On Stage with The Lincoln Theatre

Endowments: Supporting The Lincoln Theatre's Future Beyond a Lifetime

• Bob Watkins • Episode 19

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Can I Support The Lincoln With An Endowment And How Does That Work? 

What happens when your passion for the arts lives beyond your lifetime? In this illuminating conversation, Lincoln Theatre Executive Director Bob Watkins reveals how endowment gifts create lasting legacies while ensuring the historic venue's future.

The Lincoln Theatre has stood as a Mayan revival masterpiece in Marion, Virginia since 1929, bringing arts and entertainment to generations of community members. Today, this nonprofit organization faces the ongoing challenges of maintaining its historic charm while addressing modern infrastructure needs – from aging HVAC systems to specialized sound equipment. Endowment gifts provide the critical financial foundation that allows these essential but often unseen aspects of theatre operation to continue.

Watkins walks listeners through the remarkably straightforward process of establishing an endowment, which typically begins with a donor's estate planner rather than direct theatre involvement. Depending on the contribution level, donors receive benefits ranging from complimentary performance tickets to named seats and commemorative plaques throughout the venue. Whether contributing in their own name or honoring someone else, donors can specify exactly how their gift supports the theatre's mission – creating a thoughtful connection between their values and the arts community they cherish.

"We just really honor whatever wish they have for maintaining their legacy through The Lincoln Theatre," Watkins explains, noting that some prefer recognition while others choose anonymity, focusing attention on the theatre itself rather than their generosity. Each endowment, regardless of size, becomes part of the carefully managed funds that ensure this cultural landmark continues enriching lives for generations to come.

Ready to explore how your legacy can support the performing arts? Contact Bob Watkins directly to discuss endowment opportunities that align with your vision and values for The Lincoln Theatre's future.

To learn more about The Lincoln Theatre visit:
https://www.TheLincoln.org/
The Lincoln Theatre
117 E. Main Street
Marion, Virginia 24354
276-783-6092

Speaker 1:

Welcome to On Stage with the Lincoln Theatre, where history and entertainment steal the show. Dive into the rich legacy of this iconic Mayan revival theatre, from its 1929 debut to its starring role in Marion, virginia's entertainment scene. Guiding us through this journey is the man in the spotlight, our executive director, bob Watkins. Spotlight, our executive director.

Speaker 2:

Bob Watkins, you don't have to be on stage to play a vital role at the Lincoln. Learn how an endowment gift supports the future of the arts in the community forever. Welcome back everyone. Skip Monaco, host slash producer, back in the studio with Lincoln Theatre Executive Director, mr Bob Watkins. Bob, how's your week been? So far, so good? Yeah, they always are, always are. That's a positive attitude and that's great to hear. So for our listeners who are wondering about this, I know one of the ways that you can support the Lincoln we've talked about this in other episodes but is through endowments. Can you support the Lincoln with an endowment, and how does that exactly? Does that work?

Speaker 3:

Yeah, the Lincoln Theater.

Speaker 3:

It's a non-profit organization and from the very beginning of us renovating and rejuvenating this theater we've relied heavily on donations and support from the Friends of the Lincoln.

Speaker 3:

So that program has helped considerably with it.

Speaker 3:

But then there's also that something that if the Lincoln has provided something to some sort of meaning to somebody's life or entertainment, or maybe the first time they went out on a date with somebody long, long ago, they've got that long warm memory that they've got with Lincoln and they just want to give back so we can maintain our legacy in the community and we also in turn retain theirs.

Speaker 3:

The endowment program that we have tried to put together is just something. It's always a difficult conversation to have because unfortunately the person has passed at the time, but to have some of their support just long past their life here with us, it's really appreciative on our end and we are extremely proud and honored when somebody selects the Lincoln for that. Basically it would just be a program that would be set up with their estate planner to work together what they would like to contribute or see as an ongoing contribution to the Lincoln, and then they work with our attorneys as well and develop the plan of action that they would like to see with that, and if they want to earmark the money for specific areas of the theater or productions, we can do that to accommodate their wishes as well.

Speaker 2:

Very good. So what are the steps? I know you said you talked with your estate planner and an attorney. Is that the first step in getting this processed, or do they need to contact the Lincoln, contact you? How does that work?

Speaker 3:

They don't necessarily need to reach out to us at all in regards to it. I think everything is pretty much been on their personal side of it with their estate planner or anybody that does their final last will and testament. They go ahead and would work all that stuff together and then develop how they would go ahead and transition those funds to the Lincoln Theater for our performances, operations and stuff.

Speaker 3:

So you guys really don't get involved until just to receive the gift, but once it's been disclosed to us, then obviously there is the reach out to the individual. If this is pre-planned, then there's the reach out for sure to just express our appreciation and honor to have them consider us and think so highly of us and our operations to do that contribution. But yeah, and there's always the recognition to the family as well, via our media content or in some cases individuals have asked for it to be left anonymous because they didn't want that focus on them as much as on the theater and what we do here. It's just really an impressive honor to receive that type of recognition and thought from the passing patron and we just really honor whatever wish they have for maintaining their legacy through the Lincoln Theater.

Speaker 2:

Wow, so is there a benefit? I know I used to serve on a Community College Foundation Board and for our endowment folks that contribute a legacy endowment that there were certain benefits to that while they're still living, just because they committed to that. Do you guys have a program where they get to come to a show or tickets or anything?

Speaker 3:

Yeah, it's obviously tiered with regards to the endowment, but, yeah, we would provide free performances up to a number throughout the year for them to go ahead and come to the theater and enjoy the shows and things like that, as well as pre-ticket options If they wanted to go ahead and purchase tickets before they're to the community. They have first dibs on seats. Naming locations in the theater and getting seats reserved specific for them, with names and everything as well are on there, and then also plaques throughout the theater, just so their name is held for sure, with everybody to know and see their support.

Speaker 3:

So several different options and things that are provided to them.

Speaker 2:

Very nice that are provided to them Very nice. So if I contribute an endowment or commit to it and then, depending on the level of the tiered level of the endowment, I could get a chair, a seat, with my name on it and I get to sit in it, that's my chair, or PSL.

Speaker 3:

Absolutely. And then when somebody says I don't see your name on it, you can say yes, right there it is.

Speaker 2:

It's right there. Very cool, Very cool. Now can I name an endowment in honor of someone else instead of myself?

Speaker 3:

Yeah, absolutely. We've had several donations and supporters that have contributed in honor of somebody else as well, so that is also something that can be done.

Speaker 2:

Very cool, very cool. Now what, what kind of programs or needs can endowment earnings support?

Speaker 3:

There's a significant number of needs that the theater has and, as I mentioned before, we are a nonprofit organization so that excess revenues and so forth to help maintain operations as well as infrastructure of the theater are limited HVAC, rooftop units, alarm systems, safety, access in and out, upholstery, different equipment that is extremely equipment for sound and everything. So those things can all be supported through the endowment program. Being more of a larger capital purchase item is one thing that can be supported, because a lot of our performances, being such a small theater, it's the revenue that we generate covers the cost of the performance and bringing that to our area, but it doesn't really give us a significant amount of padding for future expenses and everything. This type of program is one that really contributes to the capital program to the theater of maintaining the infrastructure and the facility itself.

Speaker 2:

Well, you mentioned HVAC units on there. Those are ridiculously expensive and you probably have a bunch of them.

Speaker 3:

Yep, there's several of them up there and several of them are. They are all probably about 20 years old now because we have recently. They are all probably about 20 years old now because we have recently. We've been renovated and reopened for 20 years now. So, as I know, the life expectancy of a unit like that is coming close to an end within 20 years.

Speaker 2:

Yep, unfortunately. And so for folks that are considering doing an endowment for the Lincoln just and this may be getting too deep in the weeds but how are the funds managed and invested? Because I know that's part of the deal is you want those funds to continue to grow.

Speaker 3:

We are working with the financial planners to see where we need to go ahead and contribute and put those so we can continuously grow from those endowments. The Smith County Community Foundation here locally they do some work that they can help manage and operate the funds for the different endowments and different programs. If we wanted to do scholarship funds or things like that, the Smith County Community Foundation go ahead and manage those funds.

Speaker 2:

Very good. Is there a minimum donation required in order to start an endowment?

Speaker 3:

Not that I know of. I don't think there's any minimum donation whatsoever for that program, and pretty much anything is greatly appreciated for sure. Awesome.

Speaker 2:

For those of our listeners that have an interest in potentially starting an endowment, how can individuals or families learn more about planned giving?

Speaker 3:

They can reach out to me and then I can go ahead and connect them to different area estate planners. Here. That has worked with individuals giving to the Lincoln. They can go ahead and get all the plans written up for them and take care of it that way, very good.

Speaker 2:

For our listeners that are having interest. You heard it give Bob a call, we'll get the ball rolling and it's a great investment in the community. And you heard it give Bob a call, we'll get the ball rolling and it's a great investment in the community. And you heard all about what this can do for the theater desk for the community. So I'd like to encourage everybody to give that some consideration. So Bob appreciate it Went a little long but very informative episode. Appreciate your work on that All right.

Speaker 2:

Thanks, skip. All right, thanks so much, and we'll catch you in the next episode.

Speaker 1:

Thanks for tuning in to On Stage with the Lincoln Theater. Want more of Mary and Virginia's entertainment scene? Visit us online at thelincolnorg yes, that's thelincolnorg or drop by our theater at 117 East Main Street. Let's keep the arts alive and kicking together.