Perhaps go dark for a year and focus on fund raising?

Or if you have talented improv performers you could do a few short form shows as fundraisers so you don't have to go dark.

staged readings?

Broadway Cabaret?

I resemble where you're coming from.  This past December, our President of over 10 years stepped down.   She has been trying to step down for a couple years, but no one wanted to take the reins.  This past December she was stepping down no matter what.  I offered to take the role, on condition she stayed on as Treasurer (which she does very very well).

We're facing many of the same issues.  Very low turnout for our last few shows, and most recently, not enough turnout to auditions to cast an 8 person show (God's Favorite).

We have 16 board members total, and maybe 6-8 that really give a rip and attend meetings.  It's those same 6-8 that do all the work for the shows, and have done the work for the past many years... and that has equaled burnout.

After the disaster of recent auditions, I have called a "come to Jesus" meeting of the board.  I'm offering "Amnesty Day" for anyone that wants to step down due to any reason, and there will be no ill feelings.  My idea is that with those spaces freed I can hopefully find new people that want to be involved and inject a new spirit into the organization.

I've discussed with a few members and it seems interest in coming see shows has decreased in the community.  They only came out for big shows (which are what strain those who take the reins on them).  Anything new, edgy, and out of the box does NOT go over well.  The locals here want to see the classics.  We don't have our own theater, but use the local high school auditorium.  The only building we have is a reception hall and storage building.  We use the hall for auditions and initial rehearsals and a little income from the few rentals we get.

We have had 3 new people join the board of directors and they have injected some spirit, including persual of grant money, which we never did before in detail.  So I feel there is hope, we just need to regroup.  Our theater pocketbook is very slim so we can't wait long before taking action.  

Wow... this has gotten long.  I have been lurking on this board for some time and have gotten some inspiration and hope from ideas found here.  Hopefully I can "turn the corner" with our organization and not have to be the one to see it through disbanding.