Foundation donates to Algonquin Theatre

Foundation donates
to Algonquin Theatre

OceanFirst Foundation, the nation’s first community, charitable foundation established as part of the bank’s initial public stock offering, has donated a grant totaling $450,000 over the next three years to the Algonquin Arts Capitol Campaign. The grants are part of OceanFirst Foundation’s ongoing support of the organization, with grants totaling more than $570,000 since 1997.

The goal of the capital campaign is to raise a total of $2.5 million to transfer ownership of the Algonquin Arts Theatre and Performing Arts Center from Jack and Fran Drew to the Algonquin Arts Nonprofit Corporation. The money will be used towards the purchase/renovation of the theatre and performing arts center, transition salaries and capital improvements.

"OceanFirst Foundation is one of our longest supporters. Without their consistent and generous support, Algonquin Arts would not be what it is today," said Fran Drew, co-founder and executive director of Algonquin Arts. "Not only have they allocated the lead donation to our Capital Campaign, OceanFirst Foundation’s consistent support was instrumental in helping us offer the community off-site performances."

In 1992, the Algonquin Theatre in Manasquan was nothing more than an abandoned movie house. Fran and Jack Drew bought the theatre at their own expense with a vision of creating a cultural and educational pinnacle for the people of the Jersey Shore. The Drews immediately began transforming the space into a multi-purpose cultural center with an adjoining performing arts center. One year later, the Drews co-founded the Algonquin Arts Nonprofit Organization and put together a board of directors with themselves serving unpaid as executive director and business manager.

Today, Algonquin Arts runs a variety of culturally educational programs and hosts premier performing artists and musicians from around the world. Through Algonquin Arts "Stage One Outreach" program the facility even brings world-class artists to perform at senior centers and for children in at-risk schools.

"Without OceanFirst Foundation our Stage One Outreach program simply would not have been possible," said Drew. "From the beginning my husband and I had a vision. OceanFirst helped us realize that vision and grow beyond it. We are truly grateful to them."

Over the years, Fran and Jack Drew have donated their time and money working without pay or benefits allowing Algonquin Arts Nonprofit to operate without the costs of owning and running the physical facilities. Now as they prepare to retire, the Drews will use the OceanFirst Foundation grant to turn over ownership of Algonquin Arts to the nonprofit. This transition will help ensure Algonquin Arts place in the Jersey Shore community for years to come.

"Much like OceanFirst, Algonquin Arts has strived to be a mainstay in the Jersey Shore community building more than just a brick and mortar facility but a place that belongs to the people," said Kathy Durante, executive director of OceanFirst Foundation. "We believe in their efforts are proud to be able to offer our support."

Founded in 1996, OceanFirst Foundation is the first foundation in the country to be established by a bank as part of an initial public offering, with a grant of $13.4 million in OceanFirst common stock. Today, the total value of OceanFirst stock which funds the Foundation is more than $45 million. Since its inception, OceanFirst Foundation has provided grants totaling more than $8.5 million to local organizations that make a real difference in the lives of their customers and neighbors.

OceanFirst Bank, founded in 1902 and headquartered in Toms River, is a federally chartered stock savings bank with $1.8 billion in assets and is the oldest community-based financial institution headquartered in Ocean County. OceanFirst serves Ocean, Monmouth, and Middlesex counties.