Because of its ability to identify a project and, once committed to the project, make it happen, IGT was approached by the Vashon Theatre to assist it in finding funding to replace its soon-to-be obsolete and no longer useable projection system with new digital projection, sound, screen and related equipment and infrastructure. While the Wolcott family, owners of the Theatre, could undertake SBA financing and even possibly a refinance of a Vashon home, the debt service would place financing burdens on the Theatre which already operates on a very slim margin.
Believing that the Theatre is a valuable community asset, IGT agreed to assist the Theatre, but that assistance had to be for the benefit of the community. To keep the debt of the Theatre manageable, IGT looked at how funds could be raised and equipment purchased, without burdening the Theatre with excessive debt. The proposal, agreed to by the Theatre is that IGT, through community fund raising, acquired the projector and other equipment necessary to show digital movies. This equipment was owned by IGT for the benefit of the community, and IGT will be given rights to use the Theatre and its equipment for community events that meet the criteria set forth in the IRS Regulations governing a 501(c)(3) organizations. Under a lease agreement with IGT, the Theatre will have the right to use the projector and other equipment, and, in turn, must maintain and insure the equipment, and insure IGT as well, under a CGL insurance policy. As funds were received by IGT, they were deposited to an account at PSCCU. Funds were drawn upon as necessary to meet down payments and required payment on the equipment to be acquired. This is not like a new stock offering, or www.kickstarter.com, where funds are escrowed until a specific goal is reached; time is too short for that means of funding. The Wolcotts, IGT and the Vashon-Maury Island Community worked together until all funds necessary to complete the equipment purchases of the project were in hand. Of course, there was both a timeline and a priority list that would be followed to ensure that the primary goal of the Theatre Project was met.
Successfuly, through the help of IGT and the Vashon community, we were able to keep the Theatre from going dark. It continues to be make a central impact on our community.