FOR IMMEDIATE RELEASE
OperaDelaware Slashes Debt and Realizes Cash Surplus
Wilmington, Del. Oct 24, 2011…. OperaDelaware today announces a cash surplus for the third consecutive year and a recapitalization from a variety of sources, including donations, which have reduced the organization’s debt from $960,000 to $369,000.
Borrowings are now under a fixed-rate, long-term mortgage rather than a secured line of credit. Other steps to improve the financial position of OperaDelaware include restructuring the administration, diversifying productions, and collaborating with regional arts organizations.
“Lowering our debt by 60% and balancing our operating budget places OperaDelaware in a position rare among arts organizations in this recession,” said Tony Winchester, president of the OperaDelaware board. “Through adoption of appropriate business models, countless volunteer hours and tough choices, we’ve succeeded not only with finances but with broadening audiences and maintaining artistic quality.”
Executive Director Lee Kimball said, “Now we can focus on music and staging that delights both newcomers and traditional audiences to this lively and passionate art form. We’ve developed a strategic plan that will ensure our stability and responsible growth in artistic and educational programming for the future.”
The fall production, The Magic Flute, by Wolfgang Amadeus Mozart, opens on Sunday, Oct. 30 at 2:00 p.m. on the stage at The Grand,818 N. Market St. inWilmington. Additional performances will be at 7:30 p.m. on Nov. 4 and 5, also at The Grand. OperaDelaware recently celebrated 67 years of producing operatic works inWilmington. Today, OperaDelaware offers performance opportunities for emerging artists and engages area young people on both sides of the curtain.