LENOX, Mass. – Shakespeare & Company has achieved a milestone more than four decades in the making: for the first time since its founding in 1978, the Berkshires-based nonprofit theater is completely debt-free.
The company has paid off the remaining $1.7 million on its $4 million mortgage on its campus, thanks to contributions from its Board of Trustees and a combination of successful property transactions, community support, and a strong box office season.
Beverly Hyman, chair of Shakespeare & Company’s Board of Trustees, said this new development is “truly a turning point.”
“We have some long-term board members who have been around the block a few times in terms of financial ups and downs, and even they see this as a new turn into all new territory,” she said. “We now have the opportunity to expand education programs – including our nationally recognized Shakespeare in the Courts program – and to focus on our Center for Actor Training, which requires highly skilled faculty.”
Hyman added that freeing the organization from mortgage payments opens the door to more artistic and community-focused programming.
“We won’t falter in our pursuit to present high-quality works of both contemporary and classic playwrights, including, of course, our namesake,” she said. “But it’s also exciting to create new programs and present things we’ve never done before, like Shake it Up: A Shakespeare Cabaret, Circus & the Bard, and the Celebration of Jewish Plays, all created by Shakespeare & Company in the last two years.”
Artistic Director Allyn Burrows agreed, adding that ensuring Shakespeare & Company’s long-term financial stability is also a move toward more creative expansiveness.
“We are extremely grateful to the members of our Board of Trustees who made this advancement in the company’s journey possible. The payments on the mortgage were fairly crushing, and now we can breathe a little. We’re very thankful for all the support.”
About Shakespeare & Company
Founded in 1978 by Tina Packer, Shakespeare & Company is one of the leading Shakespeare festivals in the country. Located in the Berkshires of Massachusetts, the Company offers performance, education, and actor-training opportunities year-round, and attracts more than 40,000 patrons annually with a core of more than 150 artists.
Thanks to contributions from its Board of Trustees and a combination of successful property transactions, community support, and a strong box office season, Shakespeare & Company has paid off the remaining $1.7 million on its $4 million mortgage on its campus. Gathered following the formal announcement at a recent meeting of the Board of Trustees are Director of Development Sunie Gorey; Trustee Greg Lipper; Artistic Director Allyn Burrows; Chair of the Board of Trustees Beverly Hyman, Ph.D, and Board of Trustees Clerk Michael A. Miller.