Saratoga Performing Arts Center Projects Balanced Budget

Classic Arts News   Saratoga Performing Arts Center Projects Balanced Budget
 
The Saratoga Performing Arts Center expects to break even for 2005, officials from the New York State venue announced yesterday.

The balanced budget would be the center's first in 15 years. It would also mark a major step toward recovery from a difficult period that resulted in a state audit and the resignation of SPAC's president and its entire board.

The improved financial picture is the result of strong attendance for the 2005 summer season and a series of major donations, including a recent $500,000 gift made anonymously.

"The news that SPAC will end the year by breaking even underscores the fact that 2005 was a turning point for SPAC. It is the perfect conclusion to a 40th-anniversary year which was marked by strong attendance figures, new major gifts, and tremendous support from our artists, audiences, and the community," said president Marcia J. White.

SPAC is still facing financial problems, including a $650,000 structural deficit, officials emphasized. "The donations are the bandage that has stopped the 'bleeding," board chairman William Dake said, "These funds will allow SPAC's board and management the necessary time to address the remaining challenges to SPAC's fiscal health."

SPAC hosts summer performances by New York City Ballet, the Philadelphia Orchestra, and other groups.


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