Securing the Future Capital Campaign Last year the theatre continued to lay the groundwork for the Securing the Future capital campaign to secure funds to ensure the ongoing preservation and maintenance of our historic facility. To date $2,536,022;
The theatre has delivered on its promises to its Founding Members, contributors and the community at large. The Hanover Theatre has enjoyed great success since its opening in March 2008 – more than 800,000 people have come through our doors and we have catalyzed revitalization in downtown Worcester. We have been fiscally responsible, operating in the black after all debt service. We have earned the respect and confidence of our stakeholders, who share our pride at making a real difference in the rebirth of our city.
51% of a $5 million goal has been realized with contributions from local foundations, businesses and individuals. In addition a planned giving program is underway to raise another $2 million to establish an endowment fund. The campaign team has formed an Ambassadors Circle to engage individual supporters who will assist in spreading the word as well as provide momentum for the public phase of the campaign that will launch in November 2012.
The theatre must protect the community’s investment. Undeniably, the high caliber of the experience we deliver is inextricably linked to the beauty and perfection of the historic theatre itself. We must do better than simple “upkeep” of the theatre – we must preserve and care for it like the asset that it is. In addition, the very definition of a world-class venue will evolve, and we must evolve with it, embracing changing technologies and trends.
The theatre must re-invest in our facility, keeping standards high and our venue up to date. Other theatres of our size and scope spend $250,000 or more annually to maintain and preserve their historic venues. Our current level of debt service allows us to spend only a small fraction of this amount. As our newlyrestored theatre ages our annual re-investment into the facility must grow, and we must significantly reduce or eliminate our debt service, so that we may leverage our success to protect our future.
The Securing the Future capital campaign is the answer. Reaching our $5 million goal through a successful Securing the Future capital campaign will redirect more than $350,000 in the theatre’s annual operating budget, from servicing construction debt to creating a Preservation Fund for ongoing upkeep and maintenance of our historic venue.
4 | Taking the Long View • TheHanoverTheatre.org