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