Securing the Future
Protecting an Important Cultural Landmark
The Hanover Theatre is conducting a capital campaign for the purpose of securing funds to ensure the ongoing preservation and maintenance of our historic facility. To date $2,864,582 51% of a $5 million goal has been realized with contributions from local foundations, businesses and individuals. A planned giving program is also underway to raise an additional $2 million to establish an endowment fund for annual preservation and maintenance projects. The campaign team has formed an Ambassador's Circle to engage individual supporters.
The theatre has delivered on its promises to its Founding Members, contributors and the community at large.
The Hanover Theatre has enjoyed great success since its opening in March 2008 - more than 800,000 people have come through our doors and we have catalyzed revitalization in downtown Worcester. We have been fiscally responsible, operating above break-even after all debt service. The theatre has delivered on its promises to its Founding Members, contributors and the community at large. We have earned the respect and confidence of our stakeholders, who share our pride at making a real difference in the rebirth of our city.
The theatre must protect the community's investment
The theatre's future success depends on continuing to deliver a world-class experience - to maintain the highest level of quality in every aspect of the theatergoing experience. Undeniably, the high caliber of the experience we deliver is inextricably linked to the beauty and perfection of the historic theatre itself. We must do better than simple "upkeep" of the theatre - we must preserve and care for it like the asset that it is. In addition, the very definition of a world-class venue will evolve, and we must evolve with it, embracing changing technologies and trends.
The theatre must re-invest in our facility, keeping standards high and our venue up to date
Other theatres of our size and scope spend $250,000 or more annually to maintain and preserve their historic venues. Our current level of debt service allows us to spend only a small fraction of this amount. As our newly-restored theatre ages our annual re-investment into the facility must grow, and we must significantly reduce or eliminate our debt service, so that we may leverage our success to protect our future.
The Securing the Future capital campaign is the answer
Raising our $5 million primary goal through a successful Securing the Future capital campaign will redirect more than $350,000 in the theatre's annual operating budget, from servicing construction debt to creating a Preservation Fund for ongoing upkeep and maintenance of our historic venue.
A Planned Giving program has been established with a goal of $2 million in anticipated funds which will enable the theatre to further secure its future and ensure that this historic gem remains a treasure to be enjoyed by generations to come.