• Case Study: Trinity Repertory Company (2009)

    By: Meghan Pressman, MFA/MBA '10

    In August of 2007, recently appointed artistic director Curt Columbus had just completed his first full season and had been joined midyear by new executive director, Michael Gennaro. The FY07 season was an artistic success; it had played to enthusiastic audiences and critical acclaim.  Concurrently, however, the contributed revenue was short its goal, they had upwards of $3 million in debt, and  the $3 million line of credit would soon be fully tapped.   In a show of support, the board approved the new FY08 season budget.  This new budget projected a $1.1 million cash deficit. Board chair Jack McConnell, Gennaro, and Columbus felt that a capital campaign would be necessary to acquire the means to pay for the required capital improvements.  Only a few years before, Trinity had completed a $25 million campaign with almost the exact same stated goals as the one that they were about to embark on: to raise the endowment, improve the facilities, increase the annual fund and eliminate the debt. The people of Providence were known for their long memories and would likely remember not only the recent campaign but also the long history of financial trouble.With the feasibility study results due in October, Gennaro, Columbus and McConnell looked ahead at the next six months with weighty concerns: could they either take care of the debt, or some portion of it before their campaign went public? Would they be forced to reconsider their season plans?  Finally, how would they correct the company behavior so as to avoid this happening yet again in the future?

    Trinity Repertory Company, 2009 [CASE STUDY]

     

    This video includes interview footage of Artistic Director Curt Columbus, Executive Director Michael Gennaro, Associate Artistic Director Craig Watson, Company Member & Chair of MFA programs, Brown/Trinity Consortium Stephen Berenson, Director of External Relations Richard Jaffe.

    Access video content by clicking on the link below:

    Trinity Repertory Company (2010) [VIDEO LINK}

     

    Filed in: Case Studies, Financial Management
    Keywords:
    Added on: May 13, 2009