Managing Director Kathryn Colegrove said that last season, through the 2011 and 2012 year, they had their highest grossing box office.
"We budgeted for some strong ticket sales and we had great audience responses, but this year we ended up with a shortfall in our ticket sales," she explained.
Sixty percent of the theatre's budget comes from ticket sales and fees for students participating in summer drama camps.
"It's been challenging, definitely, since 2008. To make sure we're meeting the needs of the community and also remaining financially sound within our means," said Colegrove.
Earlier this week, the theatre sent an email to supporters asking for help to make up the $70,000 shortfall.
"[It was] so we could meet the needs of the schools as their funding was decreasing as they were requesting more subsides for tickets for field trips," Colegrove stated.
The theatre is in no danger of closing, she added.
"The unfortunate reality of it is that if we're unable to make up at least a good part of this $70,000 through this fundraising campaign, we may not be able to fund every school that needs to come here next year," Colegrove explained.
The theatre will host "The Golden Dragon Acrobats" on June 15, which will help make up the difference in the budget.
According to the theatre's web site they have raised about $40,000 dollars so far.
The landmark institution puts on about 200 shows a year.