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Trust fund to be created from Benalla Nude profits

Half of the profit from the Benalla Nude exhibition is expected to be invested in a trust fund for the art prize in the future.

MONIQUE FREER July 10, 2014 3:15am

Benalla Nude winner announcedwinner Juan Davila with his image titled After Image, &, 2013


About $20000 is expected to be invested in a trust fund for future Benalla Nude art prizes following the success of the inaugural event this year.

Benalla Rural City arts, communications and events manager Jilian Mulally presented a report to council at last Wednesday’s finance and operations committee meeting detailing the income and expenditure of the inaugural exhibition.

The Friends of the Benalla Art Gallery sponsored the exhibition with $50000 for the non-acquisitive prize. However, it was done with the request that revenue from the exhibition would be earmarked and transferred to a trust fund to provide a foundation for future Benalla Nude exhibitions.

A recommendation was carried unanimously by council to transfer 50 per cent of the total revenue received from the exhibition to a trust for any future Benalla Nude exhibitions.

Ms Mulally said a conservative estimate of this figure was $20000, however the exact figure would not be known until the total revenue was calculated after the close of the exhibition.

‘‘It has been a major event on the national arts calendar this year,’’ Ms Mulally said.

‘‘The activities through Benalla Art Gallery are a catalyst for economic activity and are a catalyst for tourism activity.’’

The figures as at May 31, 2014 indicated revenue of $37429 from the exhibition, from artist entry fees, patron exhibition entry, catalogue sales and sponsorship.

The industry and consumer campaigns cost Benalla Rural City $52672.

The Benalla Nude financial position as at May 31 was a loss of $15243, however Ms Mulally said this would decrease due to visitors in the final six weeks of the exhibition.

Juan Davila won the non-acquisitive art prize with his painting After Image, &, 2013. The people’s choice award will be announced on Friday.

The art prize will be reviewed after the exhibition closes on Sunday.

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