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MIAMI—In this time of theatres and arts centers facing declines in donations and several having to shut their doors, there’s been some good news from Miami: The Adrienne Arsht Center for the Performing Arts of Miami-Dade County has has paid off a $14 million bank loan seven years early. M. John Richard, president and CEO of the Adrienne Arsht Center, made the announcement on Feb. 17, thanking the Center’s fundraising support organization, the Performing Arts Center Foundation of Greater Miami. Following the Foundation's final payment to SunTrust Bank, the Adrienne Arsht Center has no outstanding bank loans, which will enable the organization to redirect revenue to support programs and community initiatives.
News of the zero-balance follows the Adrienne Arsht Center's 2008 fiscal year-end report, which indicated it had achieved its first-ever balanced budget. These financial strides were made possible by a $30 million gift from businesswoman and philanthropist Adrienne Arsht, as well as significant increases in ticket revenue and streamlined operating expenses.
"Financial stability has always been a top priority of ours—right alongside our commitment to delivering top-tier programming that reflects our diverse community—and Adrienne Arsht's gift was the chief catalyst in helping us achieve that stability by paying off our last remaining bank loan," said Mr. Richard. "Taking this important step forward in today's economic climate speaks volumes about our broad base of community support and the exceptional team of professionals we have in place. Now that we no longer have outstanding bank debt, we'll be able to redirect 100% of former debt service payments to our core mission of building a world-class, community-based organization."
For more info, please visit www.arshtcenter.org .
