After many fundraising events and zoning appeals, the theater was purchased in 2004 by the Bryn Mawr Film Institute (the name of the group founded in 2002 by academic, business and civic leaders from the area).

[2] Phase 1 included refurbishing the lobby, installing new production and sound equipment, modernizing the electrical and heating systems and building a new café.

During Phase II, the Institute finished the restoration of the skylit atrium to its original state, at a cost of $2 million, in March 2009.

BMFI was led by its founder and president, Juliet Goodfriend, until April 2017, at which point she stepped down and assumed the role of Chair of the Board.

Samuel Scott, formerly the Chairman, became Executive Director, and at present is still in that role as well as being CEO.