Arizona Theatre Company announced Monday morning that it has raised the $2 million necessary to keep the organization on stage.
βIβm ecstatic,β said Michael Kasser, a member of the ATC board of trustees. Kasser had guaranteed $1 million from Tucson if Phoenix could match that.
Last week, the board had decided to give notices to employees on Monday. Soon after, many donors began to open pocketbooks rather than just give verbal support.
"It mostly happened on Friday,β said Kasser, saying that significant donations from Phoenix supporters came through, as well as additional funds from Tucson donors. "We had the cooperation of both mayors (Tucsonβs Jonathan Rothschild and Phoenixβs Greg Stanton), who were very supportive. It was so heartening.β
Kasserβs commitment to ATC goes back nearly two decades, as both a contributor and an audience member.
βI personally think we could not afford to lose such an important cultural icon,β he said when explaining his support.
ATCβs Artistic Director David Ira Goldstein said the last two months have been a roller coaster as the company wrestled with trying to crawl out from under its crippling debt, which has loomed since 2013, when poor management and a fractured board put the company in jeopardy.
βThis is a story about a heroic effort made by both cities, and how both cities came through,β he said.
Fundraising, however, is not over β itβs never over for non-profits, said Goldstein.
βWe canβt be in this situation ever again,β he said. βNow is the time to really recapitalize and secure this asset for the next 50 years.β
