Darlene "Dee" Smolik
Plymouth Soundings, LLC
Contact Dee Member Login Required
Darlene (Dee) Smolik serves as President of Plymouth Soundings, LLC, a financial consulting firm "Helping Clients Navigate Tax Credit Financings," specializing in State and Federal Historic and New Markets Tax Credits for nonprofit or private "developers. Dee is a licensed CPA and has over 35 years of accounting and development experience and $900MM of closed tax credit financings as well as direct experience in theatre rehabilitations.
Dee worked as overall project coordinator, owner's representative, and financial manager (including the Tax Credit financing) for the Historic Tennessee Theatre Foundation from 2002 through 2005 to accomplish a $30+ million rehabilitation and reopening of the 1631 seat, 1928 Graven and Meyger designed "Grand Entertainment Palace." NTCIC, a "for-profit" subsidiary of the National Trust for Historic Preservation, through the newly created Bank of America fund, provided the Tax Credit investment and guidance, the Tennessee Theatre project was the first theatre to be able to twin Historic Rehabilitation Tax Credits and New Markets Tax Credits, resulting in almost $7 million of additional equity.
Dee has extensive experience working with both nonprofit and privately held performing arts centers, several of which are members of LHAT, including the Adler in Davenport, IA, the Fox in Spokane, Proctor's in Schenectady, Stanley in Utica, Clemens Center in Elmira ,NY and currently Ulster Performing Arts Center in Ulster, NY, Universal Preservation Hall in Saratoga Springs, NY, the Holly in Medford, OR, and theREP in Albany, NY. Additionally, she has provided financial consulting services to several other member theatres as they consider the potential impacts of tax credit financing on their organizations.
Dee personally provides all the Tax Credit consulting services to each client and adapts her scope to the specific needs of the situation. During a financing, Dee guides the client through the financial information requirements content and form needed, recommends candidate investors and CDEs, assists in determining best fits and deal structure, and guides/monitors due diligence process prior to closing. Dee also reviews the client's current cash flow protocols, recordkeeping systems and reporting structure to identify modifications needed to accommodate the multiple companies created from the process and the related compliance restrictions. Dee guides staff through implementation of the changes and successful execution of the compliance needs from first consideration of tax credit financing to post compliance wind down.
Dee frequently presents at the annual conference on Tax Credit projects, 990 reporting changes, and Board responsibilities in both processes, has also served as presenter for LHAT's Theatre Renovation 101 Regional Seminar, as well as presenter on individual projects at the National Conference and has written for InLeague. Currently, Dee is currently a Board Emeritus member and serves on the League's Audit Committee. She also actively participates in the Historic Tax Credits Coalition, the New Markets Tax Credit Coalition, the Partnership for Jobs Creation, and the National Trust Forum, as a voice for the importance of these financing tools for Theatres, and an advocate for change in the process to better meet the needs of the Arts.