The Key City Theatre announced the establishment of a new legacy fund this week, made possible by an anonymous donation.
The new Key City Theatre Legacy Fund has been permanently endowed with the Community Foundation of the Kootenay Rockies (CFKR) and the Vancouver Foundation, and will be utilized to support operations and programming at the theatre.
“This is an exciting day for the sustainability of performing arts in our region,” said Key City Theatre Society President Landon Elliot in a press release. “The arts play a vital role in building a vibrant and creative community and donors such as this help ensure that the legacy of Key City Theatre will live on for future generations.”
Galen Olstead, Managing Director at Key City Theatre, says the new fund will benefit the theatre in a completely new way.
“Holding this fund with the Community Foundation of the Kootenay Rockies and the Vancouver Foundation, an organization that has a solid philanthropic investment reputation, gives the Key City Theatre Society the opportunity to present itself to the broader giving community.”
Olstead explained that the overall idea with the legacy fund is to invest the money long-term. This allows the theatre to either re-invest the funds, use them for programming, or for facility upgrades.
The Vancouver Foundation works closely with the CFKR and many other foundations across BC. Monies donated or invested by multiple foundations are amalgamated into a larger fund, which, as Olstead explained, benefits everyone more.
“It was a total surprise for us,” said Olstead. “When Lynette of the Community Foundation called us to tell us about the donation, we were just shocked. We’re so grateful for this gift.”
Lynette Wray, Executive Director of the CFKR, says the foundation sincerely appreciated the generosity of the anonymous donor.
“Key City Theatre is such an important part of the cultural fabric of our local and regional community,” said Wray.
She adds that the fund will essentially provide a grant every year to support the theatre’s operations and programming.