Significant Growth for Port Theatre Endowment Fund

For Immediate Release: April 9, 2008; Nanaimo, BC. The Port Theatre held its 2007 Annual General Meeting on Wednesday, April 2nd. Members learned that during 2007, the ninth full year of operations. The Theatre hosted 218 community and professional events with over 91,000 people attending both free and ticketed events. The Ticket Centre clerks handled sales totaling $1.86 million. The Port Theatre continued to offer a wide range of attractions in “The Port Presents” series. Over 2,000 Theatre Angel tickets were distributed to community service groups for people who could not otherwise afford to attend the Theatre.

The Port Theatre Society finished the year end with a small operating surplus of $8,848. The economic impact in the region is estimated at approximately $6 million. The Society also reported Restricted Funds consisting of the Contingency Reserve Fund, the Studio Theatre Fund, and the City Assets & Capital Development Fund totaling $290,061. The Endowment Fund received a matching grant from the BC Arts Renaissance Fund. Individual donations and the matching funds brought the Endowment Fund total to $440,000. This was significant growth in moving The Port Theatre towards the goal of $1 million in the Endowment Fund by 2010.

The City of Nanaimo paid the Society $416,160 to manage the City-owned Theatre, which represents less than 27% of the total budget. As well, $106,704 was raised through membership fees and donations from the community, while $74,160 was contributed by Regional District Areas A, B, C, E and The District Municipality of Lantzville. The Society earned the remaining 63% of the $1,580,556 annual budget through rental fees, ticket centre charges, concession sales and ticket revenue.

In 2007, the City of Nanaimo and The Society jointly contributed $105,508 towards capital improvements. Since the Theatre opened in 1998, the Society has contributed over $1,300,000 towards lighting, sound and stage equipment, all of which are now owned by the City of Nanaimo.

Retiring Board President Bill Scott thanked the members, staff and volunteers for a job well done. He also thanked Directors Wendy Clifford, Dick O’Rourke, and Carol Matthews for their hard work and diligence as Board members. Michelle Dartnall, Glynis Hayes and Jim Whiteaker were elected for two year terms to the Board.

The Port Theatre is managed by The Port Theatre Society for the City of Nanaimo. Members of the Society receive advance notice of events and discounts on the Port Presents season and various other events. A Basic Membership is only $25. For information on upcoming events or memberships call the Ticket Centre at 250-754-8550 or visit the website at www.porttheatre.com.
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For further information contact:
Bruce Halliday
General Manager
250-754-4555