Dear Art League Family & Friends,
The Art League of Long Island is the most enviable art center of its kind on Long Island. It is where we go to be inspired, fill up on art and culture and be among friends and artists. I know you have lots of questions and concerns about the Art League’s future. I do too. The Art League has very limited resources and reserves to defend itself against something as catastrophic as the Coronavirus pandemic and a devastating financial crisis. Let me tell you what we’ve been doing to survive so far.
On March 12th, when we were forced to close, we zeroed in on liquidity needs for the next thirty days and for the next three to six months. The financial picture was bleak. We moved from crisis mode to survival mode quickly and took control and responsibility of the situation. Doing nothing was not an option.
The Federal Economic Injury Disaster Loan (EIDL) and Paycheck Protection Program (PPP) came through quick enough to create a short survival bridge, however, it wouldn’t last long. We retained our legal counsel and financial professionals to work with us to create a restructuring plan that would rearrange and temporarily ease, the Art League’s debt obligations. A good debt restructuring plan can be a win-win if it’s done right and done in time, before going down the slippery slope.
The Art League’s strategic restructuring of debt led us to the fact that the building must be sold if we were to survive. The sale of the building will enable the Art League to have financial security, but a bright future can’t happen without the means to keep the doors open at present. We must remind ourselves, the building is not the Art League, it’s all of you who make up the spirit, character and love for the organization.
The restructuring plan is just part of the survival plan. It is meant to relieve financial pressures, modify repayment schedules, delay legal obligations and most importantly avoid a bankruptcy. Without support from the Art League community we will not survive the challenging months ahead. We are in need of a “life-line”: dollars from donations, sponsorships, class credits and Grants to keep us afloat while the building is on the market.
Over the last two decades the Art League has served over 50,000 students, members, artists, visitors, volunteers, interns and employees with affordable fine art classes, free community events, fine art exhibitions and craft shows, lectures, resident artists programs, scholarships and musical entertainment each year. We’ve worked tirelessly to bring you the best art and cultural experiences right here on Long Island.
Another piece of the survival plan is to be able to reopen in the fall with a soft, phased-in reopening, within the guidelines of the CDC. It is critical to keep the spirit of the Art League alive while the building is on the market. However, reopening is dependent on raising enough funds to cover the costs and recover some of the substantial losses. If we can’t fund the reopening it will be necessary to lock the doors of the Art League until the building is sold.
We need your support now! If everyone who is reading this would make donation within their means, it will make a difference. We’re just over 25% of the $100,000 goal we hope to reach soon. Please support the Art League by donating online today or mail a check to Art League of Long Island, 107 East Deer Park Road, Dix Hills, NY 11746, or contact firstname.lastname@example.org.
Hoping you are all well and staying safe as we navigate the months ahead. I will keep you informed of updates and developments. Once again, thank you.
Art League of Long Island