Clock is ticking on ATC emergency drive

Arizona Theatre Company has two days to raise a half-million dollars if it expects to put on its 50th anniversary season in 2016-17.

As of late Tuesday, the company, which stages productions in Tucson and Phoenix, had raised $447,620 from 599 donors. It has until Friday, July 15, to come up with an additional $552,380 in order to match the $1 million challenge gift pledged June 30 from Tucson business leader and board member Mike Kasser.

Kasser’s donation came with strings attached: If an equal amount is not raised by donors by July 15, Kasser will withdraw his pledge, according to ATC.

The amount raised as of Tuesday was double what the theater company had raised by July 8, one week into a two-week campaign to bring in the $2 million needed to guarantee the 50th anniversary, six-play season could go on as planned. The season is set to open Sept. 10 with the London and Broadway hit “King Charles III.”

ATC officials have budgeted $7.5 million for the season, but anticipate that ticket sales and donations will account for only $5.5 million of that. ATC Artistic Director David Ira Goldstein told the Star in late June that if the company couldn’t raise the $2 million to bridge the gap by the start of the fiscal year — which was July 1 — “we would, at least temporarily, go on hiatus and not start the season until we recapitalize.”

Kasser’s challenge grant and an anonymous $100,000 gift extended the deadline to July 15.

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ATC has been riding a wave of momentum since July 8, when the company reported it was a quarter way to its $1 million fundraising goal. But the looming deadline is not lost on ATC officials, who have had extensive “strategic conversations to ensure that we meet those expectations in terms of cost-effectiveness and efficiency for the 50th anniversary season and beyond,” ATC Managing Director Billy Russo said in a written statement.

Those conversations continued in closed-door meetings on Wednesday with ATC board members and Russo. He could not be reached for additional comment.

“I think cautiously hopeful is the best way to describe” the prospects of meeting Friday’s goal, said ATC spokesman Steve Carr.

ATC reported that 330 Tucson donors contributed $227,432 of the money raised; 230 Phoenix donors pledged $220,188 and 29 donors from outside the Phoenix and Tucson metro areas kicked in $15,790.

The company also had additional pledges and commitments that would be counted once they were in hand.