A couple of tough years followed for Georgetown Palace Theatre, Inc. With a debt of more than $800,000 in an economy struggling through the aftermath of the terrorist attacks on September 11, 2001, the beloved Palace was almost lost. Many volunteers put forth a valiant effort to hold on, and by the end of 2003, the right community leaders had come to grips with the problems. A new Board of Directors took over on February 1, 2004. This Board was framed around 15 citizens who were financial "shareholders" - that is to say they were guarantors of a portion of the mortgage held by Union State Bank and had a vested interest in the success of the Palace. All of the previous Board directors were invited to stay on, and a few did so.
This was the turning point for the Palace Theatre! In their very first month as a Board under the leadership of Doug Smith, the new directors raised more than $40,000 at a fundraiser. And as the fiscal year 2004 began (July 1), the new Board hired the current Artistic Director, Mary Ellen Butler, to produce the season, direct the plays (or find other directors), and design and manage theatrical summer workshops for children and teens. The 2007-08 Season was a banner year; but, with the economic downturn across the country, the 2008-09 season could be less successful from a financial standpoint. The challenge for the Board of Directors and the Artistic Director is to gross enough money to pay for all productions and still pay monthly operating expenses and to keep the renovation/restoration bank mortgage (and the tin barn purchase mortgage) current. PATRON DONATIONS AND PRODUCTION SPONSORSHIPS ARE STILL NEEDED ON AN ONGOING BASIS!
The Palace Board of Directors brought on in 2004 has made other important gains and acquisitions. in 2004-05, a fund-raising campaign, begun with a challenge grant of $25,000, brought in almost $100,000! This money was needed to pay off lingering debt from the restoration. With this campaign, the Palace stage was named in honor of Frances and Angus Springer, beloved theatre teachers.
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