The show will not go on when it comes to the New York State Theatre Institute. As our Erin Vannella reports, a benefit a rally and pleas for help couldn't keep state funding in place.

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ALBANY, N.Y. -- "The curtains will close. The lights will dim. The theater will go silent and the doors will be locked," said NYSTI Interim Producing Artistic Director David Bunce.

Thus is the fate of the NYS Theatre Institute that closed Monday for lack of funding. Now, its future.

"All we're doing is putting the property in escarole that will be put in the hand of the office of general services," said NYSTI Board Chairman Lawrence Schwartz. "It will be up to the next administration to determine whether or not to submit legislation to terminate the corporation."

The board's decision to keep and protect NYSTI facilities came via video-conference as a welcome choice to the alternative.

"If the resolution from the board was the transfer assets to OGS to dissolve the assets or put the assets up for auction immediately it would certainly be much tougher to bring the institution back," said Bunce.

As it is, the decision to keep closed or re-open NYSTI falls to the new governor and his administration in the new year.

"It's not surprising, but it still hurts a lot," said Columbia High School student Eleah Peal.

Peal is one of close to a million students who've taken to the NYSTI stage in its 36 year history. She says it's not fair that her and others' hopes should be dashed to help save the budget.

"I had been waiting to be an intern since I was five," said Peal. "It's sad I only got one semester to do that."

But she's hopeful that Governor-elect Andrew Cuomo might respect her dream, re-open NYSTI and renew her chances at one day hitting the big time.

"I say write, write to the new governor," said Peal. "I'm hopeful. I don't think there's any other way it can be done than by being hopeful."

Until the new administration addresses the issue, the office of general services will take care of the NYSTI properties in Troy and at Sage College.