The Island Packet and The Beaufort Gazette correct all errors of fact. If you see an error in this article, please call the city desk at 843-706-8139. Corrections and clarifications will appear in this space.
Web sites may link directly to search results and individual articles without permission.
Up to one paragraph of text may be included from an article as long as full attribution is given and the attribution links back to the full article.
To republish more than one paragraph of text, please contact us for permission.
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.
- Tax returns, financial statements paint gloomy picture of arts center finances, Nov. 17, 2012
- Town of Hilton Head to arts center: Don't count on bail out, Dec. 15, 2012