Altria Theater was reopened after renovations late last year. Photos by Katie Demeria.
Two large gifts have put Richmond CenterStage closer to letting the curtains fall on a multimillion-dollar fundraising campaign.
The performing arts organization, which operates the Altria Theater and the Carpenter Theatre, recently received two donations toward its Landmark and Legacies Capital and Endowment Campaign: $5 million to its endowment and $1 million toward the Altria Theater renovations.
CenterStage launched the campaign in 2012 to raise money for the 63 million renovation of the Altria Theater and $10 million for its endowment.
With this most recent $1 million donation, CenterStage is now just under $1 million shy of reaching its goal for the Altria Theater.
“We’re really excited to be nearing the end, but we’re committed to finishing strong and making sure we get that $1 million so we can really mark this as a success,” CenterStage spokesman Jay Smith said.
The donor to the theater fund was an individual who did not wish to have his or her name released. Smith said the individual does not have a long history of giving to the arts.
The Altria Theater’s new marquee is unveiled in February 2014. Photo by Michael Schwartz.
Renovations are already completed at the Altria Theater, and it reopened to the public in November of 2014. But Smith said CenterStage still has plans to open a cafe in the venue at Main and Laurel streets and will subcontract a third-party operator to run the location. Smith said there’s not yet a timeline for when work on the cafe will begin.
Funding for the Altria Theater renovations came from a variety of sources: the city of Richmond, which owns the property, gave $14 million, while another $31 million came from historic tax credits and $18 million from private donations.
And CenterStage is just over $2 million away from ensuring a steady flow of revenue for years to come. With this latest $5 million gift – also from a donor that wants to remain anonymous – the organization has secured $7.7 million for its endowment.
The donation came from a local couple who frequently give to the arts, Smith said. The husband-and-wife pair gave the funds as an estate planning gift.
The endowment will allow CenterStage to invest the money and collect the income derived from accumulated interest over time.
“It ensures that we have continuous income without ever having to dip into the endowment,” Smith said.
The E. Rhodes and Leona B. Carpenter Foundation, Dominion, Genworth, the Guilford Foundation and Hunton & Williams have also contributed to CenterStage’s endowment.
So far the endowment, consisting of $2.7 million before the most recent donation, has accrued $280,000, Smith said.
Most of CenterStage’s $1.4 million annual budget comes from donations, Smith said, while a small portion comes from shows that CenterStage runs itself, such as its cabaret series or family series.
According to its most recent tax documents, available through Guidestar.com, in 2012 CenterStage broke even in 2012, with $2.44 million in expenses and $2.44 million in revenue.
Altria Theater was reopened after renovations late last year. Photos by Katie Demeria.
Two large gifts have put Richmond CenterStage closer to letting the curtains fall on a multimillion-dollar fundraising campaign.
The performing arts organization, which operates the Altria Theater and the Carpenter Theatre, recently received two donations toward its Landmark and Legacies Capital and Endowment Campaign: $5 million to its endowment and $1 million toward the Altria Theater renovations.
CenterStage launched the campaign in 2012 to raise money for the 63 million renovation of the Altria Theater and $10 million for its endowment.
With this most recent $1 million donation, CenterStage is now just under $1 million shy of reaching its goal for the Altria Theater.
“We’re really excited to be nearing the end, but we’re committed to finishing strong and making sure we get that $1 million so we can really mark this as a success,” CenterStage spokesman Jay Smith said.
The donor to the theater fund was an individual who did not wish to have his or her name released. Smith said the individual does not have a long history of giving to the arts.
The Altria Theater’s new marquee is unveiled in February 2014. Photo by Michael Schwartz.
Renovations are already completed at the Altria Theater, and it reopened to the public in November of 2014. But Smith said CenterStage still has plans to open a cafe in the venue at Main and Laurel streets and will subcontract a third-party operator to run the location. Smith said there’s not yet a timeline for when work on the cafe will begin.
Funding for the Altria Theater renovations came from a variety of sources: the city of Richmond, which owns the property, gave $14 million, while another $31 million came from historic tax credits and $18 million from private donations.
And CenterStage is just over $2 million away from ensuring a steady flow of revenue for years to come. With this latest $5 million gift – also from a donor that wants to remain anonymous – the organization has secured $7.7 million for its endowment.
The donation came from a local couple who frequently give to the arts, Smith said. The husband-and-wife pair gave the funds as an estate planning gift.
The endowment will allow CenterStage to invest the money and collect the income derived from accumulated interest over time.
“It ensures that we have continuous income without ever having to dip into the endowment,” Smith said.
The E. Rhodes and Leona B. Carpenter Foundation, Dominion, Genworth, the Guilford Foundation and Hunton & Williams have also contributed to CenterStage’s endowment.
So far the endowment, consisting of $2.7 million before the most recent donation, has accrued $280,000, Smith said.
Most of CenterStage’s $1.4 million annual budget comes from donations, Smith said, while a small portion comes from shows that CenterStage runs itself, such as its cabaret series or family series.
According to its most recent tax documents, available through Guidestar.com, in 2012 CenterStage broke even in 2012, with $2.44 million in expenses and $2.44 million in revenue.