How will the money be raised?

Through Ensemble’s New Vic Campaign, we plan to raise $14.4 million in outright charitable gifts and pledges, which may be paid over one to five years. The campaign, involving over 50 community volunteers, will seek the generous support of board members, friends of Ensemble, businesses, and foundations throughout the greater Santa Barbara area.

What is the timeline for the project?

The capital and endowment campaign is underway and is expected to continue through 2012. In early 2012, the construction drawings are scheduled to be finalized and the general contractor selected. The board and staff are carefully monitoring fundraising progress and the project’s cash flow needs. We plan to begin construction when sufficient funds are committed (at approximately 60% of the overall goal). With the continued success of fundraising, we anticipate the grand opening of the New Vic to take place in 2013.

How may I support this project?

We encourage outright gifts and statement-of-intent pledges, which may be paid over 1-5 years. Commitments may be paid in cash or through gifts of appreciated property including marketable stocks and mutual funds, real estate, and other personal property.

Some donors may wish to make Ensemble the owner or beneficiary of an insurance policy. And others may choose to create a gift fund (for example, a charitable remainder trust) which provides an income to the donor and/or another beneficiary for a specified time and which, at the end of this time, the trust’s assets pass to the benefit of Ensemble Theatre Company.

Many companies match employee contributions to Ensemble Theatre. Donors are encouraged to check with their employers to determine if a matching gifts program exists. If so, please notify the campaign office at the time of your gift.

How will my gift be recognized?

All donors will be gratefully acknowledged in select publications. A beautiful Patron Honor Wall is being planned for the New Vic, as well as prestigious room and area naming opportunities throughout the theatre. Please call the campaign office for a detailed listing of donor tribute opportunities. Supporters may select recognition in their own names, or through an inscription in “honor of” or in “memory of” another. Gifts may also be made anonymously.

May I direct my gift to a particular element of the campaign?

Most of our donors are giving to support the overall campaign (the costs associated with the planning and renovation of the theatre as well as the endowment/reserves). They see both components as important factors in furthering the vision and goals of Ensemble. However, you may direct all or a portion of your gift to a specific project element that is of special interest to you.

Are there tax advantages for making gifts to this campaign?

Gifts to Ensemble’s New Vic Campaign are tax deductible to the fullest extent of the law. Those donors who wish to make gifts of appreciated securities and other personal property may receive significant tax benefits as well. We recommend that you discuss specific tax implications with your financial and/or tax advisor to ensure that your investment offers maximum benefits to you and Ensemble.

What happens if the goal is not attained or if the campaign is over subscribed?

Through the generous giving of our supporters, we are confident that the campaign goal will be achieved. However, in the event the full amount is not secured, the board will carefully assess how much money is available and implement the project in phases.

Our desire is to raise even more money than what is called for in the campaign. By surpassing the goal, the board can designate more for the endowment and also consider additional enhancements to the theatre design.

What will the endowment be used for? How will it be invested?

This campaign includes an endowment component of up to $4 million. Earnings from the endowment are essential to underwriting production costs, community programs and Ensemble operations. An endowment fund works over the long-term because only the interest―not the principal― is spent. The endowment fund will be managed by qualified and experienced professionals according to investment policies set forth and approved by Ensemble’s board.

How will Ensemble support the ongoing operation of the new Victoria Theatre?

Prior to launching the campaign, the board developed a comprehensive business plan and carefully studied the financial and other resource requirements for operating the new theatre. Once the New Vic is completed, Ensemble’s annual operating budget is expected to grow from $1.2 million in FY 2011 to approximately $1.6 million in the first full year of operation of the new theatre. Ensemble’s productions and community programs will be financed through a mix of revenues from admissions and program fees (43%), charitable gifts and grants (41%), concessions/advertising/rentals (5%), and earnings from the endowment (11%).

I already support Ensemble by attending events and/or making annual gifts. Why is an additional gift to the capital and endowment campaign needed?

While we greatly appreciate and continue to need your ongoing support of our productions, community programs and operations, this campaign is entirely separate. We urge Ensemble’s friends to continue their annual gifts and event support, while at the same time considering a “stretch” commitment to our capital campaign. The success of this campaign requires the special generosity of all who believe in the importance of Ensemble to the cultural richness of our community.