DENIS THEATRE FOUNDATION’S PURCHASE OPTION DEADLINE EXTENDED
EXTENSION BASED ON NONPROFIT’S SUCCESS IN FUNDRAISING,
HIGHLIGHTED BY RECENT FOUNDATION GRANT,
STRONG EARLY RESPONSE TO MATCHING GRANT FROM ANONYMOUS DONOR
MT. LEBANON, PA., JULY 1, 2010…. The Denis Theatre Foundation board of directors has announced that the organization has received an extension until August 31, 2010 from the building owner on its option to purchase the Denis Theatre in Mt. Lebanon, a direct result of its success in raising nearly 70% of the $750,000 needed to purchase the building since launching a capital campaign in October 2009. Half of the funds raised so far have been raised in the last six weeks alone. The Foundation is excited by the level of commitment demonstrated by the Pittsburgh community in recent weeks and grateful to their donors for their recent support, but acknowledges they do not yet have enough to purchase the building. “We are grateful to all of our stakeholders for their support,” said Anne Kemerer, executive director. “More contributions at all levels are important in order for us to reach the $750,000 target by August 31 and we are looking for donors to make multi-year commitments if they can to help us attain the vision for a new Denis Theatre.”
The first extension on the purchase option expired June 30. Seeing the progress of fundraising, the building’s owner agreed to this second extension. In the last six weeks, the Denis Theatre Foundation’s fundraising has garnered extra momentum with the announcement of a $100,000 grant from The Pittsburgh Foundation in May and of a $155,000 challenge grant in June from an anonymous donor. The terms of that challenge grant are that it must be met by September 1, and the new purchase option expiration date is set to coincide with that. The Denis Theatre Foundation has since raised $76,000 in matching funds from individual donors toward the $155,000 challenge grant.
“The Denis Theatre Foundation is delighted with the extension of the purchase option deadline because it is a testament to the community’s strong interest in seeing the Denis Theatre restored to its former prominence as a community icon,” said Kemerer. “We know that this extension will provide added impetus to what is already a robust campaign and sufficient time to make the purchase of this historic building a reality for the residents of the South Hills and beyond.
Although contributions at all levels are important,” added Kemerer, “in order for us to reach the $750,000 target and our Phase I goal of $2.5 million, we also need donors to make multi-year commitments of four and five figures, and above. We are also asking current supporters to consider adding to their gifts, such as increasing their pledges by extending their payments for an additional year. Of course, every new or increased gift between now and September 1 will be doubled if we are successful in meeting the $155,000 challenge grant.
Kemerer pointed out that the campaign has received nearly 20 gifts and pledges at $10,000 and above.
The Denis Theatre Foundation’s mission is to purchase, renovate, and reopen the iconic Denis Theatre as an independent film theater, community cultural center and key contributor to the region’s economic vitality. From 1938 to its closing in 2004, the Denis Theatre served as a leading destination for arts, culture and social activity. When completed, the Denis Theatre will show independent, foreign language and documentary films; offer lectures; host film series; provide a small stage for live performances; showcase the productions of film students; and provide meeting rooms and space for cultural activities, partnerships with area social services agencies and private special events.
For more information about the Denis Theatre Foundation or to contribute to the campaign, please visit www.denistheatre.org or call Anne Kemerer at 412-480-0187. A.L. Brourman Associates, Inc., is serving as fundraising counsel.
About the Denis Theatre
The Denis Theatre, from 1938 to its last film showing in 2004, served as a gathering place for an entertaining afternoon or evening. It originally seated more than 1,200, but by the 1980s had been divided into four smaller auditoriums in response to competition from multiplex cinemas. The Denis, located at 685 Washington Road, continued to operate, carving out a niche as an independent film venue and popular destination for area residents. When it closed in 2004 the loss was devastating to area movie-goers, and particularly to the citizens throughout the South Hills. The mission of The Denis Theatre Foundation is to purchase, renovate and reopen the Denis Theatre as an independent film theater, community cultural center and key contributor to the region’s economic vitality.
You can learn more at www.denistheatre.org.