Dear Chautauquans,

The Chautauqua Institution Board of Trustees convened in February with a clear focus: building on recent progress while positioning Chautauqua for long-term sustainability and growth. Over two days of meetings, trustees engaged in both a strategic deep dive session and the Board’s formal business meeting. Together, these conversations centered on financial performance, long-term sustainability, campus stewardship and the evolving needs of our community.

Financial Performance and Planning

We began with a review of final 2025 financial results.

Overall, total revenue finished below budget, driven primarily by lower earned revenue across Gate, Parking and Waterfront, Enterprise operations and Arts and Performance programming. Philanthropy performed strongly — particularly at year-end — though it fell short of the ambitious goal established in the original budget.

On the expense side, costs were higher than anticipated across several areas of the Institution, reflecting broader increases in the cost of doing business.

One bright spot was the performance of the Hotel, which exceeded expectations and generated a positive net result — a meaningful milestone following several years of losses.

In total, consolidated operating income for the Institution and Hotel was approximately $435,000, within close range of the $569,000 budgeted. The Institution also invested approximately $4.2 million in capital maintenance, funded in part by operating performance, with the balance supported by cash reserves.

While these results reflect meaningful progress, they also underscore the continued need for disciplined financial management. Trustees spent significant time discussing the ongoing rise in operating costs and the importance of strengthening long-range financial planning — including clearer assumptions, improved forecasting and alignment between strategy and resources.

Programming and the Chautauqua Experience

Programming remains at the heart of the Chautauqua experience. Our discussions reaffirmed the importance of continuing to invest in compelling, high-quality programs across all four pillars.

In particular, we focused on the role of the Chautauqua Lecture Series as a primary driver of engagement and emphasized the importance of helping audiences connect with the breadth of what Chautauqua offers.

Campus Stewardship and Key Assets

We also spent time on the stewardship of Chautauqua’s grounds and physical assets, with particular attention being paid to addressing the needs of the Athenaeum Hotel.

These conversations reflect a shared commitment to preserving what makes this place special and ensuring that our facilities and infrastructure remain strong and sustainable for future generations.

Housing and Long-Term Sustainability

One of the most important strategic conversations centered on housing.

We discussed how housing capacity connects directly to census, accessibility and long-term financial sustainability. As part of that discussion, the Board expressed support for continuing to explore options that could expand housing opportunities over time, through a range of potential approaches.

This work is still exploratory, and we are committed to engaging the community as it develops.

Technology and Digital Infrastructure

We also reviewed ongoing investments in technology, including the development of a new website and broader digital infrastructure improvements.

These efforts are designed to better connect our systems and improve the overall patron experience — from planning a visit to engaging with Chautauqua year-round.

Environmental Stewardship

The Board discussed the next steps related to Chautauqua’s role in supporting the health of Chautauqua Lake.

We remain committed to responsible stewardship of available resources and to supporting science-based approaches in collaboration with regional partners.

Governance and Community

During the business meeting, we continued work to strengthen governance practices and ensure that the Board remains focused on strategic priorities.

We also discussed ways to better welcome and connect with new visitors, recognizing that strengthening a sense of belonging is essential to the future of Chautauqua.

Looking Ahead

Across these meetings, a clear set of priorities emerged: maintaining financial discipline, investing in the Chautauqua experience, caring for our grounds and planning for sustainable growth.

We are grateful for the continued dedication of our staff, volunteers and community members. Your commitment to Chautauqua’s mission is what makes this work possible.

With appreciation, Laurie Branch Chair, Board of Trustees

Kyle Keogh Interim Chief Executive Officer