of a lack of cash.

At the annual general meeting of The Bermuda Society of Arts earlier this week it was announced that the charity has virtually no funds in the kitty -- and little sign of revenue coming in.

The cash-strapped society is now planning a massive fundraising campaign to collect the necessary $90,000 it needs to see it through the next financial year.

The cash is needed to pay rent at the society's headquarters and gallery at City Hall as well as running costs of the gallery and one curator's salary.

Money is also needed to pay for opening nights whenever the society holds a new show.

BSOA President Bruce Stuart yesterday admitted that the society was struggling to find enough cash to cover its rental bill over the next few months -- even though that is one of the society's smallest overheads.

And he launched an appeal to corporations to help bail out the organisation.

The society's gallery is one of the few Island venues that exhibits the work of contemporary artistic talent.

Financial problems escalated when the Government's Arts Council failed to provide the society with a grant this year - after BSOA members forgot to apply for one.

And although the society's membership figures have remained constant at about 500, revenue from sales of members' artwork has dropped off dramatically.

"Although we have a great many volunteers we need the cash to pay for wages and also electricity and rent. I don't think we have enough cash to pay for the rent for the next three months -- we don't have a whole lot,'' Mr. Stuart said.

"We didn't get a grant from the Arts Council this year because we forgot to apply -- we thought it was automatic.

"We're basically existing from month to month. Membership is back up to its former levels but we only make about $20,000 through that -- we need to find an extra $70,000.'' Mr. Stuart added that the public no longer seemed to be buying members' work -- another revenue source that was being strangled.

"We need to attract more people to the shows,'' he said.

The society is now planning to hold a fund raising dinner at the Sonesta Beach Hotel in May and is also appealing to corporations for cash.

Roger Sherrat, secretary of the Corporation of Hamilton which rents out the property to the society, said he was unaware that the Corporation's tenants were in financial difficulty.

But he added that the monthly rent was only a nominal fee.

"It's not a money making exercise for the Corporation,'' he said.

"But certainly we would be sad if the society had to go.

Bank of Bermuda Vice President and trust manager David Lange admitted that the bank had recently been approached by the society but had not been able to secure any funds.

"But we would consider a new approach,'' Mr. Lange said.

"Private offers to support these organisations is increasing all the time and also there's never been more good work being done by these organisations.

"It's incredible what goes on in the philanthropic community here in Bermuda and that's a good thing because without these organisations we would all be a lot poorer in certain areas such as the arts and health and so on.

"We can't promise anything but if the society has any proposals they should come forward.'' Last night Arts Council representatives could not be contacted to discuss whether there was a reserve fund that could be used to bail out the society.