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Officials at Olney Theatre Center for the Arts have cut expenses across the board, upped fundraising efforts and are considering selling a piece of land on the center's 14-acre campus in an effort to reduce the organization's $6 million debt.

The plan to bring the theater back into the black is part of a requirement stipulated by the Montgomery County Council when it approved a $500,000 grant for the theater in the spring.

The detailed plan of action must be presented to the Montgomery County Arts and Humanities Council, which administers the grant, in August.

Managing Director Amy Marshall said the plan is well under way after several meetings with the Kennedy Center's Arts in Crisis program, a program designed to provide emergency planning assistance to struggling arts organizations throughout the United States, according to its website.

"They came in and helped us think about things in a couple of different ways, and we really needed that," she said.

For example, Marshall said it was the Arts in Crisis program's suggestion to hold the Community Appreciation event on Saturday, which featured free food and giveaways, a dance contest and an opportunity to meet the cast of the current production of "Forever Plaid."

"They suggested these low-cost or no-cost events to help raise peoples' spirits about the theater," she said. "We had a great turnout of more than 200 people and everything was donated. It was nice to see the support of the local businesses rallying around the theater."

The plan includes short-term and long-term goals.

Short-term goals included reducing the recently announced 2011 season from eight shows to six. Of the six, three will be musicals, which tend to bring in more money, Marshall said. The current season includes two musicals.

"We are pretty optimistic, although it was not an easy decision to produce less, not more," said Clay Hopper, associate art director. "But we really thought it was the best way to move forward, given the situation."

Theater officials also are looking into hosting a benefit performance.

"We've talked to some people who have performed here and love the theater and would like to help with this," Marshall said. "There is not a name I can announce yet, but I think there will be a benefit performance in the near future."

Olney Theatre has been highly regarded for decades as a regional theater powerhouse that has seen the likes of Gloria Swanson and Olivia de Havilland perform on its stage.

Now in its 72nd year, it has grown from a four-month, open-air summer theater to a year-round production company with four performance spaces on its campus at 2001 Olney-Sandy Spring Road.

The center has developed into one of the country's most highly regarded regional theater companies, offering a diverse body of work that includes world premieres, musicals, and classical and contemporary works.

Other stars that have performed at Olney Theatre include Sir Ian McKellen, Tallulah Bankhead, Marcia Gay Harden, Roy Scheider, Jessica Tandy and Carol Channing.

Marshall said the theater has cut expenses in all possible ways.

"We've reduced our marketing expenses and have gone with grass-roots and e-marketing instead of expensive display ads," she said. "We are down to bare bones in every way possible."

She said Olney officials are "aggressively fundraising."

"That is why we have a lot of the problems that we have — the organization was not raising money effectively," Marshall said.

Things are looking a little brighter in that department. Marshall said the theater has raised $1.8 million so far this year, as opposed to $1.2 million this time last year.

"That is a huge increase, but we still have a ways to go," she said.

Marshall said she has sat down with every major donor and talked honestly and openly.

"In every single case, the donor gave more than in the previous year," she said. "Transparency is very important, so we've laid out the circumstances and everyone is stepping up."

But while donations are up, ticket sales have been down.

"I am really seeing the effects of the economy at the box office," she said.

But that may be changing. Advance ticket sales for the 2011 season are $30,000 ahead of where they were for the 2010 season.

"There is a general sense of optimism here, not just the artistic side, but the managerial side, as well," Hopper said. "We are responding to the situation, while at the same time staying true to our mission. I think that is a problem with a lot of arts organizations — they get away from their mission. We feel that we are moving forward in a way that we should be, but in a way that is more financially secure."

One of the long-term goals under consideration involves selling a 4.27-acre parcel on the Olney Theatre Center campus. Previous plans called for a restaurant or an inn to be built on the property.

"It's not on the market yet, but it is definitely part of our long-term strategy," Marshall said. "We would have loved to see a restaurant and an inn on the property, but at this time it is in the theater's best interest to have it rezoned for housing."

Marshall said Olney Theatre officials are meeting with the Arts and Humanities Council this week to discuss the short-term and long-term plans, prior to the formal meeting in August.

"The way the grant is set up is through the Arts and Humanities Council, so if we meet their objectives, the county will allow the money to go through," Marshall said. "We'll meet with them now, and that will give us a couple of weeks before we have to present our final plan."

Marshall said that there are several factors that contributed to Olney Theatre Center's financial woes, including construction debt from the new Mainstage Theater expansion project, which was completed in 2005 and cost $12 million.

Additionally, subscriptions are down for the first time in many years and government grants have been cut back significantly.

Community leaders are crossing their fingers that Olney Theatre Center gets back on solid footing.

"I am not aware of their plan to reduce their debt, but the OTC is definitely an asset to our community," Greater Olney Civic Association President Matt Zaborsky said. "I've been a subscriber for 18 years and think they offer classic shows, terrific acting and timely holiday shows. It's important that the plan works because the theater is an integral part of the Olney community, offering jobs, entertainment and culture to our area."

The business community is also behind the theater's efforts.

Olney Theatre "brings in patrons from all over the county and state and puts Olney in the spotlight," said Virginia Mauk, director of the Olney Chamber of Commerce. "It's also an asset to the business community since patrons often dine at our restaurants and patronize other businesses."