The Board of Trustees and the staff of the Renaissance Performing Arts Association announced the payoff of the $450,000 capital debt remaining from unpaid pledges and unplanned expenses as a result of the 2010 theatre expansion.
The capital note was paid off in total on Monday, June 30, eight months ahead of schedule. In addition to the elimination of capital debt, the organization has also been able to address necessary building needs including a roof replacement and exterior masonry through its capital fundraising efforts.
In 2010 when Michael Miller was appointed President and CEO, the organization held over $1.2 million in capital and operating debt. With the payoff of the capital note, the organization will focus its fundraising efforts on paying down the remaining $475,000 in operational debt incurred entirely prior to 2010 and on continued building and property improvements.
Michael Miller, President and CEO of the Renaissance stated, “The board and staff of the Renaissance have worked tirelessly to reach out to donors who realize the importance of the Renaissance to our community. We are tremendously grateful to each of our donors, and in particular to the the Conard Foundation for establishing the lead gift in this campaign and to the Fran and Warren Rupp Fund of the Richland County Foundation for the matching grant to help closeout the capital debt.”
The Renaissance was able to retire the capital debt entirely with contributions and grants from over 50 donors, including foundations, corporations and individuals. A generous matching grant was provided through the Fran and Warren Rupp Fund of the Richland County Foundation, matching $100,000 in new contributions to eliminate the capital debt through June 30. Largest donations to this campaign were from the Fran and Warren Rupp Fund of the Richland County Foundation, the John and Pearl Conard Foundation, Don and Sharon Granter, Rick and Carol Taylor, and the Landers Foundation.
Renaissance Development Director Colleen Cook stated, “This is an important milestone for the Renaissance, indicating that the improvements to the organization’s operations are working and will ensure our future success. By contributing so generously toward debt reduction, our donors have made an important statement about both the importance of the Renaissance to our community and their confidence in the way the Ren does business in the 21st Century marketplace. We are looking excitedly to the future as we better provide the Mansfield region with entertainment, arts education, and cultural tourism opportunities whilst growing within our means.”
