Meet the Team — Chris Kibler, Director of Finance
This week’s “Meet the Team” series features Chris Kibler, our Director of Finance.
Chris Kibler, CPA, received her Marketing and Management degree from Kansas State University, and her Accounting degree from Wichita State University. Starting her career in public accounting, Kibler left Ernst & Young in 2009 to join SMG as the Director of Finance for INTRUST Bank Arena. Chris was just the fourth employee hired as part of the SMG Wichita team.
As the Director of Finance, Kibler oversees the Finance department which includes three other full-time employees. Senior Accountant, Lisa Manda, is responsible for the accounting of the arena’s Food & Beverage department and assists in the responsibility of settling shows alongside Kibler. Staff Accountant, Ben Feekes, handles the accounting of the arena’s box office as well the premium seating accounts. Payroll and Purchasing Accountant, Traci Mayhew-Stroud, is responsible for employee payroll, accounts payable and entering new vendors into the system.
On the day of an event, Kibler and her team are responsible for the settlement of the show. The very basic formula for a show settlement is to take the revenue from ticket sales for that specific event, and subtract out the expenses incurred for that event, which generates the revenue due to the promoter (person taking financial risk) of the show. For a concert, settlement usually takes place as soon as the headliner takes the stage. Kibler will meet with the show promoter to go through the settlement, and once it is finalized and agreed upon, the money owed will be wired to the promoter the following day. A common question Kibler gets asked is if she gets to meet all the artists that come through the arena. The answer is no, they rarely meet the actual artist as their main contact is the show promoter.
Day-to-day responsibilities within the department include reconciling sales from the box office on a daily basis. Tickets to arena events are sold each day, and the revenue generated from each ticket sale needs to be accounted for and allocated to that specific event. Additionally, accounts payable is a constant workflow of obtaining approvals, coding invoices to appropriate departments, budgets and/or events, and then entering into the system for payment.
On a monthly basis, Kibler and her team are responsible for preparing financial statements for SMG Corporate as well as Sedgwick County. Monthly financial statements are due on the 25th of each month. These statements will reflect the net income of the arena from the month prior. During the monthly “close” process, Kibler will update the “forecast” based on the latest financial information. The forecast is a calculated estimate of where the arena will end the year financially.
Kibler is also responsible for the arena’s annual budget, which is due on October 1 for the following year. The arena’s fiscal year runs January 1 through December 31. The annual budget takes into account indirect expenses, or expenses that are not directly tied to an event, and direct expenses, or expenses that are the result of a specific event. Indirect expenses can include items such as utilities, insurance, building repairs/maintenance, office supplies, banking fees, etc. Direct expenses are items such as artists’ requests, stagehands, in-house labor, uniformed and t-shirt security. A main component of the annual budget is the number of events the arena anticipates holding that year, and the revenue that they estimate will be made off each event.
If you asked Kibler what her favorite part of the job was, she would tell you it’s that she doesn’t have to sit behind a desk and crunch numbers all day. Her favorite task of the job is working the events and the process of working with promoters to settle shows. When not working hard at INTRUST Bank Arena, Kibler enjoys hanging out at the lake and watching sports.