Penn College looks to merge with CAC
The Pennsylvania College of Technology is seeking to merge its corporation with the Community Arts Center, according to an announcement from the college. The Community Arts Center is a wholly-owned subsidiary of the college.
The merger would need approvals by the college’s Board of Directors and state and local entities before becoming final.
“A merger with the Community Arts Center allows us to continue to deliver on its promise to enhance the culture and quality of life for our region through the performing arts, entertainment and educational programming,” said Penn College President Davie Jane Gilmour.
“It also creates an opportunity to extend the college’s brand, post-pandemic; permits the college to more directly demonstrate value to our students; and opens up the facility for better utilization by the college,” she added.
Costs related to both the operations and infrastructure of the CAC are largely and have become increasingly subsidized by the college. Other funding comes through philanthropic support from the community, led by the First Community Foundation Partnership of Pennsylvania, according to a statement from the college. It is also supported by local government and Visitor’s Bureau grant funding and investment from a partnership with Lycoming College which is in its fourth year.
The need to identify significant efficiencies for the long-term sustainability of the venue were underscored with the center’s closure earlier this year, due to COVID-19, the college stated.
The merger would allow the organization to leverage the college’s marketing, development, human resources, finance and hospitality resources, much in the same manner that the college currently provides general service support for the arts center.
If the merger proposal is authorized by the Penn College Board at their meeting Oct. 1, it will also require notice and or approval by various governmental entities and agencies, including the Charitable Trusts and Organization Section of the state Attorney General’s Office. Approval or authorization may also be required by the county’s Court of Common Pleas.
Any restricted funds will remain separate and used for their restrictive purposes.