Science North is an arms-length agency of the Ministry of Culture, Tourism and Sport. This means that we receive about 40% of our base operating revenues from this ministry. Science North must self-generate the balance of its budget from alternate sources and increase awareness that Science North is a registered charity (#107962979RR0001) and a not-for-profit.
To achieve our Vision we must be in a financially stable position.
We expect that by 2018 we have increased our self-generated revenue by more than $2 million annually and we have secured more than $7 million for exhibit renewal. Science North is in the top 10 of the world’s most financially stable science centres.
Since 1996 our external sales of exhibits and consulting services has become an important source of “earned” revenue.
These revenues allowed Science North to grow in times of fiscal restraint. External sales have averaged $2.5 to $3 million per year and profits have been reinvested in developing new experiences at Science North for our audiences.
We need to ensure that this business has long term and continuous stability. To do this, we need to diversify our markets and become more unique in our offerings. We are hoping to attract non-traditional buyers and become more international in our market reach.
Organizations and people are willing to “invest” in us. We believe that with a clear vision and our new strategic plan, people/organizations will understand us better and will support us.
Surveys for our strategic plan showed a low awareness level of Science North’s charitable status and we need to increase this awareness. We also want to capitalize on Sudbury’s economic boom in the next several years.
We have a strong relationship with government at all levels and we understand how to seek and get grants. Our funding approaches must align with government priorities and issues. We need know where the grants may come from, when they’re available and understand how to position ourselves so that potential funders will approve our requests.
This goal speaks to increasing and maximizing grant revenue from sources other than the Ministry of Tourism, Culture and Sport, which currently supports Science North’s mandate.
We have this as a strategic goal as we “don’t know what we don’t know”. This is a critical “placeholder” that guides us for the next five years to be innovative and search for new unknown and non-traditional revenue streams.
For example, we did not foresee 25 years ago that Science North would open an IMAX theatre, go into the IMAX film business and have an international presence with exhibit sales.
After reviewing our Strategic Plan, please let us know what you think by visiting our Comments page.