Arts Center says it has raised big money; will announce amount today

gsmith@islandpacket.comJanuary 23, 2013 

The cash-strapped Arts Center of Coastal Carolina will announce a "fundraising achievement" at 5 p.m. today at the center.

The amount raised has not been released.

The center, operating in the red, is in need of a big cash infusion both short-term and long-term.

During the most recent fiscal year, the center's net income loss was about $230,000, according to unaudited financial data provided by the center.

It also is paying on nearly $2.6 million in debt.

Long term, center leaders want the Town of Hilton Head Island or some other entity to buy its 16-year-old building and assume the costs of maintenance and the many repairs and improvements it needs.

Town leaders have yet to say whether that is an option.

A rough estimate for needed repairs and improvements, including a new roof and new exterior stucco, is $2.5 million. About $400,000 is spent annually to maintain the building, records show.

Check back here for details later today, or follow reporter Gina Smith at

Related content:

Read more here:

The Island Packet is pleased to provide this opportunity to share information, experiences and observations about what's in the news. Some of the comments may be reprinted elsewhere in the site or in the newspaper. We encourage lively, open debate on the issues of the day, and ask that you refrain from profanity, hate speech, personal comments and remarks that are off point. Thank you for taking the time to offer your thoughts.

Commenting FAQs | Terms of Service