Complex sentence: The fledgling company received a $3,000 grant from the Metropolitan Arts Commission (a forerunner of the Regional Arts & Culture Council), but the company lost $8,700 in its first season.
Split into simpler sentences: The fledgling company received a $3,000 grant from the Metropolitan Arts Commission (a forerunner of the Regional Arts & Culture Council). The company lost $8,700 in its first season.