Last updated:  5/8/10

Purchase Update - May 8, 2010

Dear OFS Community,

Last March, the Historic Capitol Theater, the long-time home of the Olympia Film Society, was offered for sale by the current owner. Since that time, the Board of Directors has been working tirelessly toward securing the theater as our permanent home.

In addition to the preliminary fundraising campaign to secure a permanent home for OFS, we also chartered our Executive Committee, primarily composed of the Officers of the Board, to pursue this goal. We have since retained legal counsel and the services of local professionals to assist in pursuit of our goal.  With the help of these professionals we have made significant progress in hammering out the agreements necessary to support purchase of the building and in conducting a feasibility assessment.  We have also begun planning for financing the purchase of the Capitol Theater. Your generous donations to our “Secure a Home” campaign continue to make these critical preparations possible.

There is still much work to be done and many possible contingencies, but the Olympia Film Society is well-positioned and better prepared, both financially and organizationally, than we have ever been before take advantage of this golden opportunity to secure the Capitol Theater as our permanent home in the heart of Olympia’s downtown. In the months ahead, with your support, we will continue working step by step to make this effort a success.

Sincerely,

Isaac Overcast, President
OFS Board of Directors

Purchase Update - January 2010

Board of Directors Approves 5-year Strategic Plan

At the January meeting, the Board of Directors voted to approve our 5-year strategic plan.  Click on the link below to download the plan.  Please contact Elaine Vradenburgh, OFS Board Coordinator, at 754-6670 x 10 or elaine@olympiafilmsociety.org if you have any questions.

OFS 2010-2014 Strategic Plan

Purchase Update December 2009

What’s happening with the building? Well, it’s been a very busy and exciting Fall of research and planning! Our primary goals at this point are to determine if we have the financial and organizational capacity to buy and then maintain the building. We are also focused building our organizational capacity and strengthening our staff collective. Here’s what we’ve been up to:

· We hired an organizational consultant to help us create a five-year strategic plan and conduct an organizational assessment. The plan will be presented to the Board in January.  Check back soon to download our new plan.

· In response to our increasing need to focus on fundraising, we developed a five-year fundraising plan. Our Office Manager also adopted a new position as Development Coordinator.

· The building owner has agreed to separate the property and allow OFS to buy just the theater.

· We’ve been working with contractors to determine the life safety, electrical and environmental upgrades and to assess the value of the building. A report will be presented to the Board in January, and will aid in their final decision.

How has OFS used my donation? We would not have been able to complete this research and planning phase without the support of our members! Our “Secure a Home” campaign raised just over $13,500, a portion of which went to pay our consultant and our staff coordinating this work.

How can I help? In the coming months, we will be asking you for your pledge in support of our capital campaign. (But you can still donation online anytime!) We are also looking for professional assistance with our capital campaign and grant writing. Contact elaine@olympiafilmsociety.org to get involved.

What’s next? In the next few months, we will finalize our business plan, meet with financial institutions to secure a loan, and the Board will reach a final decision.

Purchase Update - September 2009

Over the past few months, the Board of Directors and staff have been working diligently under the advisement of local professionals to research and explore the possibility of OFS’s ownership of Capitol Theater building.  Our research will culminate in a feasibility study of the potential costs related to the ownership including renovations, repairs, and structural and safety upgrades.  The study will also include a 5-year strategic plan that will guide us into the future, both in terms of our programming and in securing a permanent home, and help us to build our organizational capacity.

We’re also identifying potential major donors and community partners, including foundations, businesses and wealthy individuals, who might be able to assist us in securing a permanent home. But before we approach these possible benefactors, we must be able to show them that we have significant support in the South Sound area.

We set a goal of raising $15,000 by November 4^th, 2009 to demonstrate strong backing from our members and the wider community. So far, we’ve raised just under $10,000—leaving us about $5,000 short. If you would like to contribute this effort, you may do so online at www.olympiafilmsociety.org/about/donations/, at the box office, or by mailing your donation to: OFS c/o Secure a Home 416 Washington St SE, Olympia, WA 98501.

Thank you very much for your support! If you have further questions for would like to get involved by joining one of our committees, please contact Elaine Vradenburgh at elaine@olympiafilmsociety.org.