Post on 25-May-2015
transcript
Opening Remarks
• President’s Welcome: Mrs. Carolyn Burger
• Approval of 2009 Annual Meeting Minutes
• Governance Report: Mr. Stuart Grant
Governance Report
We are deeply grateful to the following Trustees who have completed their service to the Museum:
Thomas J. Allingham II
Doneene Keemer Damon
Linda Brinton Harra
Governance Report
Up for re-election for a second 3-year term:• LISA R. DAVIS• DONALD C. DEWEES, SR.
Governance Report
Nominees for election to the Board of Trustees
Richard J. Immesberger
Richard J. Immesberger joined WSFS in August 2008 as the Executive Vice President of WSFS Wealth Strategies. Mr. Immesberger brings more than 20 years of private banking and wealth management experience. Prior to joining WSFS, Mr. Immesberger was Senior Vice President at U.S. Trust, Bank of America Private Wealth Management in Charlotte, North Carolina. Mr. Immesberger graduated with a Bachelor of Business Administration in Finance and Investments from Baruch College, City University of New York. In addition, he graduated with honors from the Stonier Graduate School of Banking at the University of Delaware. Over his career, he has served on many not-for-profit boards including the McCarter Theatre in Princeton, NJ and the Charlotte Trolley. Mr. Immesberger was elected to the Museum Board to fill the unfilled term of Alan Levin. He is now being nominated to his first three-year term.
Governance Report
Mr. Krapf, a director in Richards, Layton and Finger’s Real Estate Group, is an active member of the bar and numerous other professional organizations. He is a frequent speaker on topics of real estate, land use and business law, and has published various educational materials and articles. Mr. Krapf is a trustee of The American University of Rome and has been active with Lutheran Community Services and the DCCA.
Robert J. Krapf
Governance Report
Dr. Rodríguez is the Deputy Provost, Professor of Sociology and Criminal Justice, and Core Faculty of the Disaster Research Center (DRC) at the University of Delaware. A principal investigator of numerous funded research proposals and author of various disaster-management publications, Dr. Rodríguez is also frequent speaker. He is involved with many organizations in Delaware such as the Delaware Community Foundation, Aspira of Delaware, and the President’s Commission to Promote Racial and Cultural Diversity, University of Delaware.
Havidán Rodríguez
Governance Report
Mr. Rowe is a Senior Vice President of Bank of America. He joined Bank of America in 1992 and is currently the Savings Products executive for the Deposit & Card Products organization within Consumer, Small Business and Card Banking (CSBC). A University of Delaware graduate, Mr. Rowe lives in Wilmington with his wife and son and is involved with the American Heart Association.
Andrew T. Rowe
Governance Report
Ms. Schwartz, a Litigation Associate with Skadden, is a Villanova University School of Law graduate. She serves as Vice Chair of the YMCA Resource Center Board of Governors and also Chairs the Committee for Distinguished New Lawyers Service Award. Ms. Schwartz also worked with former Museum Trustee Tom Allingham to represent the Museum in bringing its complaint against ABA to successful resolution.
Alyssa M. Schwartz
Finance Report
Mr. Mike Miller, Chief Financial Officer
2009 Operating Expenses2009 Cash OperatingExpenses $4,157,205 (2008 $5,125,693)
Salaries & Benefits2,282,783
Exhibits & Programs594,826
Public Support306,849
Administration200,631
Earned Income84,887
Building/Operations687,229
Employees
37 35
27
1514
11
0
10
20
30
40
50
60
2007 2008 2009
Part Time
Full Time
2009 Operating Income
Admissions64,499
Programs, 212,363
Contributions, 1,454,524
Investment Portfolio, 2,015,794
Earned Income, 198,739
Membership, 103,965
Special Events, 10,601
Government Grants, 263,928
2009 Operating Income $4,324,413(2008 $5,136,561)
Operating Results--2009 vs. prior years & 2010 Budget
Operating Expense, Operating Revenue & Attendance
0
1000000
2000000
3000000
4000000
5000000
6000000
2005 2006 2007 2008 2009 2010 Budget
0
10000
20000
30000
40000
50000
60000
70000
80000
Operating Expense Operating Revenue Attendance
Investments + Cash
2005 2006 2007 2008 20090
5000000
10000000
15000000
20000000
25000000
30000000
35000000
Bond Covenants• Museum financed building expansion with bonds
issued by the City of Wilmington and secured by a letter of credit from Wachovia.
• Wachovia requires 1) we have enough funding annually to cover operating expenses plus interest payments and 2) maintain liquidity (investments + cash) equal to debt outstanding.
• In 2008 we did not meet either of these conditions due to market impact on our investments. In 2009 we did not meet the liquidity covenant.
• We are in discussions with Wachovia to resolve this issue.
Bond Covenants• Impact on 2009 Financial Statements--because
issue is not resolved our auditors were required to classify bond debt as a current liability and include a “going concern” footnote.
• We are taking steps to ensure we meet the covenants in 2010– In short term we are reducing size of operating deficit to
minimize draw from investments– Longer term we have significant pledges for legacy gifts
and will raise additional funds to grow our endowment to support operations.
Director’s Report
We launched the year with the exhibition Paintings from the Reign of Victoria: The Royal Holloway Collection (February 1 to April 12, 2009)
Wonderful Exhibitions
Lively Programs
Amazing VolunteersOur wonderful Docents celebrated 50 years of service and received the Governor’s Volunteerism Award
Thanks largely to their help we were able to double our adult group tours this year!
Remarkable Acquisitions
So Much to Look Forward To!