Like most performing art institutions, the American Conservatory Theater in San Francisco had a lousy 2009. ACT had its budget cut by almost $1.5 million and eliminated three high-level positions, including its associate artistic director.

While it’s fair to say that things are not exactly rosy for the company, it looks like the New Year has gotten off on the right foot. On Monday, ACT announced that it has established its first-ever endowment – the result of a five-year effort, called The Next Generation Campaign, that has raised almost $31 million to date.

Prior to creating the endowment, ACT relied solely on income from ticket sales, tuition, and contributions to sustain its season programming and actor training. It said it can now use interest from the endowment, as well.

ACT said it raised $30,939,236 by midnight on December 31, but not all of that money is going into the newly created endowment. The company said that in order to avoid deeper budgetary cuts, leaders chose last fall to broaden the scope of the campaign to include donations for operational support. Of the nearly $31 million raised, approximately $3 million will go toward operating expenses.

ACT said that the money raised also includes $1.5 million in future gifts, parts of which the company won’t see for months or years. Currently, ACT has an annual operating budget of $18.4 million and a staff of 150 people.

The 44-year-old company boasts several prominent alumni, including Annette Bening, who served as chair of the Campaign Artistic Advisory Committee. The Oscar-nominated actress’ photographs were featured on literature and promotional material used during the campaign, according to the company.

I believe this endowment will allow the American Conservatory Theater to commit to long-term artistic programming, take important creative risks and sustain the artists, students, and staff who make ACT such a unique and vital institution.

View a previously written post by Mouli Cohen about arts and culture