The Corn Palace Board meeting held on November 5, 2024, in Mitchell, South Dakota, focused on operational costs and rental rates for the iconic venue. The meeting began with a review of the general operational expenses, including utilities, liability insurance, and staffing costs associated with events. Board members discussed the current rental rates and the financial implications of potential increases.

The current full-day rental rate is set at $17.50, which translates to an hourly rate of approximately $19.54 when considering operational costs. A proposed 15% increase would raise the full-day rental to $20.13. Board members acknowledged that these rates do not fully cover the operational costs, which are expected to rise due to a projected 20% increase in utilities and a 3% increase in wages for the upcoming year.

A significant point of discussion was the financial impact of current rental rates on the venue's profitability. For example, the board noted that the four-hour rental rate of $4.50 results in a loss of $200, while a six-hour event incurs a loss of $300 when factoring in all associated costs. The board emphasized the need to consider the potential loss of business if rental prices are increased, as well as the opportunity costs involved.

Additionally, the board expressed interest in reviewing historical data regarding the percentage of ticket gate fees and concessions, which contribute to the venue's revenue. The 5% facility fee on gross ticket sales was introduced two years ago as an alternative to raising rental rates, and board members are keen to analyze its effectiveness and the overall profitability of concessions.

The meeting concluded with a call for further information to be presented at the next meeting, particularly regarding historical revenue data and a comprehensive analysis of operational costs. The discussions highlighted the ongoing challenges faced by the Corn Palace in balancing operational sustainability with community accessibility.