Capital Fund Drive Report

8

Capital Fund Drive

As reported by the Administrator at the Annual Meeting

Cash received (less expenses)

Unpaid pledges

$ 152,415.00 112,624.00

Total $ 265,039.00

We stated in the appeal brochure that we hoped to raise $750,000.00: one hundred thousand for major repairs, and six hundred fifty thousand for an Endowment Fund to cover the annual cost of a maintenance and management staff.

Obviously, since only 20% of this goal has been reached to date, plans had to be curtailed but we have done the following:

Invested all moneys received using the income only. This, with donations, admissions, dues and profit on the sale of books, etc., have made possible:

1. Continued normal operation of the Association. 2. All emergency repairs have been or are being made. 3. A start has been made on other repairs, less pressing but necessary as soon as the money comes in. 4. A full-time management and professional staff has been employed; Administrator, Historian and Secretary.

Obviously it was a disappointment not to have done better on the Capital Funds Drive, but considering the pressure from other local organizations for needed money, and the stock market situation at the time, we probably did remarkably well.

Consideration has been given to prolonging the drive, but this seems inadvisable at this time; possibly some time in the future. We will, of course, benefit as the balance of the pledges come in and we feel certain most of these are dependable.

We have also benefited by an increase in membership and annual donations.