Intrepid Museum Annual Report 2010-2011

Honor. Educate. Inspire.

ANNUAL REPORT | 2010 - 2011

TABLE OF CONTENTS

01 Museum Mission 02 Letter from Co-Chairmen and President 03 2010-2011 At A Glance Museum Highlights Education Highlights Temporary Exhibitions 07 Board of Trustees and Museum Executives 08 Supporters and Sponsors 12 Financials

MUSEUM MISSION

HONOR. EDUCATE. INSPIRE. The mission of the Intrepid Sea, Air & Space Museum Complex is to honor our heroes, educate the public and inspire our youth. As an educational and cultural not-for-profit institution centered on the aircraft carrier Intrepid, a National Historic Landmark, the Museum is dedicated to promoting the awareness and understanding of history, science and service through its collections, exhibitions and programming.

ANNUAL REPORT 2010 - 2011 01

Letter from the Co-Chairmen and president

This annual report of the Intrepid Sea, Air & Space Museum Complex will give you an overview of the Museum’s accomplishments and financial position for our fiscal years 2010 and 2011, and an inside look at one of New York’s — and indeed the entire nation’s — outstanding cultural and historic attractions.

The period covered in this report represents a very exciting time in Intrepid history: the first two full years of operation since the Museum reopened after a comprehensive restoration from 2006 through 2008. Since the reopening the Museum has made substantial advances, greatly improving our visitor experience, our collection and our educational outreach. Our team strives to ensure that every visitor who comes aboard Intrepid enjoys an unforgettable experience.

We made great strides in fiscal years 2010 and 2011. Our visitor numbers are consistently above levels of those before the restoration; our educational programs are reaching more students than ever; we have launched a dynamic special exhibition program; our aircraft restoration team completed their most ambitious project to date – the complete rebuilding Charles de Gunzburg Co-Chairman

of two historic aircraft and restoration of five others with a crew of mostly volunteers; we established groundbreaking access programs for visitors who are blind or partially sighted, deaf or hard of hearing and families affected by developmental disabilities; and we have seen record numbers in fundraising, special events and many other Museum initiatives.

The Intrepid Sea, Air & Space Museum Complex is beginning a new era. In April 2011, after a national competition, NASA chose the Intrepid Museum for the permanent home of the space shuttle Enterprise. Our team has worked tirelessly to prepare for her arrival in spring 2012. The story of NASA, the space shuttle program and the individuals who contributed to her amazing history will be featured in the exhibition surrounding the space orbiter in her temporary pavilion home on the Flight Deck of Intrepid. The addition of this significant artifact to our Museum Complex is also expanding our already substantial

Richard T. Santulli Co-Chairman

education programs in science, technology, math and engineering. Plans are also underway to create a science and technology center that will be a part of the future permanent home for Enterprise. We have already received substantial financial support that contributed to funding the transportation of Enterprise to New York and with her arrival will be launching a campaign to create the opportunity for broad community support for her future permanent home.

The key to Intrepid’s continuing success is without question the magnificent team that works hard every day to ensure the Museum fulfills its mission. We thank all Intrepid “shipmates” for their hard work and dedication.

Most importantly, thank you for your interest in the Intrepid Sea, Air & Space Museum Complex. We look forward to welcoming you aboard!

Susan Marenoff-Zausner PRESIDENT

02 INTREPID SEA, AIR & SPACE MUSEUM COMPLEX

2010-2011 at a glance May 2009 Kamikaze: Day of Darkness, Day of Light Exhibit returns to Intrepid

June 2009 Museum Audio Tours launch in seven languages

museum highlights

June 2009 Launch of Intrepid’s Free Annual Summer Movie Series on the Flight Deck

October 2009 Launch of public guided tours at Intrepid

May 2009 & 2010 Annual Salute to Freedom Gala

November 2009 Unveiling of 9/11 Memorial at Intrepid

May 2009 & 2010 Annual Fleet Week Celebration

November 2010 Seats of Honor program launch

July 2010 Annual July 4th Celebration and Macy’s fireworks viewing from Intrepid’s Flight Deck

November 2009 & 2010 Annual Veterans Day Ceremony

March 2011 Intrepid celebrates Women’s History Month with launch of first annual Salute to Women programming

April 2011 NASA announces Intrepid to be the new home of space shuttle Enterprise

ANNUAL REPORT 2010 - 2011 03

2010-2011 at a glance Education Highlights

Educational Programs: During the 2009-2010 and 2010-2011 school years, 57,000 students, teachers, adults, senior citizens and families participated in programs led by Museum Educators. Among our visitors for education programs, 58,000 additional students benefited from Museum Educator-led professional development programs for their teachers.

43,000 Pre-K - 12 students participated in tours and workshops during the school day.

14,000 visitors (Pre-K – senior citizens) engaged in our specialized leadership programming, after-school enrichment, teacher professional development, summer and holiday camps, weekend demonstrations, access tours and events, and off-site programming at libraries, community centers and hospitals, including: • Museum Educators worked with approximately 1,300 schools and community venues from the five boroughs and the New York City tri-state area.

• More than 5,000 students participated in 25 Power of One eminent speaker programs that welcomed prominent individuals who have confronted and overcome adversity to speak with students about living by the values of respect and responsibility, and overcoming challenges.

• 130 students successfully completed the Leadership Institute for Today and Tomorrow program, (L.I.F.T.T.) 50 in the 2009-2010 school year and 80 in the 2010-2011 school year.

• Approximately 600 teachers participated in the Museum’s professional development programs including open houses, full-day programs and five-day institutes.

highlights

Open captioned videos and films for visitors with hearing impairments.

04 INTREPID SEA, AIR & SPACE MUSEUM COMPLEX

2010-2011 at a glance Education Highlights

Fourth grade class examines aircraft during Aviation tour.

• Launch public events and school programs for visitors with sensory or cognitive disabilities who are deaf or hard-of-hearing, blind or with low vision, and with emotional or developmental challenges, such as autism. New programming is in development for visitors with dementia and their caregivers, to launch in Spring 2012.

• New programming series for children at Mt. Sinai Hospital featuring Museum Educators leading lessons over the hospital’s closed network TV program.

• In both psychiatric and medical settings, the Museum Educators continued their work with students in hospital schools, who have a range of mental and physical needs, introducing science concepts related to aviation, and provided resources for teachers.

• Intrepid was nominated by City Council Members to partner with 11 NYC public schools in all five boroughs.

• School pre- and post-visit worksheets became available to teachers online in downloadable formats for use in the classroom, along with expanded teacher resources, suggested reading lists, lesson extensions and historic and exhibit photos.

• New Intrepid Sails programs, led in schools during the school day as pre-visits before classes visit the Museum, were developed to capitalize on authentic artifacts from the ship and the history of its missions. These new programs, Sailing the Seas and Secret Codes, trace the path of Intrepid as it cruised around the globe and examine authentic signal flags from the ship as historic artifacts encouraging students to use their imagination to create their own secret codes.

• Intrepid continued to build the relationship with the NYC Department of Homeless Services through an extension of the Community Connections programs, for families in transitional housing. More than 1,000 people in transitional housing came to Intrepid at no cost for specialized visits that included performances, tours, family activities and meals.

• Video conferencing programs expanded over the past two years to connect with senior citizen groups in New Jersey and in Ohio at nursing homes and other assisted living communities, as well as with schools in Alberta Canada, New Jersey, Virginia and Washington.

Video conferencing programs expanded over the past two years.

• High school student interns over the past two years came from City-As-School and School of the Future in Manhattan, Rosedale Achievement Center in the Bronx, the Manhattan Borough President’s Office, Lighthouse International and the Frances Perkins Academy.

• New partnerships were developed with colleges and universities, and the Education Department hosted eight undergraduate interns from Hunter College, Skidmore College, University of Connecticut, University of Pennsylvania, Drew University and Columbia University, and four graduate interns from Columbia University, New York University and the University of Colorado.

• Power of One speakers included former Tuskegee Airman Dr. Roscoe Brown; Mercury Astronaut Scott Carpenter; Vietnam pilot and P.O.W. Dave Carey; Olympic Athletes; multi-platinum producer Amadeus; Sailors for the Sea; Jet Propulsion Laboratory Astronautic Engineer Randii Wessen; Rwandan Genocide survivor Eugenie Mukeshimana; inspiring Multiple Sclerosis marathon runner Zoe Koplowitz; Platinum recording artist Shontelle; pioneering sports legends Leslie Allen (tennis) and Phaidra Knight (rugby).

Museum Educator led student tours and workshops.

ANNUAL REPORT 2010 - 2011 05

2010-2011 at a glance temporary exhibitions

Opened December 15, 2009

Opened January 16, 2010

This traveling exhibit included 29 high-resolution prints of Charles M. Schulz’s original designs for Snoopy as a World War I Ace from the collection of the Charles M. Schulz Museum and Research Center in Santa Rosa, Calif. While Schulz was drawing scenes of Snoopy as a flying ace, USS Intrepid crew members were creating their own original artwork featuring the Peanuts gang. These original “sailor art” cartoons were also on display.

The Intrepid Sea, Air & Space Museum Complex partnered with the Jet Propulsion Laboratory in Pasadena, Calif., and NASA to present an exhibition featuring a full-scale model of the Mars Rover. The exhibition addressed the role of the USS Intrepid in the American space program and included a number of exciting Museum programs featuring scientists and engineers who are working on the next generation of Mars Rovers.

This was a Program of ExhibitsUSA, a national division of Mid-America Arts Alliance and The National Endowment for the Arts.

Opened June 12, 2010

Opened March 1, 2011

This special exhibit told the story of the 1967 Apollo 1 tragedy when, during routine tests, fire engulfed the command capsule and took the lives of astronauts Virgil “Gus” Grissom, Edward White and Roger Chaffee. Through rare photographs, artifacts and narrative, the exhibit explores this pivotal event, which riveted the attention of a heartbroken nation, set new standards of heroism and service to country and changed the course of space exploration in America. The exhibition also explored the Intrepid’s role in the U.S. space program.

The purpose of wartime posters was to unify and mobilize Americans. During World Wars I and II, U.S. government posters urged citizens to make a personal commitment to the war effort. The special exhibition Inspiration and Industry drew upon original wartime posters to explore the contributions of women during these two conflicts. Using more than 20 striking examples from the Intrepid’s collection, Inspiration and Industry examined these contributions and considered the ways in which these pioneering women helped pave the way for subsequent generations.

06 INTREPID SEA, AIR & SPACE MUSEUM COMPLEX

Board of Trustees and museum executives

Co-Chairmen of the Board Mr. Charles de Gunzburg First Spring Corporation Mr. Richard Santulli Vice Chairmen Mr. Denis A. Bovin Co-Chairman & Co-Chief Executive Officer, Stone Key Partners LLC Mr. Martin L. Edelman Counsel, Paul, Hastings, Janofsky & Walker LLP Mr. Mel Immergut Chairman, Milbank, Tweed, Hadley & McCloy, LLP Mr. Howard W. Lutnick Chairman & CEO, Cantor Fitzgerald L.P., Chairman & CEO, BGC Partners Mr. Bruce Mosler Chairman of Global Brokerge, Cushman & Wakefield Mr. Steven Roth Chairman, Vornado Realty Trust Trustees Mr. Gerry Byrne Founder/Partner, Fidelis Global Enterprises LLC Mr. Kenneth Fisher Senior Partner, Fisher Brothers Mr. Steven Fisher Chairman & CEO, Plaza Construction Corporation Mr. Winston Fisher Senior Partner, Fisher Brothers Mr. Stanley S. Hubbard Chairman & CEO, Hubbard Broadcasting, Inc. Mr. Kent L. Karosen President, Karosen Strategic Partners, LLC

Mr. Marc E. Kasowitz Partner, Kasowitz, Benson, Torres & Friedman LLP Mr. David Levinson Chairman & CEO, L&L Holding Company LLC Mrs. Pamela Liebman President and CEO, The Corcoran Group

The Honorable John McCain United States Senate Admiral William A. Owens, USN (Ret.) President & CEO, AEA Holdings Mr. Nelson Peltz CEO, Founder/Partner, Trian Management, L.P.

Mr. John McAvoy Senior Vice President for Central Operations, Con Edison Co.

Mr. Pat Rainey SVP, Corporate Workplace and Global Supplier Ally Financial

Ms. Georgette Mosbacher CEO & President, Borghese

Mr. David Robinson Founder, Admiral Capital Group

Mr. James L. Nederlander Jr. President, Nederlander Producing Co. of America, Inc.

Mr. Howard Rubenstein President, Rubenstein Associates, Inc.

Mr. Dean O’Hare (Ret.) Chairman and CEO, Chubb Corporation

Mr. Arthur Wilson National Adjutant, Disabled American Veterans

Mr. Joseph Plumeri Chairman and CEO, Willis Group Holdings Mr. Thomas F. Secunda Founding Partner, Bloomberg Mr. David H.W. Turner Senior Vice President, Finance, Thomson Financial Ms. Barbara Walters Correspondent, ABC News and Creator/Co-Executive producer and Co-host of The View INTREPID MUSEUM FOUNDATION ADVISORY COUNCIL Mr. James D. Bishop, Sr. Chairman & CEO, Caithness Energy Mr. Gregory Cuneo Chairman, HRH Construction Mr. James Hagedorn Chairman, President & CEO, The Scotts Miracle-Gro Company Mr. Vernon W. Hill, II Founder, Hill & Co.

Mr. Barry R. Sloane Co-President & Co-CEO, Century Bancorp Lt. Gen. Martin R. Steele (Ret.) USMC Mr. Robert Stelben Mr. Richard Torykian Chairman & CEO Torykian Capital Advisors, LLC Intrepid Museum Foundation Board of Trustees Committee Membership Executive Committee Charles de Gunzburg Co-Chairman Richard Santulli Co-Chairman Denis Bovin

INTREPID MUSEUM FOUNDATION TRUSTEES EMERITUS

Marty Edelman

Dr. William F. Baker Former CEO, WNET / Channel 13

Stanley Hubbard

Brig. Gen. Peter M. Dawkins, USA (Ret.) Founder & Principal Shining Star Capital, LLC Mr. Pete Haas President, Marine Corps - Law Enforcement Foundation Mr. James Kallstrom Mr. James G. Kennedy, Jr. Chairman, James G. Kennedy & Co., Inc.

Winston Fisher

Mel Immergut Howard Lutnick Bruce Mosler Steven Roth Exhibits and Education Committee Pamela Liebman Chairman Gerry Byrne

David Turner

Museum Executives

Investment Committee

Susan Marenoff-Zausner President

Kent Karosen Chairman Steven Fisher Stanley Hubbard Tom Secunda

Lorraine A. LaHuta Senior Vice President Institutional Advancement

Compensation and Management Development Committee

Marc Lowitz Senior Vice President, Business Development

Marc Kasowitz Chairman John McAvoy Kent Karosen Joseph Plumeri Richard Santulli Charles de Gunzburg

David Winters Executive Vice President Matt Woods Senior Vice President, Facilities, Engineering and Security John Zukowsky Interim Senior Vice President Exhibition, Interpretation and Special Projects

Nominating/ Governance Committee Bruce Mosler Chairman Martin Edelman Howard Lutnick Georgette Mosbacher Finance Committee

Mr. William Loomis

James Nederlander

Denis Bovin Chairman

Vice Adm. Edward Martin, USN (Ret.) former Prisoner of War

Winston Fisher

David Levinson

Rear Adm. Robert A. Rosen, NYNM, (Ret.) President, Rosen Associates Management Corp.

Patricia Beene Chief Financial Administrative Officer

Audit and Compliance Committee Mel Immergut Chairman Dean O’Hare

ANNUAL REPORT 2010 - 2011 07

Supporters and Sponsors

We gratefully acknowledge these supporters and sponsors who generously contributed to the work of the Intrepid Museum from 2010-2011.

Official Museum Corporate Sponsors Bank of America Anheuser-Bush The Coca-Cola Company J&R Music World Trustees, Individuals, Foundations, Corporations and Organizations Admirals Fisher Brothers Credit Suisse Vice Admirals Charles and Nathalie de Gunzburg

Claudia and Nelson Peltz News Corp Stephen B. Siegel

Atlantic Philanthropies

Larry A. Silverstein

Belway Electrical Contracting Corp.

Viacom

Berdon, LLP

Dave and Reba Williams

Peter Bloom

Commanders Sol Barer Denis and Terry Bovin Consolidated Edison Company of New York, Inc. Cushman & Wakefield John Finnegan Arnold Fisher Kenneth Fisher

Borghese Robert Catell Chartis Insurance Cobham Congressional Medal of Honor Foundation

Net Results NYSE Euronext O’Connor Davies Munns & Dobbins, LLP Osman Ltd. Joseph R. Perella The Perkin Fund Remco Maintenance, LLC Rockpoint Group, LLC Howard L. Romanow Susan & Elihu Rose Foundation Schwab Charitable Fund

Corcoran Real Estate Group

Shearman & Sterling, LLP

Cravath, Swaine & Moore LLP

Skadden Arps

Gregory and Anna Cuneo

Starr Foundation

Mark F. Dalton

Star Printing and Design

Davis Polk & Wardwell LLP

Jeremy Steindecker

Dilenschneider Group, Inc.

Verizon Foundation

Disabled American Veterans

Barbara Walters Wells Fargo Private Bank

ESPN

Steven Fisher

Maurice R. Greenberg

HBO

James Hagedorn

Vernon W. Hill

Marc and Lori Kasowitz

Mel Immergut

Motorola Foundation

Intelius, Inc.

Max and Victoria Dreyfus Foundation

Howard and Allison Lutnick

Emily Fisher Landau

Charles Dubroff

Leonard A. Wilf

Richard and Peggy Santulli

Thomas H. Lee

FdG Associates

Andrew D. Zacks

Tom and Cindy Secunda

Simone and David Levinson

Candia Fisher

PGA Tour Charities, Inc.

Miami Dolphins

Gwen Fisher

Lieutenants

Paul Hastings, Janofsky and Walker, LLP

Milbank, Tweed, Hadley & McCloy, LLP

Fulbright & Jaworski LLP

Roger Ailes, Fox News Channel

Claire Giannini Fund

Anchor Construction

Gibson, Dunn & Crutcher LLP

ARA Plumbing

Suni and Woody Harford

Astoria Federal Savings

H.J. Heinz Company

Barclays Capital

HSBC Private Bank

Gerry Byrne

Carl C. Icahn

CD Brady

ISS Facility Services, Inc.

Sean Coffey

Rush Limbaugh

James Flaum

Madison Square Garden

Flight Avionics of North America, Inc.

Bruce E. Mosler Captains Ambrose Monell Foundation Amherst Securities Group, LP Bloomberg Charles R. Bronfman DRS Technologies Charitable Foundation, Inc. Grindstone Foundation Hearst Foundations, Inc. Stanley and Karen Hubbard Sonia and Paul Tudor Jones Pamela Liebman James Nederlander

08 INTREPID SEA, AIR & SPACE MUSEUM COMPLEX

Lieutenant Commanders

Dean O’Hare Joseph J. Plumeri Steven Roth Jack Rudin Stephen B. Siegel Star Paper Printing & Design, LLC TD Charitable Foundation Thomson Reuters Time Warner Cable David H.W. Turner Vornado Realty Trust Joseph LeRoy & Ann C. Warner Fund

Mana Products Inc. Tom Marano Microsoft Montblanc North America, LLC Bill Nelson, HBO

Wounded Warriors Project

Scott and Icy Frantz Richard S. Fuld, Jr. Albert & Slyvia Garlinghouse Richard & Peggy Greenfield Foundation

Supporters and Sponsors

Marc Hanrahan

Eugenie Doyle

Government Entities

Scott Higgins

Kristen Kelly Fisher

Elliot Horowitz

Guido Goldman

James Jacob

Clifford Hartman

Kent Karosen

Ink48

The Intrepid Sea, Air & Space Museum offers special thanks to the following government officials and organizations for their continued support of the Museum

Howard D. Katz

Jill and Ken Iscol

Susan G. Komen Foundation

Keefe, Bruyette & Woods, Inc.

Laura Landro

Dennis and Karen Keegan

Latham & Watkins, LLP

Greg Kelly

Novartis

James W. Kennedy

Royce Family Fund

Jeffrey B. Lane

Jack Rudin

Paul M. Lewis

Richard Salomon

Frost Lighting

Sky Retail

David J. Manning

Gene P. Spiegelman

William Marden

Dennis Swanson

McCann Systems

Swieca Family Foundation

Bruce Olson

Jonathan Tisch

Francis C. Parson

Wells Fargo Bank

Michael Pascucci

Josh & Judy Weston Family Foundation

Gary Polson

Ensigns John Adelman Catherine Adler Austin & Williams Beacon Paint & Hardware Beardon L.L.P Jane Beasley David Berkey Bethpage Federal Credit Union Chris Bilbro Blackbaud California First National Bank Robert B. Catell Roseann R. Colwell Ray Costa Cross-Fire & Security Co., Inc.

Premier Partnerships Rubenstein Associates Howard J. Rubenstein Schindler Elevator Corporation Sebonak Golf Club Donald C. Sherman Stamford Tent & Event Services T. Rowe Price Michael Sumersille Dennis D. Swanson T. Rowe Price Associates, Inc. Urban Foundation-Engineering, LLC

Honorable Kirsten Gillibrand, United States Senate Honorable Jerrold Nadler, United States House of Representatives

Gloria Hailey, Contract Administrator James Ljutic, Administrative Contracting Officer, Administrative Grants & Agreements Officer Marvin Liebman, Administrative Contracting, Grants & Agreements Officer Institute of Museum and Library Services Marsha L. Semmel, Deputy Director for Museums Sandra Narva, Senior Program Officer Steve Shwatrzman, Senior Program Officer National Endowment for the Humanities Jim Leach, Chairman David Martz, Program Manager Anne Lopez-Buitrago, Grants Administrator State of New York

Deutsche Bank

Honorable Andrew M. Cuomo, Governor

Honorable Michael R. Bloomberg, Mayor Honorable John C. Liu, Comptroller

Honorable Richard N. Gottfried, New York State Assembly

Honorable Marty Markowitz, Borough President, Brooklyn

New York State Council on the Arts

Honorable Helen M. Marshall, Borough President, Queens

Jane Mcnamara, Director of Grants and Programs

Karen Rooney, Grants Officer

City of New York

Honorable Scott M. Stringer, Borough President, Manhattan

New York Council for the Humanities

Department of Defense

Honorable Joan McDonald, Commissioner

Honorable Thomas K. Duane, New York State Senate

Kristin Herron, Director, Museum Program

Honorable Carolyn Maloney, United States House of Representatives

Robert Derector Associates Anthony DiProperzio

Honorable Dean G. Skelos, Majority Leader, New York State Senate

Honorable Charles E. Schumer, United States Senate

Myles Wittenstein Clifford M. Yonce

Honorable Sheldon Silver, Speaker, New York State Assembly

United States Government

William and Patricia White Julie Wolfe

Honorable Thomas P. DiNapoli, Comptroller, State of New York

Lauren Kushnick, Manager of Grants and Technology Dormitory Authority of New York

Honorable Ruben Diaz Jr., Borough President, Bronx Honorable James P. Molinaro, Borough President, Staten Island New York City Council Honorable Christine Quinn, Speaker Honorable Elizabeth Crowley Honorable Daniel Dromm

Karen B. Rieth, Budget Director

Honorable James F. Gennaro

Judy McNally, Grant Program Assistant

Honorable Vincent J. Gentile

Empire State Development Corporation Anita W. Laremont, Senior Vice President, Legal and General Counsel Sheri Lippowitsch, Vice President, Loans and Grants Energy Research and Development Authority Francis J. Murray, President & CEO Edward B. Kear, Senior Project Manager Matt Wiley, Contracts Administrator Office of Homeland Security Valerie E. Bloomer, Program Representative Office of Parks, Recreation and Historic Preservation Merrill Hesch, Grants Officer

Honorable Eric Gioia Honorable Daniel J. Halloran Honorable Vincent Ignizio Honorable Larry B. Seabrook Honorable Eric Ulrich Honorable Jimmy Van Bramer Honorable Patricia E. Harris, First Deputy Mayor Honorable Carol A. Robles- Román, Deputy Mayor for Legal Affairs Honorable Robert K. Steel, Deputy Mayor for Economic Development Economic Development Corporation Honorable Seth W. Pinsky, President Jay Kelly, Project Manager Department of Design and Construction

Department of Transportation

ANNUAL REPORT 2010 - 2011 09

Supporters and Sponsors

Honorable David J. Burney, FAIA, Commissioner

The Port Authority of New York and New Jersey

Denise Zinssmeister, Project Manager

Patrick J. Foye, Executive Director

Department of Cultural Affairs

Hudson River Park Trust

Honorable Kate D. Levin, Commissioner

Diana L. Taylor, Chair

Susan Chin, FAIA, Assistant Commissioner, Capital Projects Elizabeth Bennett, Director Jill Ariela Putterman, Arts Program Specialist

Betsy McClelland, Grants Manager Department of Youth & Community Development Honorable Jeanne B. Mullgrav, Commissioner Joseph Salvayon, Program Manager

Madelyn Wils, President & CEO Noreen Doyle, Executive Vice President Laurie Silberfeld, General Counsel & Vice President The United States Armed Forces United States Army United States Navy United States Air Force United States Marine Corps United States Coast Guard

Manhattan Community Board 4 Corey Johnson, Chair

Corporate Members

Robert J. Benfatto, Esq., District Manager

American Express

Office of Emergency Management Honorable Joseph F. Bruno, Commissioner Fire Department Honorable Salvatore Cassano, Commissioner Office of Management and Budget Mark Page, Director Department of Parks & Recreation Honorable Adrian Benepe, Commissioner Police Department Honorable Raymond W. Kelly, Commissioner Department of Sanitation Honorable John J. Doherty, Commissioner Joint Government Agencies

10 INTREPID SEA, AIR & SPACE MUSEUM COMPLEX

Bloomberg P.D. O’Hurley’s Fisher Brothers Plaza Construction British Airways Bank of America In-Kind Donations Avant Business Services Gibson, Dunn & Crutcher, LLP Hudson River Park Trust Kennedy Johnson Gallagher, LLC Moses & Singer, LLP Paul Hastings, Janofsky and Walker, LLP

In Memoriam Donation from the Amend Family Elmer E. Anderson In Memoriam Donation from Dorothy Anderson Paul E. Haller In Memoriam Donation from Gale D. Baldwin

Walpin Family

Theodore Lavoot

John F. Wisted, honoree

Alfred Litke In Memoriam Donation from Judith Litke

Wesley E. Wittich In Memoriam Donation from the Wittich Family

Rudolph Loizzi

Paul G. Zimmermann In Memoriam Donation from the Zimmermann Family

David Benedict

William R. Loomis In Honor Donation from William R. Loomis, Jr.

Benjamin R. Berkey In Honor Donation from David W. Levinson

John McAlick In Memoriam Donation from Jean McAlick

Artifact Donors

Charles E. Boisselle

Horace “Mike” Michelson In Memoriam Donation from Dean O’Hare

John Anderson

Gerry Byrne Leslie C. Clemmer Joseph T. Cobert In Memoriam Donation from the Cobert Family Gerald David Deeney In Honor Donation from Stanley Hubbard Jack H. Edwards In Honor Donation from the Jack Edwards Richard Kenna Gaines In Memoriam Donation from Maud Gaines Tarrant

Leland H. Miller Robert J. Natter In Honor Donation from Mel Immergut

Ronald Ames Robert Bagdon Gale D. Baldwin Sara M. Barnacle The Jerome Biederman Collection

Antonio Nibbs

Virgil Bowers

Anthony J. Nickert In Honor Donation from Joan Nickert

Daniel and Cynthia Buttafuoco

Todd Owens In Honor Donation from William Owens

Dennis Byrne Charles L. Campbell Martin D. Carmody Jacob Lewis Christian

Robert F. Patton In Memoriam Donation from the Patton Family

Estate of Lt. L. E. Colburn

Joseph Pavlov, Jr. In Honor Donation from the Pavlov Family

Michael W. Cuff

David W. Ribar

Donald D. Di Marzo

John F. Rossano

The Doerr Family

Donald Rothgery

Benjamin Donaldson

Lewis L. Gross In Memoriam Donation from the Gross Family

Thomas R. Rushton In Honor Donation from the Rushton Family

Frank Doria

Melvin L. Hardin

David J. Saliba

Leonard B. Hittner

James G. Stavridis In Honor Donation from Mel Immergut

Laurel DuBois Powell and George Christopher DuBois

Richard N. Gauthier In Memoriam Donation from Laurence Blackburn James A. Gibbs Nicola Gigliotti John Lee Gill In Honor Donation from Family and Friends

Restaurant Associates

Stanley Eugene Hubbard In Honor Donation from Stanley Hubbard

Valentine Industries

Thomas Kearney

Wizard Studios

Robert Kwong

Seats of Honor Campaign

Christopher Landro In Honor Donation from Richard Salomon

Nathaniel G. Amend

Roy C. Latall

Allen E. Stevens Jacob Stub In Honor Donation from Stanley Hubbard Richard H. Truly Gerald Walpin In Honor Donation from the

Justine Cooper Destroyer Escort Historical Museum/ USS Slater

Vernon Dorkins

George Eddy Stuart and Bruce Elefant and families Martin W. Engelsen Lee Eurich Gerald Feola James Fischer Sam Folsom

Supporters and Sponsors

Timothy H. Frost

John F. Suddath

Marino DiLeo

Bill Kurtis

Sami Steigmann

Maud Gaines Tarrant

Dwight Tintle and George Pisani, Jr.

Glenn Doherty

Patrick Leblanc

Karl Steinbrenner

Robert Domingo

Jennie Lichtenberger

Martin Sternberg

Ted Eis

Enrico Mandragona

Jerry Stone

Stuart Elefant

Scott Mannis

Pan Sun

John Esposito

Henry Michaelis

Eviemarie Sundre

JP Esposito

Andre Monzain

David Sypen

Bryan Feliz

Harris Moore

David Tice

Arthur Flynn

Joseph Morales

Melvin Tillman

Samuel Folsom

George Morante

Elizabeth Tom

Roy Fredricksen

Carolyn Morris

Nancy Toombs

Debra Friedmann

Francis Nation

Peter Torraca

Milton Garin

Willy Neuweiler

Janet Tyrna

John Gill

John Nicosia

Marie Walsh

Volunteers

Amy Anne Gillman

Charles Nixon

Peter Weiland

Eric Adler

Leonard Gold

Brendan Ogle

Vivian Wong

Abdo Alamari

Estelle Gottlieb

Nathan O’Konek

Nicholas Zilocchi

Richard Allen

Jerry Gottlieb

Carlos Opio

John Alo

Louis Grasso

Louise Parris

Richard Apicella

Paul Grigonis

Susan Pasquariella

P.J. Aronica

Ronald Guggenheim

Martin Paul

Lawrence Bassett

Jeffrey Guttenberger

Bob Phelan

Joan Bennett

Patricia Hansen

Jake Phillips

Joanna Bluestone

Robert Hartling

Fontaine Piper

Patricia Brennan

Robert Hennessey

Phil Prainito

Joanne Brogan

Bridgitte Hlaing

Renard Priester

Karen Brueckner

Marvin Hoffman

Paul Ramirez

John Caccioppoli

James Hogg

Charles Reiser

Ron Capotorto

Jerre Holbrook

Elyse Richardson

Emil Cardona

Lindsey Housman

Loriann Roberson

Gerino Casal

Bill Humienny

Darren Ruane

Henry Cateura

Ed Hurley

Michael Savino

Peter Cea

Dina Ingersole

James Scaglione

Elsie Chin Fong

Tom Jost

Hayley Schultz

Geoffrey Claroni

Igor Kalinin

Mariatou Scott

Tom Coulson

Jean Kennedy

Paula-Jane Seidman

Ralph De Santis Jr.

Bill Kovari

Bert Sikowitz

Nick DeMasi

James Koyl

Morton Simmons

Joe DiFilippo

Anita Kraus

Sheldon Siskin

Joe DiGarbo

Michael Kreisbuch

Bert Springstead

Gene Garda James Gillespie Alan Graves William Groeneveld Colleen Haight John W. Hays Duane F. Heatwole Joel S. Howson Edward Arthur Ritter and Valerie Junge Kerry Kehoe Lisa Kereszi Michael L. Klosterman and Family Mark Levandoski Elizabeth Lewis Bryan Lorber Donald A. Lorimer John Lyon Phillip Mall John R. May Eugene Meyer Paula Newark Mitchell Charles Moyer Robert L. Owens David W. Pequet James Pierce Dwight Primiano Philip Randazzo Christian Rehm Harry Jr. Renz Gene Reynolds James A. Rieger Arthur W. Robbins Family John Rood Richard Ryder Arthur Sears Lonnie Shepherd Charles W. Shuster

Robert A. Trisler John Tutor Charles Valentino Henry Weeden The Weinstein Family Jim Welte The Family of RADM Charles S. Williams Pamela Benedict Zieber Arthur R. Ziemer John Zukowsky

Membership The Intrepid Museum wishes to acknowledge the financial contribution of our Museum members. As a not-for-profit institution, support from our members is vital in preserving the Intrepid Museum’s distinguished legacy within our Nation’s history and for honoring the strength of the human spirit.

ANNUAL REPORT 2010 - 2011 11

FINANCIALS

The Intrepid Museum Foundation, which operates the Intrepid Sea, Air & Space Museum Complex, is a not-forprofit, educational institution designated under section 501(c)3 of the Internal Revenue Code and incorporated by action of the Board of Regents of the University of New York and the State Department of Education. This financial report is based on the independently audited financial statements for fiscal years 2010 and 2011. A complete copy of these financial statements is available at intrepidmuseum.org or can be obtained from the Finance Department at One Intrepid Square, New York, NY 10036 or by calling 646-381-5250.

The Intrepid Sea, Air & Space Museum Complex is a unique venue, comprised of its main exhibits, the 900-foot-long former World War II steel aircraft carrier, a National Historic Landmark and a cold-war era submarine, as well as many aircraft and other artifacts that are subject to the climate and outdoor elements on the Hudson River. After decades of service as a Museum at Pier 86, the Intrepid Museum temporarily closed in 2006 and underwent an almost $100 million reconstruction and renovation project that included the rebuilding of the city-owned Pier 86; a major overhaul and renovation of the aircraft carrier Intrepid and submarine Growler; and restoration of most of its aircraft. The renovation project also included many elements designed to upgrade technology systems, to improve the energy efficiency of the Intrepid’s mechanical systems and to ensure existing spaces conformed to all applicable building codes and safety standards. As a result of these capital expenditures, most of which were funded with capital grants, the Museum’s fixed assets more than tripled, as did the related depreciation expense upon reopening in November 2008.

The Summary Financial Statements for FY 2011 and FY 2010 report on the first two full years of operation since re-opening. The Statement of Financial Activities reflect Changes in Net Assets in the amount of ($1,752,914) and $7,049,511 for FY 2011 and 2010. -Non-cash depreciation and amortization expenses account for $4,882,423 and $4,613,266, respectively, of the net asset changes. The Museum records depreciation expenses as operating expenses and the capital grant revenue utilized to acquire the related assets is reported under non-operating revenue and support. In FY 2011 the Net Change in Assets before depreciation expense was $3,129,509.

Despite reopening at the height of difficult global economic conditions, the Museum has managed to grow and sustain increased attendance and revenues from rental and auxiliary activities and diversify and expand its programming. The Museum’s ability to adapt quickly to the changing economic circumstances across all constituencies, including visitors affected by limited discretionary income, drastic reductions in philanthropic funding levels and significant cut-backs in government funding, as well as significant adverse weather events throughout FY 2011 and FY 2010, puts the Museum in a strong position for its next endeavor.

CONDENSED SUMMARY CONSOLIDATED STATEMENT OF FINANCIAL POSITION These statements are summarized and excerpted from the audited financial statements. A complete set of audited financial statements are available at intrepidmuseum.org.

ASSETS Cash and cash equivalents

FY 2011 Total $

Pledges receivable - net Grants and other receivables Prepaid expenses and other assets Investments in marketable securities, at fair value Fixed assets - net Deferred bond issuance costs net of accumulated amortization TOTAL ASSETS

4,271,802

FY 2010 Total $

5,537,897

1,622,362

1,764,490

76,856

129,433

17,771,909

16,030,984

55,640,767

58,988,087

145,262 $

$4,012,455

4,870,434

150,922

84,399,392

$

86,614,268

2,853,804

$

2,809,675

Liabilities Accounts payable and other liabilities

$

Notes payable - lines of credit Deferred revenue Capitalized lease obligation Fair market value of interest rate swap agreement Bonds payable Total Liabilities

4,250,000

4,862,332

1,505,733

1,277,459

325,282

606,336

1,143,868

984,847

7,080,000

7,080,000

$ 17,158,687.00

$ 17,620,649.00

$

$

Net Assets Unrestricted

44,413,545

47,905,592

Temporarily restricted

1,684,782

204,528

Permanently restricted

21,142,378

20,883,499

TOTAL NET ASSETS TOTAL LIABILITIES AND NET ASSETS

67,240,705 $

84,399,392

68,993,619 $

86,614,268

FINANCIALS

CONDENSED SUMMARY OF CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES These statements are summarized and excerpted from the audited financial statements. A complete set of audited financial statements are available at intrepidmuseum.org.

Operating Revenue and Support Admissions & memberships

FY 2011 Total $

13,715,702

FY 2010 Total $

13,689,295

Contributions and grants

2,842,467

Special event revenue (net of costs of direct benefits)

1,654,700

960,001

Rental income, net

1,356,522

1,274,531

Auxillary activities

2,181,949

1,796,766

Investment return designated for operations

450,000

-

$ 22,201,340

$ 25,773,297

$

$

Total Operating Revenue and Support

8,052,704

Operating Expenses Program Expenses: Education Exhibits and visitor services

3,417,864 17,742,820

3,498,765 18,403,724

Intrepid Fallen Heroes Fund

305,633

794,116

Fleet Week

1,105,461

1,475,226

22,571,778

24,171,831

3,364,153

2,470,023

Total program expenses Supporting Expenses: General and Administrative Fund raising

861,107 4,225,260

958,848

Total Supporting Expenses

$

$

3,428,871

Total Operating Expenses

$ 26,797,038

$ 27,600,702

$

$

Non-Operating Revenue, Expenses and Other Support Contributions and capital grants

1,689,819

5,975,048

Unrealized (loss) gain on swap agreement

(159,021)

337,367

Investment return in excess of spend rate

1,147,021

2,572,742

Other non-operating revenue (expense)

164,965

(8,241)

Total Non-Operating Revenue and Other Support

$ 2,842,784

$

8,876,916

Change In Net Assets

$ (1,752,914)

$

7,049,511

CONDENSED SUMMARY OF CONSOLIDATED STATEMENT OF CHANGES IN NET ASSETS These statements are summarized and excerpted from the audited financial statements. A complete set of audited financial statements are available at intrepidmuseum.org.

NET ASSETS Beginning of year Change In net assets End of year

$

68,993,619

$

61,944,108

(1,752,914)

7,049,511

$ 67,240,705

$ 68,993,619

One Intrepid Square 12th Avenue and 46th Street New York, NY 10036-4103 1-877-957-SHIP intrepidmuseum.org