11 Jan Florida Repertory Theatre establishes agency endowment fund with the Southwest Florida Community Foundation
The Florida Repertory Theatre’s board of directors recently established a nonprofit agency endowment fund with the Southwest Florida Community Foundation.
Established by nonprofit organizations, Nonprofit Agency Endowment Funds are long-term funds that allow an agency to plan for the future needs of the organization. Because the funds are endowed, agencies like Florida Rep can take advantage of the Community Foundation’s financial management, administrative resources and expertise on planned giving. The fund provides a simple and effective way for charities to build endowment and therefore sustainability. Agencies can opt to receive annual payout based on the balance of the fund as a source of income for operations and programs or roll over the amount to increase future endowment.
“We look forward to working in partnership with the Southwest Florida Community Foundation and cultivating our donors to not only give for the future but also endow gifts such as cash, appreciated assets and planned gifts,” said Robert Cacioppo, Florida Repertory Theatre’s founder and producing artistic director. “Thanks to our wonderfully supportive community and incredible ensemble of artists, Florida Rep has proudly become the largest nonprofit arts organization in the history of Lee County with $4 million in budget, 51 full-time staff members and 87,000 people served annually. With no debt, it is exciting for people to know that when they donate to the Rep, those donations go directly to new programs. Now, as we prepare for our 20th season, we look even further into the future. We want Florida Rep to be serving our area 20, 30 years from now. In my mind, there are two important ways to assure that: to reach more young people (we now serve 25,000 youth annually.) and build an endowment, a fund that will secure our future for future generations to enjoy the magic of live theatre. Because 20 years from now, that 15 year old in our programs will be our future audience, donor, board member and subscriber.”
Florida Repertory Theatre is committed to providing a first-class regional theatre for Southwest Florida and creating, nurturing and developing an ensemble of theatre professionals who will develop long-term relationships working on a wide variety of plays. Its goal is also to improve the quality of life in our community through all the arts and to making the arts, especially theatre, accessible to all. Florida Rep is celebrating 19 years of award-winning regional theatre as a fully professional theatre company that The Wall Street Journal called “One of America’s Top Repertory Companies.” Performing in the Historic Arcade Theatre, Florida Rep produces a wide variety of comedies, dramas and musicals, and brings many people to the Fort Myers River District annually throughout its October to May season.
“Building a fund for the future enhances a nonprofit’s mainstay and health of the organization, said Sarah Owen, CEO and president of the Southwest Florida Community Foundation. “In our 40 years, we have found donors like to give to an endowment, and we are dedicated to the stewardship of such gifts to help nonprofits like Florida Rep remain effective.”
The Southwest Florida Community Foundation, founded in 1976, cultivates regional change for the common good through collective leadership, social innovation and philanthropy to address the evolving community needs in Lee, Collier, Charlotte, Hendry and Glades counties. Last year, it partnered with individuals, families and corporations that created more than 400 philanthropic funds. Thanks to them, the Foundation’s invested $5 million in grants and programs to the community. With assets of more than $93 million, it has provided more than $67 million in grants and scholarships to the communities it serves since inception. The Community Foundation is the backbone organization for the regional FutureMakers Coalition and Lee County’s Sustainability Plan.
Based in Fort Myers, the Southwest Florida Community Foundation has satellite offices located on Sanibel Island, in LaBelle (Hendry County) and downtown Fort Myers. For more information, call 239-274-5900 or visit www.floridacommunity.com.