I want to update you on the status of the Art Center as we deal with the Coronavirus pandemic.
As you know, out of an abundance of caution and in compliance with recommendations of public health officials, we canceled the last two plays of the season and the summer musical. This decision had a financial impact in excess of $76,000 due to lost ticket sales and the need to make refunds for tickets already sold. Part of this loss offset by the generosity of many of our theater patrons who donated the price of their tickets back to the Art Center. Thank you for your generosity and support for the Art Center.
Also, we deeply appreciate the confidence in our organization shown by those patrons who have contributed during this very trying time.
As a non-profit organization owned and operated by members, we do not receive government funding. Our primary source of income is the sale of theater tickets. We also receive some income from contributions and membership dues. When we are not presenting theater productions, we lose most of our income but our ongoing expenses for maintaining the two buildings on the campus continue. These include electricity, water and sewer, telephone and cable, necessary maintenance, insurance and the other costs of an ongoing business.
We also have a mortgage that was incurred when we built the theater. We had paid it down over the years and it is scheduled to be completely paid in a little over a year. We appreciate that our banker has worked with on temporary deferral of payments.
Currently, we are operating almost totally on our financial reserves, which we are fortunate to have due to prudent stewardship over many years. With a set built and a play ready for production, our current schedule is to resume theatre productions in September. In addition, we may do special productions if possible before then. We will continue to keep you updated on our status and plans. We are soliciting special donations to extend our reserves during this time the theater is dark, and we want to give recognition to those who donate. If you have already donated, thank you. If you have not donated and would like your name listed on the plaque as a supporter of the Art Center during this challenging period, mail contributions to P.O. Box 516, Hernando, Fl 34442, or click on the “Donate” button on the front page of our website at artcenterofcitruscounty.org.
Again, thank you for your patronage and support of your Art Center.
Mac Harris on behalf of the Executive Board