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2007 – 2008 ANNUAL REPORT ®


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Watercraft Preservation and Activities

The preservation of our historic vessels is foremost among the Museum’s stewardship responsibilities. Under the skilled direction of Dana Hewson, Vice President for Watercraft Preservations and Programs, and Shipyard Director Quentin Snediker, the H.B. duPont Presevation Shipyard continued to be a center of activity in this regard. The Museum is thankful to the Connecticut Department of Economic and Community Development which approved the final $1 million installment of its $4 million state funding, matched 1:1 by private donations, for Phase II of the Hays and Ros Clark Shiplift. Important preservation efforts were undertaken, including the full restoration and re-launch of the fishing dragger Roann under the skilled direction of Lead Shipwright Walter Ansel and his dedicated team of volunteers led by Dick Wing. The National Historic Landmark steamship Sabino was hauled and readied for a season celebrating its 100th anniversary. We extend our grateful thanks and appreciation to the Connecticut Commission on Culture and Tourism for their generous 2007 Historic Restoration Fund grant award in support of the Morgan Restoration Project and to Tourism Cares, serving tourism-related nonprofits worldwide, for their support of the interpretive exhibit Restoring an Icon which will be installed in the Shipyard Gallery during the restoration project. Education

Under the direction of Vice President for Education and Public Programs Susan Funk and Director of Education Lisa Marcinkowski, the Museum continued to develop new programs to enhance its educational offerings to meet changing curriculum requirements. Through the Museum’s annual Educator’s Weekend, which drew almost 2,000 educators and their families and the Black Hands, Blue Seas teacher institute, funded by the Connecticut Humanities Council, Mystic Seaport broadened its role as a regional, national and international learning resource through these and other maritime history and science outreach programs. This year’s Orion Award for Teaching Excellence was awarded to Wendy Halsey of the Montville, CT High School for her introduction of a new course in maritime literature that included the works of Homer, Joseph Conrad and Patrick O’Brien. This award recognizes exceptional teachers who infuse history, math, science and literature with a maritime focus. The statewide Connecticut History Online consortium (CHO), of which Mystic Seaport is a partner, has embarked on a collaboration with a major new project of the Connecticut Humanities Council, the Encyclopedia of Connecticut History Online (ECHO). Connecticut History Online (www.cthistoryonline.org) is a searchable, web-based primary source repository of more than 15,000 photographs, maps, drawings, manuscripts, oral histories and artifacts documenting Connecticut’s people, places and events. Other CHO partners include the Connecticut Historical Society, the Connecticut Humanities Council, the Connecticut State Library and University of Connecticut’s Thomas J. Dodd Research Center. With funding from the State of Connecticut, CHO and ECHO will now be linked through software that will provide access to expanded digital content and search capabilities.  

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Finance

Guided by Marcy Withington, Vice President and CFO and Caroleen Frey, Director of Finance, the Museum instituted a new accounting system to make financial information easily accessible to managers, helping them better monitor their business operations. Institutional Advancement

The new International Council was launched under the leadership of its Chairman George C. White, a Trustee Emeritus of Mystic Seaport and founder of the renowned Eugene O’Neill Theater. The Council replaces the National Council of Advisors founded by the late Donald C. McGraw, Jr. The primary role of the International Council will be that of ambassadors, helping to advance global recognition of the Museum. Public and private programs were launched to increase awareness for the planned three-year restoration of the 167-year-old National Historic Landmark Vessel Charles W. Morgan. In April 2008, a champagne reception was held to celebrate the opening of the Buttersworth exhibition with members of the Schaefer and McGraw families, Trustees and other patrons of the arts. Thanks to the recent gift of 24 Buttersworth paintings from the McGraw family and an additional two Buttersworth paintings from Janet Schaefer, the Museum is now the steward of the largest public collection of works by this famed 19th-century maritime artist. Collections

Senior Curator William Peterson was named the Carl C. Cutler Chair of Maritime History and continued to guide the Museum’s acquisition program. A table once used aboard the schooner Atlantic was added to the museum’s collection of objects and documents relating to this storied trans-Atlantic racing yacht. The donation of a digital camera by Janet Schaefer gives the Museum instantaneous publications-quality photography capabilities. Enhancements to the Collections-related websites account for more than 20% of the Museum’s web traffic. Congratulations to Dan Harvison in the Museum’s Film and Video Production Team who won the prestigious bronze Telly Awards for the production of Erik Ronnberg, Jr, Modelmaker and Charles W. Morgan, The Last of Her Kind. Looking to the Future

The Museum welcomed Mr. Richard R. Vietor as its new Chairman in 2008. Dick brings nearly 25 years of experience as a Mystic Seaport Trustee to his new role, and will lead the Museum’s ongoing quest for renewal and transformation for the 21st century. He has already made a significant impact by recruiting new Trustees, expanding the International Council and enhancing the Museum’s role as a leading regional, national and international learning center for maritime history. Mystic Seaport continued its strategic goal of transformation to a year-round all-weather, world-class museum. Architectural schematic renderings of the envisioned Maritime Exhibition Center were completed, along with exhibition design concepts that showcase the Museum’s vast maritime collection in new and innovative ways that will engage 21st-century audiences.

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Mystic Seaport Museum Fiscal Year 2007-2008 Financial Report

On behalf of the Finance Committee of The Board of Trustees, I am pleased to provide a report on the fiscal year that ended on April 30, 2008 (hereafter referred to as “fiscal 2008”). The value provided by the Museum and its staff to individuals, our society and the world at large, is difficult to quantify. While operating and financial results do not fully capture these core contributions, these are important and serve as a critical gauge of success in the execution of the institution’s mission. I am pleased to report that key operating indicators of the Museum improved in fiscal 2008. Attendance increased to more than 300,000 visitors, the first increase in 10 years. While favorable weather was a key factor, it is terrific to see this after nearly a decade of decline. Membership in the Museum also increased by 5%, to 18,246. The Museum received many generous gifts and bequests which totaled $14.7 million in fiscal 2008. This was not as large as in the 2007 fiscal year when approximately $17 million was received, but it was at a very significant level. In fiscal 2006 the comparable amount was approximately $8 million. A major component of the fiscal 2008 gifts was a challenge gift to provide initial financial support to the Museum’s strategic goal to create all-weather, all season, exhibition capability. This enables the Museum to conduct further planning and related work for this essential long term project, and is the cornerstone for additional related fund raising. Total revenues were $25.6 million, declining from $33.6 million the prior year. The change in net assets (the Museum uses not for profit accounting, and this is revenues less expenses) was $941 thousand, a substantially lower contribution than the prior year. This is the result primarily of stock market declines, which reduced the value of investment assets, and the lower, but still significant, gifts and bequests received than the prior fiscal year. The Museum engages in internally managed retail and wholesale merchandise operations (separate from outsourced food and other retail activities) which is being restructured and included a write-down of inventory of approximately $1.5 million. Museum operations continue to run at a deficit which totaled $1.7 million on a net cash flow basis. This consists of the sum of cash receipts from ongoing Museum activities, including visits, educational programming, retail and food sales, licensing, plus gifts to the Annual Fund and donations and bequests without any restrictions on their use, less all cash operating disbursements, which excludes capital expenditures. Operating costs continue to be tightly managed and were largely flat on the prior year, but many categories (utilities, employee healthcare costs, etc.) increase at least at the rate of inflation, or higher. Nonetheless revenues did not keep pace with expense growth. New revenue initiatives are being undertaken. Capital spending to safeguard core Museum assets continues to be a priority and a large user of capital resources. The Museum is in the middle of a five-year project centered on the restoration of the Charles W. Morgan and the upgraded infrastructure necessary to effectuate it (and to provide the capability to perform other important work in the future, including for the large vessels L.A.Dunton and Joseph Conrad). As of April 30, 2008 $11 million has been spent on this project. An additional $4 million is sought for funds to restore the vessel once it is hauled out, plus incremental funding of comparable magnitude for essential exhibition capability and educational programming.

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The Museum’s capital funds total approximately $59 million, down slightly from the prior year. This reflects the timing of capital spending, which has outpaced the receipt of new gifts, resulting in the use of capital funds. Fund raising, including the Annual Fund, gifts, grants and bequests, is an overarching priority. Near term the focal points are completion of the Morgan project, and increasing the Museum’s endowment. Longer term, with success in attaining higher recurring levels of Annual Fund giving, a larger endowment, additional gifts to the Morgan, and to the strategically critical Transformation Project, the Museum will benefit from having a more favorable financial foundation. The Museum is entering a critical period at a time of deep-seated financial and economic challenges. This is a time for everyone committed to and concerned about the Museum to be as supportive as possible. Together with the rest of the Trustees, I join our Chairman Dick Vietor in thanking key individuals, teams and constituencies. First, thanks to Marcy Withington, the Museum’s new Chief Financial Officer, who has completed her first year, and also to the entire financial staff. Many financial control, reporting and other enhancements were completed during the year, including a systems conversion for internal accounting. Special recognition is also due to Doug Teeson, our President, and the rest of his senior team for the focus on cost efficiency (among other key things), and for the planning effort for the Transformation Project. Thanks are also due to Rob Rohn, my predecessor, and the Finance Committee, for their guidance and advice. Most importantly, special thanks to so many of our Trustees, whose generosity has provided the core of the Museum’s financial stability, especially in these uncertain times. In the future, in order to better deliver on the Museum’s potential, it will be essential to broaden the Museum’s core support base beyond its Trustees and other important supporters. Respectfully submitted,

Peter Gleysteen Treasurer

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Statement of Financial Position (in 000s) The consolidated financial statements presented below have been derived from the Museumâ&#x20AC;&#x2122;s audited financial statements, copies of which are available upon request.

ASSETS Current assets: Cash and cash equivalents Accounts, grants and interest receivable Merchandise and other inventories, net of reserve Promises to give, current Prepaid expenses

April 30 2008 $

Total current assets

LIABILITIES AND NET ASSETS Current liabilities: Notes payable Accounts payable and accrued expenses Deferred revenue Other current liabilities Total current liabilities Deferred revenue Other liabilities Total Liabilities NET ASSETS Unrestricted Temporarily restricted Permanently restricted Total net assets Total liabilities and net assets

$

527 3,669 2,566 2,455 430

7,369

9,647

3,831 59,472 2,094 149 29,587

2,263 61,329 2,193 313 28,581

$ 102,502

$ 104,326

$

$

Promises to give, noncurrent Investments Perpetual trust held by others Other inventories Property, plant and equipment, net of accumulated depreciation Total assets

1,403 3,653 1,098 907 308

April 27 2007

4,900 1,007 512 43

6,645 2,231 401 64

6,462

9,341

2,697 160

2,581 162

9,319

12,084

48,238 14,545 30,400

53,543 10,196 28,503

93,183

92,242

$ 102,502

$ 104,326

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Statement of Activities (in 000s)

Revenue Gifts, grants and bequests Gate Admissions Program Fees Museum Store Operations Membership Retail Stores rental income Food services rental income Sales of published material, film and videos Other support: Net realized and unrealized gains/losses on investments Investment Income Other rental income and fees Miscellaneous Change in split interest agreements Net assets released from restrictions

Total 2007

$ 17,111 2,981 2,305 2,205 1,188 873 500

384

430

(1,341) 1,574 84 76 (37)

4,409 1,218 110 70 203

1,897

25,577

33,603

4,188 3,926 3,368 3,294 2,658

4,188 3,926 3,368 3,294 2,658

2,884 4,503 3,197 2,803 2,636

5,304 1,898

5,304 1,898

4,883 2,057

Total Expenses

24,636

24,636

22,963

Excess (deficiency) before transfers Transfers - clarification of donor intent/ other transfers

(5,425)

4,469

1,897

941

10,640

120

(120)

120

(120)

(5,305) 53,543

4,349 10,196

1,897 28,503

941 92,242

10,640 81,602

$ 48,238

$ 14,545

$ 30,400

$ 93,183

$ 92,242

Expenses: Program Expenses: Museum Store Operations Visitor Experience Curatorial, library and publications Shipyard Education Support Expenses: Management and general Fundraising

Changes in net assets Net assets, beginning of year Net Assets, end of year

$ 4,339 $ 8,469 $ 1,940 3,238 2,400 5 1,913 1,205 899 429

Total 2008

$ 14,748 3,238 2,405 1,913 1,205 899 429

Total Revenue and Other Support

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TOTAL TEMPORARILY PERMANENTLY UNRESTRICTED RESTRICTED RESTRICTED

382

2

(683) (559) (99) 1,361 207 6 84 66 2 8 (24) (55) 42 3,602 (3,602) 19,211

4,469


Museum Operating Income Fiscal Year 07-08 Program Fees 13%

Sale of Published Material, Film and Videos – 2% Investment Income 15% Miscellaneous – 1%

Museum Store and Food/Store Concession Income – 17%

Gifts, Grants and Bequests 29% Gate Admissions 17% Membership 6%

Museum Operating Expense Fiscal Year 07-08

General and Administrative 17%

Communications 5% Fundraising 9%

Curatorial, Library, and Publications 11%

Museum Store 14%

Shipyard 13% 15

Visitor Experience 18%

Education 13%


75 Greenmanville Avenue P O Box 6000 Mystic, Connecticut 06355-0990

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Mystic Seaport Annual Report 2007-2008