Lake Worth Playhouse To Use A $1 Million Donation As Cushion

By Aaron Krause

The Lake Worth Playhouse has received the largest single gift in its history, but won’t use the $1 million on immediate operations. Rather, the money is going into a permanent endowment intended to provide long-term financial security.

The donor wishes to remain anonymous.

An endowment is a permanent fund whose assets are invested so that the recipient can draw on the earnings while preserving the underlying principal for the future.

For the Playhouse, that means the $1 million will serve as a financial cushion instead of an immediate infusion into the organization’s operating budget.

The Playhouse’s executive director, Shoshana Davidowitz, said the board and leadership will determine whether investment earnings are reinvested or used for specific projects, and that the amount available will change as the endowment grows.

“The goal of myself and the donor was to ensure the longevity of the Lake Worth Playhouse for decades to come,” Davidowitz said. “This organization is 73 years old and is a cornerstone of the Lake Worth Beach community and we wanted to establish an endowment that would provide a safety net for operations.”

“While we run lean, our operating budget is healthy and allows us to provide high-quality entertainment, volunteer opportunities, educational classes and camps, as well as funding for building maintenance and renovations. We felt the donation would be put to better use as a permanent endowment so that future generations can benefit from all that the Playhouse provides for the community.”

The Playhouse’s previous largest gift was the $350,000 Stonzek estate gift, which helped create the Stonzek Studio Theater.

“The Playhouse has benefited from incredible support throughout its history, but a gift this substantial is certainly transformative for the longevity of the program and creates financial stability that the Playhouse has not previously enjoyed,” Davidowitz said.

She added that the donor is someone she knows personally and shares her vision for the Playhouse.

“They had the ability to make such a meaningful gift and I am truly grateful,” Davidowitz said.

Playhouse leadership learned about the donation in April, and the donor provided the funds in July.

The Playhouse is housed in the Oakley Theater, “a 102-year-old building that we love and cherish but that is also in constant need of repair,” Davidowitz said. “We’ve already tackled some of the bigger projects like new seats in our Main Stage and a complete renovation of our Rehearsal Hall, but we’re always looking at ways to make the theater more comfortable and accessible.”

Davidowitz said that since the money will not go into the Playhouse’s operating budget, day-to-day operations will not immediately change.

“What the endowment provides is a financial cushion for the operation of the Playhouse, allowing us to continue to provide high-quality productions, strong educational programming and events open to the community, while maintaining our 102-year-old building and upgrading our facilities where needed without the worry of needing an ‘emergency fund’ for unexpected expenses,” Davidowitz said.

“The security of the endowment certainly allows for more artistic freedom and the ability to broaden the budget for new programming if desired.”

Located in the heart of downtown Lake Worth Beach, the Playhouse presents a year-round season of live theater, films, concerts, educational programming and community events while remaining dedicated to enriching lives through the performing arts.

The Playhouse was incorporated in 1953 and purchased the Oakley Theater in 1975. Davidowitz said the Playhouse provides a home for artists throughout South Florida and employs full-time and part-time staff to run its day-to-day operations. Its motto is “Where Community Takes the Stage.”

In this uncertain economy and rising costs, this endowment provides a much-needed cushion that will allow the theater to continue to grow in subscribers, in support and in its artistic vision while keeping ticket prices low so that our programming can continue to be enjoyed by everyone,” Davidowitz said.

“Everyone is so grateful for the support that this endowment provides, and I personally feel that this donation is a true testament to the positive, family-oriented culture of the Playhouse and the importance of the arts in our lives.”

For more information about the Playhouse, visit lakeworthplayhouse.org. It is located at 713 Lake Ave. in Lake Worth Beach. Its phone number is (561) 586-6410.