For almost two years, the Art Theater Co-op Board has been discussing strategies to assure long-term financial viability of the Theater. We have taken measures to increase revenue through the membership program, solicitation of corporate and individual donations, and the Kickstarter campaign for the marquee.
At our March 12th meeting of Owners, General Manager (GM) Austin McCann and members of the Board agreed that increased fund raising will depend on Theater’s transitioning to a tax-exempt not-for-profit organization—a 501(c)(3)—that gives donors a tax deduction for contributions to the Theater and benefits the Theater in the reduced taxes it would pay. The Board of Directors agrees with the GM that such a transition is critical to the long-term viability of the Art. At its April 4th meeting, the Board passed the following resolution: “That the Art Theater Co-op merge with the Art Film Foundation (AFF), a Champaign-based 501(c)(3) not-for-profit organization, leaving the AFF as the surviving organization.” The Board has also agreed to a formal merger agreement.
In order to transition the Theater’s organization structure, the owners must approve the above Board resolution and the merger plan. In compliance with the Art Board by-laws, Illinois State law, and our commitment to further including all owners in this crucial decision, the Board has called a special a meeting of owners of the Art Theater Co-op on April 29th from 11:00am-12:00pm at the Art Theater. The only agenda item will be a discussion of the needed transition, which includes taking your comments and answering your questions. This will be in preparation for a written vote (sent to all active owners) on the Board’s resolution.
Below you will find information on the merger. Please join the Board of Director’s at the April 29th meeting for a full discussion of the proposed merger.