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Managing Director FAIL: Intiman Theatre in dire straits thanks to former managing director's financial blunders
Seattle’s beloved Intiman Theatre has announced an urgent fundraising campaign, thanks to severe financial mismanagement by former managing director Brian Colburn (who resigned suddenly in November citing personal reasons). According to Intiman Board president Kim Anderson, “Unless we are able to raise $500,000 by the end of March, an additional $250,000 by June, and $250,000 by September, we cannot continue.”
The press release includes tthe following summary of the errors leading to the emergency situation:
● The former Managing Director resigned on November 1, 2010. Personal reasons were cited.
● Significant financial problems were uncovered at this time, putting the theatre into crisis mode. These include:
● Misrepresentation and nondisclosure of the theatre’s financial stability and related financial issues to the Board and the various committees responsible for financial oversight of the theatre.
● Unauthorized transfers by the Managing Director of restricted funds in the Foundation to the theatre’s operating account. Neither the Board nor Foundation Board approved the transfers.
● Failure to meet best-practice standards in the finance office: severe inaccuracies and months-long backlog of bookkeeping, cash-flow attention, staffing capabilities and general reconciliation and accounting.
● Mismanagement of and misrepresentation of financial impact of negotiations with co-producing entities.
● Mismanagement of verbal pledge agreements from two key donors, resulting in a loss of revenue in the FY2010A budget.
Intiman Theatre had recently experienced renewed energy thanks to new Artistic Director Kate Whoriskey and her fresh approach to programming. (Read my profile of Whoriskey and her husband, award-winning actor Daniel Breaker, in our August 2010 issue.)
To contribute to Intiman’s urgent campaign, click here.