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I believe a capital campaign began long before October 2009...the Foundation has been soliciting funds to buy the Denis for almost 2years. By last October, over $300,000 had been *booked*, a significant portion of which was in the form of pledges that could be paid over periods of up to 3 years. Cumulative lease related expenses (ie. rent, utilities, taxes) plus insurance, professional fees, etc. has probably left little cash in the bank accounts. One wonders how much actual cash exists even today and what is meant by "financing" necessary to pay the asking price reported in separate accounts as being $668,000 as well as $750,000 ? Wonder what accounts payable or deferred expenses might amount to ?
ReplyDeleteThe Denis website indicates the next goal, after purchasing the theatre, is to raise an additional $1.8 million. This is presumably to transform the existing structure into a single screen theatre....an endeavor that while exciting, would operate at an annual cash loss or deficit which in turn would require continuous fundraising to cover.
The grand plan is ,or was, apparently to create a multi-screen theatre at a cost of more than $2 million beyond the $1.8 million for the single screen operation. This could conceivably result in a break-even operation financially, but could offer a wide range of entertainment and program possibilities.
The big question is, where is all this funding going to come from ?
Bill Lewis