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

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

Episode Transcript

Speaker 1 (00:01):
Welcome to On Stage with the Lincoln Theatre, where
history and entertainment stealthe show.
Dive into the rich legacy ofthis iconic Mayan revival
theatre, from its 1929 debut toits starring role in Marion,
virginia's entertainment scene.
Guiding us through this journeyis the man in the spotlight,
our executive director, bobWatkins.

(00:23):
Spotlight, our executivedirector.

Speaker 2 (00:26):
Bob Watkins, you don't have to be on stage to
play a vital role at the Lincoln.
Learn how an endowment giftsupports the future of the arts
in the community forever.
Welcome back everyone.
Skip Monaco, host slashproducer, back in the studio
with Lincoln Theatre ExecutiveDirector, mr Bob Watkins.

(00:47):
Bob, how's your week been?
So far, so good?
Yeah, they always are, alwaysare.
That's a positive attitude andthat's great to hear.
So for our listeners who arewondering about this, I know one
of the ways that you cansupport the Lincoln we've talked

(01:09):
about this in other episodesbut is through endowments.
Can you support the Lincolnwith an endowment, and how does
that exactly?
Does that work?

Speaker 3 (01:16):
Yeah, the Lincoln Theater.
It's a non-profit organizationand from the very beginning of
us renovating and rejuvenatingthis theater we've relied
heavily on donations and supportfrom the Friends of the Lincoln
.
So that program has helpedconsiderably with it.
But then there's also thatsomething that if the Lincoln

(01:36):
has provided something to somesort of meaning to somebody's
life or entertainment, or maybethe first time they went out on
a date with somebody long, longago, they've got that long warm
memory that they've got withLincoln and they just want to
give back so we can maintain ourlegacy in the community and we
also in turn retain theirs.

(01:56):
The endowment program that wehave tried to put together is
just something.
It's always a difficultconversation to have because
unfortunately the person haspassed at the time, but to have
some of their support just longpast their life here with us,
it's really appreciative on ourend and we are extremely proud
and honored when somebodyselects the Lincoln for that.

(02:17):
Basically it would just be aprogram that would be set up
with their estate planner towork together what they would
like to contribute or see as anongoing contribution to the
Lincoln, and then they work withour attorneys as well and
develop the plan of action thatthey would like to see with that
, and if they want to earmarkthe money for specific areas of
the theater or productions, wecan do that to accommodate their

(02:40):
wishes as well.

Speaker 2 (02:42):
Very good.
So what are the steps?
I know you said you talked withyour estate planner and an
attorney.
Is that the first step ingetting this processed, or do
they need to contact the Lincoln, contact you?
How does that work?

Speaker 3 (02:55):
They don't necessarily need to reach out to
us at all in regards to it.
I think everything is prettymuch been on their personal side
of it with their estate planneror anybody that does their
final last will and testament.
They go ahead and would workall that stuff together and then
develop how they would go aheadand transition those funds to

(03:16):
the Lincoln Theater for ourperformances, operations and
stuff.
So you guys really don't getinvolved until just to receive
the gift, but once it's beendisclosed to us, then obviously
there is the reach out to theindividual.
If this is pre-planned, thenthere's the reach out for sure
to just express our appreciationand honor to have them consider

(03:41):
us and think so highly of usand our operations to do that
contribution.
But yeah, and there's alwaysthe recognition to the family as
well, via our media content orin some cases individuals have
asked for it to be leftanonymous because they didn't
want that focus on them as muchas on the theater and what we do
here.
It's just really an impressivehonor to receive that type of

(04:07):
recognition and thought from thepassing patron and we just
really honor whatever wish theyhave for maintaining their
legacy through the LincolnTheater.

Speaker 2 (04:18):
Wow, so is there a benefit?
I know I used to serve on aCommunity College Foundation
Board and for our endowmentfolks that contribute a legacy
endowment that there werecertain benefits to that while
they're still living, justbecause they committed to that.
Do you guys have a programwhere they get to come to a show

(04:39):
or tickets or anything?

Speaker 3 (04:41):
Yeah, it's obviously tiered with regards to the
endowment, but, yeah, we wouldprovide free performances up to
a number throughout the year forthem to go ahead and come to
the theater and enjoy the showsand things like that, as well as
pre-ticket options If theywanted to go ahead and purchase
tickets before they're to thecommunity.
They have first dibs on seats.

(05:03):
Naming locations in the theaterand getting seats reserved
specific for them, with namesand everything as well are on
there, and then also plaquesthroughout the theater, just so
their name is held for sure,with everybody to know and see
their support.
So several different options andthings that are provided to
them.

Speaker 2 (05:23):
Very nice that are provided to them Very nice.
So if I contribute an endowmentor commit to it and then,
depending on the level of thetiered level of the endowment, I
could get a chair, a seat, withmy name on it and I get to sit
in it, that's my chair, or PSL.

Speaker 3 (05:37):
Absolutely.
And then when somebody says Idon't see your name on it, you
can say yes, right there it is.

Speaker 2 (05:44):
It's right there.
Very cool, Very cool.
Now can I name an endowment inhonor of someone else instead of
myself?

Speaker 3 (05:53):
Yeah, absolutely.
We've had several donations andsupporters that have
contributed in honor of somebodyelse as well, so that is also
something that can be done.

Speaker 2 (06:02):
Very cool, very cool.
Now what, what kind of programsor needs can endowment earnings
support?

Speaker 3 (06:10):
There's a significant number of needs that the
theater has and, as I mentionedbefore, we are a nonprofit
organization so that excessrevenues and so forth to help
maintain operations as well asinfrastructure of the theater
are limited HVAC, rooftop units,alarm systems, safety, access
in and out, upholstery,different equipment that is

(06:33):
extremely equipment for soundand everything.
So those things can all besupported through the endowment
program.
Being more of a larger capitalpurchase item is one thing that
can be supported, because a lotof our performances, being such
a small theater, it's therevenue that we generate covers
the cost of the performance andbringing that to our area, but

(06:56):
it doesn't really give us asignificant amount of padding
for future expenses andeverything.
This type of program is onethat really contributes to the
capital program to the theaterof maintaining the
infrastructure and the facilityitself.

Speaker 2 (07:12):
Well, you mentioned HVAC units on there.
Those are ridiculouslyexpensive and you probably have
a bunch of them.

Speaker 3 (07:21):
Yep, there's several of them up there and several of
them are.
They are all probably about 20years old now because we have
recently.
They are all probably about 20years old now because we have
recently.
We've been renovated andreopened for 20 years now.
So, as I know, the lifeexpectancy of a unit like that
is coming close to an end within20 years.

Speaker 2 (07:38):
Yep, unfortunately.
And so for folks that areconsidering doing an endowment
for the Lincoln just and thismay be getting too deep in the
weeds but how are the fundsmanaged and invested?
Because I know that's part ofthe deal is you want those funds
to continue to grow.

Speaker 3 (07:55):
We are working with the financial planners to see
where we need to go ahead andcontribute and put those so we
can continuously grow from thoseendowments.
The Smith County CommunityFoundation here locally they do
some work that they can helpmanage and operate the funds for
the different endowments anddifferent programs.
If we wanted to do scholarshipfunds or things like that, the

(08:18):
Smith County CommunityFoundation go ahead and manage
those funds.

Speaker 2 (08:22):
Very good.
Is there a minimum donationrequired in order to start an
endowment?

Speaker 3 (08:27):
Not that I know of.
I don't think there's anyminimum donation whatsoever for
that program, and pretty muchanything is greatly appreciated
for sure.
Awesome.

Speaker 2 (08:38):
For those of our listeners that have an interest
in potentially starting anendowment, how can individuals
or families learn more aboutplanned giving?

Speaker 3 (08:49):
They can reach out to me and then I can go ahead and
connect them to different areaestate planners.
Here.
That has worked withindividuals giving to the
Lincoln.
They can go ahead and get allthe plans written up for them
and take care of it that way,very good.

Speaker 2 (09:04):
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 thecommunity.
And you heard it give Bob acall, we'll get the ball rolling
and it's a great investment inthe community.
And you heard all about whatthis can do for the theater desk
for the community.
So I'd like to encourageeverybody to give that some
consideration.
So Bob appreciate it Went alittle long but very informative
episode.
Appreciate your work on thatAll right.

(09:27):
Thanks, skip.
All right, thanks so much, andwe'll catch you in the next
episode.

Speaker 1 (09:31):
Thanks for tuning in to On Stage with the Lincoln
Theater.
Want more of Mary andVirginia's entertainment scene?
Visit us online atthelincolnorg yes, that's
thelincolnorg or drop by ourtheater at 117 East Main Street.
Let's keep the arts alive andkicking together.