Seattle Rep Raises $1 Million in Match Campaign and Ends Year in Balance

Seattle, WA – Seattle Repertory Theatre announced today the success of a $1 million one-to-one matching campaign, which enabled the theatre to end their fiscal year in balance on June 30, 2009.

In November, the theatre identified a large potential shortfall due to a slow start in ticket sales and a projected decline in giving due to the state of the economy. Initially Seattle Rep put into action a number of cost-saving measures including staff furloughs to offset early shortfalls in earned revenue, but still needed a new strategy to meet expectations for contributed income.

Seattle Rep management approached Seattle Repertory Theatre Foundation—a partner organization that oversees the theatre's endowment—to explore the possibility of a $1 million matching loan from the endowment.

The Foundation agreed, stipulating that they would match any new or increased gift dollar for dollar, up to $1 million, raised by the end of the fiscal year.

Coming down to the wire with the last gift received just a half hour before the deadline, the theatre was able to raise $1 million of new money in just six months. The majority of the donors (1,430) were new, with 46% giving $50 or less. Additionally, 610 current donors increased their gifts by amounts that ranged from $1 to $100,000.

"We knew that in this economy it would be tough to encourage new donors to support the theatre," said Managing Director Benjamin Moore. "We devised a unique way to use our own resources to energize a fundraising campaign and correct our course for the season."

The theatre was galvanized by very strong ticket sales in the second half of the season. Three of the season's nine productions were extended due to popular demand, and season closer "Wishful Drinking" starring Carrie Fisher had the highest single ticket sales of any show in Seattle Rep history.

For the coming 2009-10 season and beyond, the theatre has enacted a number of initiatives to maintain financial stability, including reduced performances and a 32-hour work week for administrative staff. The reduction in operating budget will offset the fact that the theatre won't receive a distribution of investment income from the endowment until the investment market recovers. The endowment currently holds assets of over $11 million.

"We are so grateful to the community for supporting us and securing our position as one of Seattle's largest and longest-running theatres," said Board of Trustees President Jane Zalutsky. "Our gift back to you is financial responsibility so we can continue to create high quality theatre."

Seattle Rep opens its 2009-10 season Sept. 25 with Alfred Hitchcock's "The 39 Steps."