BRUNSWICK — The Theater Project of Brunswick, Maine, announces the creation of their new Endowment Fund Initiative, to provide a stable, predictable source of income to support Theater Project programming and operations each year. The Endowment Fund Initiative has already been the recipient of a $2,500 grant from Maine Community Foundation, awarded in late 2014.
“The Endowment Fund is an absolute necessity for the financial health of the Theater Project going forward” says Jim Adolf, Vice President of the Theater Project’s Board of Directors, and head of the Endowment Fund committee. “Each year we find ourselves roughly $25,000 short – our budget, which is incredibly lean, still requires more than we make in ticket sales, donations and fees.” The recent Matching Challenge helped cover this gap over the last few years, but in order to secure the future of The Theater Project, and allow it to fulfill its mission to provide a safe, accessible place for creativity, enrichment, inspiration and entertainment, the Endowment Fund Initiative has been launched.
Thanks to the Maine Community Fund grant, pledges from board and community members , a contribution from funds from the Matching Challenge, and a substantial gift already received, the Endowment Fund is off to a great start with over $50,000 committed at this time. The Theater Project’s hope is that eventually the Fund will grow to $500,000, which would enable them to use a sustainable 5% to cover the $25,000 budget gap each year. The Theater Project is preparing foundation and corporate proposals, crowdfunding plans, alumni outreach and fundraising events to help reach their ambitious goal.
The first major Endowment Fund event will take place Friday, January 23 at 8 pm when The Theater Project opens their “Winter Cabaret”, an adults-only sketch comedy show written and performed by The Professional Ensemble. All proceeds from the opening night performance of “Winter Cabaret” will be dedicated to the new Endowment Fund, and a gala reception will be held after the performance to celebrate. Tickets can be purchased by visiting www.theaterproject.com, calling the box office at 729-8584, or visiting 14 School Street in Brunswick.
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