for the Arts has $225,007 of financial assets available within one year of the statement of financial position date, consisting of $96,135 of cash, $114,960 of pledges receivable, $12,378 of show settlement receivables, and $1,534 of investments to meet cash needs for general expenditures. None of these financial assets are subject to donor-imposed restrictions. In addition to the financial assets available TOArts anticipates collection sufficient revenue to cover general expenditures.
At June 30, 2025, TOArts has board designated cash and investments of $124,007 and $7,880,762, respectively, that could be made available for general operations, if needed, upon board approval.
NOTE 14 - EVALUATION OF SUBSEQUENT EVENTS
Subsequent events have been evaluated through April 30, 2026, the date the financial statements were available to be issued.
TOArts Presents
2025-26 Performances
Performance Name/Title Date Venue
Brad Williams Saturday, August 2, 2025 Kavli
Leanne Morgan Sunday, August 3, 2025 Kavli
Keb' Mo' and Shawn Colvin Saturday, August 16, 2025 Kavli Burton Cummings Wednesday, August 27, 2025 Kavli
10cc Friday, August 29, 2025 Kavli
Postmodern Jukebox Sunday, September 7, 2025 Kavli
Bill Burr Wednesday, September 10, 2025 Kavli
Toad Wet Sprocket, KT Tunstall, Vertical Horizon Friday, September 12, 2025 Kavli Sheng Wang Saturday, September 13, 2025 Kavli
Gabby's Dollhouse Saturday, September 20, 2025 Kavli
Paul McDonald and the Mourning Doves Friday, September 26, 2025 Stagecoach Paul Reiser Friday, September 26, 2025 Scherr
Trailblazers: Peter Hillary Friday, September 26, 2025 Kavli Thunderstorm Artis Saturday, September 27, 2025 Scherr
Noah Reid Saturday, September 27, 2025 Kavli
Shawn Mullins Friday, October 3, 2025 Stagecoach
Justin Willman Sunday, October 5, 2025 Kavli
Bosko Baker and the Do Makers Friday, October 10, 2025 Stagecoach Body Traffic Friday, October 10, 2026 Kavli
Tyler Henry Thursday, October 16, 2025 Kavli
Celtic Thunder Sunday, October 19, 2025 Kavli
Golden Girls: The Laughs Continue Friday, October 24, 2025 Kavli The Voice of Whitney: A Symphonic Celebration Saturday, October 25, 2025 Kavli Pat McGann Saturday, November 1, 2025 Scherr
John O'Hurley: A Man with Standards Thursday, November 6, 2025 Scherr The Lovin' Spoonful Friday, November 7, 2025 Scherr
Dustbowl Revival Saturday, November 8, 2025 Scherr
Attachment #2 to Board Letter
TOArts Presents
2025-26 Performances
Performance Name/Title Date Venue
Kenny G Wednesday, November 12, 2025 Kavli
Straight No Chaser Wednesday, November 19, 2025 Kavli
Trailblazers: Nat Geo - Chasing Monarchs Friday, November 21, 2025 Kavli Billy Gardell Friday, November 28, 2025 Scherr
Trisha Paytas Friday, December 5, 2025 Kavli
Soweto Gospel Choir Thursday, December 11, 2025 Kavli
Wonderful Winter of Oz Panto December 12 – 28, 2025 Scherr A Magical Cirque Christmas Monday, December 29, 2025 Kavli The Ten Tenors Friday, February 6, 2026 Kavli
Steve Poltz Friday, February 13, 2026 Scherr
Henry Cho Friday, February 20, 2026 Kavli
#IMOMSOHARD Saturday, February 21, 2026 Kavli
Count Basie Orchestra w/ Nneena Freelon Thursday, February 26, 2026 Scherr Trailblazers: Nat Geo - America's Concrete Jungle Friday, February 27, 2026 Kavli Brian Regan Friday, March 6, 2026 Kavli
George Thorogood and The Destroyers Sunday, March 8, 2026 Kavli Pink Martini Friday, March 13, 2026 Kavli
Paul Taylor Dance Company Saturday, March 14, 2026 Kavli Il Divo - by Candlelight Thursday, March 26, 2026 Kavli Kathleen Madigan Friday, March 27, 2026 Kavli
Gregorian sings ENIGMA Saturday, March 28, 2026 Kavli
The Doo Wop Project Friday, April 10, 2026 Kavli
John Crist Sunday, April 12, 2026 Kavli
Trailblazers: Nat Geo - Earth After Dark Friday, April 17, 2026 Kavli Yachtley Crew Saturday, April 18, 2026 Kavli
Dinosaur World Live Saturday, April 25, 2026 Kavli
TOArts Presents
2025-26 Performances
Performance Name/Title Date Venue
Ali Wong Saturday, May 2, 2026 Kavli
I'm Not a Comedian, I'm Lenny Bruce May 2-3, 2026 Scherr Jon Anderson and the Band Geeks Saturday, June 27, 2026 Kavli Budget
Revenue
Total Revenue $ 501,700.00
Cost of Services
5000 COS - Fundraising
Total 5000 COS - Fundraising $ 37,417.00
5100 COS - Programs
Total 5100 COS - Programs $ 421,667.00
5200 COS - Events
Total 5200 COS - Events $ 12,916.00
Total Cost of Services $ 472,000.00
Gross Profit $ 29,700.00
Expenditures
6000 Consulting and Professional Fees
Total 6000 Consulting and Professional Fees $ 69,000.00 6100 Marketing / Advertising
Total 6100 Marketing / Advertising $ 139,750.00
6200 Travel
Total 6200 Travel $ 23,000.00
6300 Office Expense
Total 6300 Office Expense $ 23,200.00
6400 Insurance
Total 6400 Insurance $ 8,500.00
6500 Employee Costs
Total 6500 Employee Costs $ 407,500.00
Total Expenditures $ 670,950.00
Net Operating Surplus/(Deficit) -$ 641,250.00
Other Revenue
9000 Return on Investments (net)
Total 9000 Return on Investments (net) $ 660,000.00
Total Other Revenue $ 1,010,000.00
Other Expenditures
9200 CTO Theatre Support Payment 332,556.65
Total Other Expenditures $ 332,556.65
Net Other Revenue $ 677,443.35
Net Surplus/(Deficit) $ 36,193.35
Total
TOArts
FY 2026-27 Approved Budget
Attachment #3 to Board Letter
CAD:901-40\js\h:\common\toarts\board\boardreports\260929 TOArts Update