posted on September 03, 2011 00:29
In an effort to get on firmer financial footing, Austin Lyric Opera is selling its property on Barton Springs Road.
“After a rigorous analysis in past months, the board determined the current property does not match the future needs of the organization,” said Jo Anne Christian, chairman of the board. “This is a long-term, strategic move in order to gain efficiency and sustainability.”
Meanwhile, the nonprofit has developed a task force to spin off the Armstrong Community Music School — which is housed at the opera’s Barton Springs building — as an independent organization.
“While the partnership between the opera and the school has been fruitful and unique in this country, we are working industriously towards a spinoff to ensure a bright future for both entities,” said Margaret Perry, director of ACMS.
These latest actions are part of the nonprofit’s plan to save money as it works to pay off nearly $2 million in debt. The nonprofit hopes to net more than $5 million on the sale of its building. The organization just raised $1 million in donations and pledges in a 25th anniversary fundraising campaign, and entered into a box office partnership with The Long Center for the Performing Arts, which is across the street from the building now on the market.
8/12/11, Austin Business Journal