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The John F. Kennedy Center for the Performing Arts Is Financially Troubled

GGD-78-15 Published: Dec 20, 1977. Publicly Released: Dec 20, 1977.
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Highlights

The John F. Kennedy Center for the Performing Arts faces serious financial problems for which there are no simple solutions. It is heavily in debt to the Federal Government and others and probably cannot meet all of its obligations. Independent action by either the Secretary of the Treasury to collect the bond interest due or by the Secretary of the Interior to collect more of the building maintenance costs would affect the Center's ability to conduct its performing arts activities. Only the Congress can make both the value judgments and the tradeoffs required to resolve the situation.

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Topics

Auditing and Financial Management
Cost sharing (finance)DebtFederal aid for the artsFinancial managementInterest ratesLegislationLoansPerforming artsMaintenance costs