Austene Van and T. Mychael Rambo rehearse for "Spunk" at Penumbra Theatre. Rich Ryan / Penumbra Theatre

St. Paul's Penumbra Theatre announced Monday that it balanced its books during the past fiscal year.

It's the first full year since the company adopted a new business plan after nearly collapsing in 2012. An audit shows a $500,000 increase in donations and grants, and an increase in assets of slightly more than that.

Penumbra, which has a mission to explore the African-American experience, is following a five-year plan.

Its goals include attaining financial stability, implementing a new artistic vision and achieving a successful artistic and administrative leadership transition as founder Lou Bellamy steps down.

His daughter, Sarah Bellamy, is guiding Penumbra as it implements its plan for the future.