The Center of Anna Maria Island celebrated March 5 with a burning of its mortgage.
The organization received $1.2 million, enough to pay off its mortgage, from anonymous donors during the past two months.
“We’re so thankful,” said executive director Kristen Lessig. “We’re here and we’re here to stay.”
Lessig announced the good news March 5, during the center’s murder-mystery dinner theater event in the center’s gymnasium, where some 350 audience members were awaiting the night’s entertainment.
“There’s still work to be done,” said board treasurer Jim Froeschle. “This is a beginning.”
With the mortgage payoff, the center is relieved of a long-term debt. However, the center is still months away from being on solid financial ground in the current fiscal year and remains in the red for $1.2 million for the previous six years.
Froeschle said it would be at least summer before the center was operating in the black for the July-June budget, even with the unexpected windfall and no longer having a mortgage payment.
But another offer from board member Rex Hagen may help solve the center’s immediate cash-flow needs.
Hagen announced earlier on March 5 that he would donate up to $50,000 in matching donations, paying the amount donated to the center weekly through May 15 in the hope of relieving the immediate cash-flow problem at the center.
He said he hopes to learn whether the center is vital to the community’s needs or if it is no longer needed.
Hagen is a long-time donor at the center, having built the original tennis courts and stepping up to write checks in the recent struggles. He challenged the board members to match a $30,000 donation late last year and, while the board appeared to be donor fatigued, it was the membership who responded.
He hopes his new offer will create a weekly cash flow to carry the center forward until some of the planned events produce needed income.
“We’re concentrating on moving forward,” Froeschle said. “The next priority is to diversify revenue streams to create sustainability.”
The center is at 407 Magnolia Ave., Anna Maria.
— Kristin Swain