Intiman Theatre has received a $500,000 grant from the Raynier Institute & Foundation and is on track to be debt-free by 2017.

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Intiman Theatre announced it has received a $500,000 gift from the Raynier Institute & Foundation.

The gift to Intiman will help the theater group strengthen its artistic and fiscal stability by creating the Craig G. Campbell Fund as a board-restricted cash reserve, hiring more staff, and implementing Emerging Artist and Director’s Lab programs.

This is more good news for the established Seattle theater company, which nearly closed in 2011 due to crushing debt but has reinvented itself under new leadership as a yearly summer drama festival.

The Raynier Institute & Foundation is located on Capitol Hill, and committed to supporting organizations that “carry out projects and programs of high merit for the betterment of humanity,” according to its mission statement. Named for its late founder, wealthy art-gallery owner James Widener Ray, the foundation makes grants to homeless, youth, animal welfare and other programs, as well as to the arts.

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In other news, through strict budgeting and other fundraising, Intiman has retired $500,000 of its accumulated 2012 debt of $1 million. The company says it is now on track to retire the remaining debt by 2017.

Founded in 1972 by Margaret Booker, the Intiman under current producing artistic director Andrew Russell has increasingly focused on presenting works of social and political relevance, including a successful 2014 revival of the AIDS-related Tony Kushner epic “Angels in America,” and the new musical “Stu for Silverton,” about the first openly transgender U.S. mayor.

Intiman’s three-show 2015 season runs July 10-Sept. 27 at Cornish Playhouse. The company also will offer showcase performances and community forums during the year. More information: 206-441-7178 or intiman.org.