Orange County NC Website
Browse       Search
THE ARTSCENTER, INC. <br /> ORANGE COUNTY APPLICATION 9 <br /> EXHIBIT F (DETAILED REQUEST) 11 MARCH 1994 <br /> OVERVIEW OF CAPITAL CAMPAIGN <br /> The Capital Campaign is divided into four(4) sections: Building Acquisition, <br /> Campaign Organization,ArtsCenter Operations and Long-Term Debt Elimination. It <br /> will focus on six (6) sources for generation of donations: Foundations, Major <br /> Corporations, Local Government, Other Government, Grassroots Individuals and <br /> Foundation Equity. Its financial goal includes retirement of all debt as well as building <br /> purchase and annual operations. <br /> The space being purchased encompasses a visual arts gallery, classrooms, dance studio, <br /> darkroom, ceramics studio, large theater, small theater, office space and public facilities. <br /> The building was improved in 1986 by The ArtsCenter at a cost of$700,000. The <br /> ArtsCenter owns the upfit. This proposal will cover the real property purchase. <br /> CAPITAL CAMPAIGN SECTIONS <br /> 1. Building Acquisition: includes the purchase of the real property consisting of 19,000 <br /> square feet. The acquisition will require some subdivision and survey work in order to <br /> separate the property from the existing strip mall. Architectural and survey fees are <br /> anticipated and included in the Project Budget, Attachment D. Legal fees have also <br /> been considered and are included as well. <br /> 2. Campaign Organization: The cost of running the entire campaign(excluding the <br /> April 9th Campaign Opener)is included in the$8,000 fugure(see Attachment D, <br /> Project Budget). This cost includes attorney and accounting fees as well as materials <br /> and labor for campaign production. All campaign workers are unpaid volunteers <br /> except for the current five(5) staff members. <br /> 3. ArtsCenter Operations: Because the capital campaign will be running at the same <br /> time as our normal fundraising campaign, it is prudent to run both together. <br /> $125,000 is the usual amount raised in annual fundraising and is used to support <br /> ArtsCenter operations. <br /> 4. Debt Elimination: The original $700,000 construction debt has been reduced to <br /> under$200,000. This amount is also included in the campaign. A breakdown of the <br /> actual amounts is available on request. <br /> 300-G East Main Street, Carrboro, North Carolina <br /> (919) 929-2787 5 <br />