Fiscal Year
Fiscal Year
2014
Projected Revenue
$1,398,340.00
Projected Expenses
$1,398,340.00
Endowment Value
125000
Spending Policy
Percentage
Percentage (if selected)
5
Capital Campaign
Currently in a Capital Campaign?
Yes
Campaign Purpose
Thirty years ago, Jeri Cutler-Voltz followed her dream and called students and faculty together for the first SPARC class. In 1981, no one could have imagined the ecstatic growth and vitality SPARC is experiencing today. Having directly served over 15,000 students, and now reaching more than 2,300 more each year, SPARC has achieved a high level of educational and operational maturity. In 2008, SPARC announced a vision that will carry on the SPARC legacy for generations to come. To fulfill that vision, a transformative $6M capital campaign has been underway for facilities, program and outreach, and endowment.
In 2012, SPARC received the two largest capital campaign gifts in its 32-year history: $500,000 from the Steven and Katherine Markel Foundation, and $1.5 million from an anonymous donor. With these gifts, SPARC completed the purchase of the SPARC Center at 2106 N. Hamilton Street and entered the final phase of the campaign. In order to complete our vision, SPARC has a critical need to add two more instructional studios, which will double the number of students served on campus, and establish an endowment for our future.
For 27 years, SPARC operated a tiny, transitory administrative office and network of leased or borrowed instructional spaces. SPARC was a “program” but never a “place.” To support its leadership role in arts education in Richmond and to continue evolving in its service to young people, SPARC needed a home.
That home was found at 2106 North Hamilton Street, in Scott’s Addition, a neighborhood in rapid redevelopment. The facilities were seemingly perfect, with a modest-sized administrative area, potential spaces for future multiple instructional studios, and a former taxi garage just right for repurposing as an innovative educational theater. Conveniently located at the crossroads of I-95, I-64, and the Powhite Parkway, and accessible by public transportation, the SPARC Center began its transformation in May 2008. Renovation and upfitting of the administrative offices, one instructional studio and dedication of the state of the art Sara Belle November Educational Theater was complete in November 2011. The final phase of the vision calls for adding two more instructional studios, fully renovating the Lobby and 2nd floor of the SPARC Center and provide accessibility to programs, productions and technical learning opportunities.
Capital needs total $1.7 million. Distinctive naming and commemorative opportunities are available.
Over $1,000,000 in initial capital campaign contributions have been restricted to diversifying and expanding program offerings in performing arts; developing programs providing performance opportunities for students with disabilities; increasing enrollment and expanding outreach in schools; and reaching new populations and audiences throughout the region and state. Outcomes are already evident – enrollment this year is up 32% over last; local outreach is now in 8 sites across regional elementary and middle schools and neighborhoods; and 40% more high school students across Virginia participate in New Voices for the Theater. Additionally, as SPARC’s student body grows, it must also increase financial aid in order to assure that no child is denied the opportunity for a SPARC experience because of an inability to afford tuition.
To supplement existing modestly endowed scholarship funds, the SPARC Board of Director’s established a General Endowment Fund to help ensure the mission and program in the future. The General Endowment Fund will be the major force in sustaining programs, outreach, facilities, financial aid and operations – while supporting new performing arts education initiatives as the future unfolds.
The campaign aims to raise $500,000 to expand The General Endowment Fund.
SPARC’s first campaign has successfully entered its final phase to address the estimated $6,000,000 required to purchase, renovate and equip SPARC’s home; to expand and enhance program offerings and performance opportunities; and to establish an endowment fund. More than $4,900,000 has been secured in lead gifts. Early campaign success is due in large measure to five challenge grants:
• A challenge from the Rosenthal and Belleman family to secure 100% of the Board of Directors in personal commitments.
• An unprecedented 2- to-1, $250,000 challenge grant from The Cabell Foundation in 2009 and second 1- to-1, $250,000 challenge grant in 2013.
• An extraordinary 2- to-1 $300,000 challenge from Neil and Sara Belle November.
• An anonymous 2- to-1 challenge for the Board of Directors to establish the General Endowment Fund.
Goal
6000000
Dates
June 2009 to Dec 2015
Amount Raised To Date
5154640 as of Apr 2014
Capital Campaign Anticipated in Next 5 Years?
No
State Charitable Solicitaions Permit
Permit?
Yes July 2014