The Madison Repertory Theatre will cease operations for the remainder of the season if it does not receive $50,000 in donations by Feb. 1.

The Rep Theatre, funded by corporate individuals and government grants, has been affected by lack of theater-goers due to the current economic crisis. This is a tough hit to the theater, as ticket sales fund a little less than 50 percent of the Rep’s budget.

“The economy put people and companies in situations where they are now tighter with cash resources,” said Jon Furlow, member of the Repertory Theatre Executive Committee. “This puts us in a situation where we need to raise money somewhat quickly to continue on in a financially responsible way.”

The Rep Theatre is also carrying debt from the previous season. Shows on last season’s venue did not make as much money as the theater hoped, challenging the theater’s financial stability.

Although the theater budgeted in hopes to increase cash flow, lack of donations pushed it farther into debt.

According to an e-mail sent to donors and patrons by Rep Board President Ruth Domack, “The Madison Repertory Theatre is facing a very serious shortfall in its current operations.”

Domack added the Rep will be forced to close the production “Bus Stop” — currently running in the 350-seat theater in the Overture Center — if the theater does not receive adequate financial support by the end of the month.

In addition to the $50,000 needed to continue production at the Rep, the theater requires an additional $300,000 over the next two months to continue the production of its final shows for the season: “Bus Stop,” “True West” and “My Fair Lady.”

Ald. Mike Verveer, District 4, said a halt in the operation of the Rep will be detrimental to the arts community in Madison.

“The Rep, undeniably, is the community’s eminent theater organization,” Verveer said.

December, January and February are the months the Rep usually suffers the most in cash flow, according to Furlow.

Because the Rep needs to frontload many expenses such as investing in productions, contracting actors and commitment royalties, revenue suffers a dip at the beginning of each season.

“We have to spend money in order to get the season underway,” Furlow said. “We have to match the money spent with the revue coming in.”

Verveer said the closing of the Rep would impact the University of Wisconsin, as many UW professors are equity actors involved in Rep productions.

“With the university community being employed by them, it is an example of what a loss it would be if something like this happened” Verveer said.

Domack said he asks the community and businesses to donate all they can to keep the Rep running for the rest of the season.

“Unfortunately, if we do not receive enough money to bridge our immediate cash flow need, the board has made the difficult decision to suspend operations for the remainder of the season,” Domack said.