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January 29, 2010


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Wow. That's a tremendous sequence of dumb ass decisions that leads to 37 people out of work.

And let's be real, they could ask people to unrestrict the funds earmarked for the building. Sure some of they would say no, and some may ask for their money back. But there is no law against asking people to change to conditions of their gift.


And seriously, 5 million for naming rights to a *theatre*?

I'm pretty sure that 5 million could get someone a pretty nice corporate sponsorship deal with the L.A. Lakers. They could get Kobe to come by their offices and everything. I'm shocked that they were shocked that getting that sort of money for a theatre would be a bit difficult.

Mike Daisey

It is probably an appropriate name for the phenomenon, but that is a depressing fucking story indeed.

Tony Adams

Yeah, I think some theatres folding is not that much of a loss. It's a case by case thing. I would hope those employees are able to work and grow other more sustainable places to replace it.

And if memory serves me right, it's not the first time that one has folded either.


You also run into a major issue with restricted funds like this: if you want to "un-restrict" them and your donors don't go for it, you are totally stuck. You can't just return their money without losing your tax-exempt status -- it still counts as a "donation" to an individual, which 501(c)3s cannot make. So raising money for a big project when you need those funds to keep up the smaller operation is, um, quite a few kinds of moronic.

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