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 twitter.com/GinaNSmith.

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Read more here: http://www.islandpacket.com/2012/11/17/2282133/tax-returns-financial-statements.html#storylink=cpy

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