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.
Related content:
- 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