BOSTON (MyFoxBoston.com) – The Board of Directors of First Night Boston announced Thursday that the agency does not currently have the funds to continue planning First Night Boston 2014 and will be forced to cease operations on June 30, 2013.
The board of directors voted to cease operations for the private non-profit organization that was founded in 1976 and has produced 37 First Night festivals, which are always held on Dec. 31.
First Night Boston 2014 would have been the 38th edition of the event.
The Board cites declining foundation and sponsorship dollars as the main reason. First Night will lay off staff and close its offices.
The organization does have small reserve of funds and will be able to pays its debts before closing its doors.
The Board of First Night hopes to transfer the First Night Boston trademark to the City of Boston. The Board, recognizing that First Night, which generates about $28 million in revenue for Boston, is one of the city's signature events, plans to work with the City to identify an organization that can assume the brand and eventually produce a similar event.