Auditors Question San Jose Rep's Viability

Financial auditors for San Jose Repertory Theater say the institution of three decades may not survive the year.  The landmark theater was a key component in the redevelopment of San Jose's downtown. 
Managing Director Nick Nichols says they've cut costs aggressively and sought to boost donations and ticket sales.  But he acknowledges that efforts to establish a cash reserve have stagnated.
“We, like most non-profits, have really felt the effects of the downturn in the economy,” he says.  “And so while we wanted to make forward progress on this, up until this point, that’s just not really been possible.”
Nichols says the Rep needs the reserve fund because auditors interpret the theater’s dependence on donations and ticket sales as uncertainty. 
The Rep is San Jose’s premiere venue for original theatrical productions.
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