17-August 2007 Punch List Letter version II

8/7/2019 17-August 2007 Punch List Letter version II

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DRAFT 1 - NURFC Punch List

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Dear Sandi:

At this time we are requesting a revised Business Plan approved by the Board ofTrustees which encompasses the operational, financial and administrative changeswhich the Freedom Center is undergoing. Included in these changes are those mattersdiscussed at the June 5, 2007 meeting between Commission staff members andmembers of the Freedom Center team. I realize you were not present at that meeting,however, Mr. Pepper referred to an overall review of the museum, operations, visitorshipand programming. He specified an additional one million dollars of expenses whichremain to be cut..

Mr. Pepper indicated that operations had been reviewed and a new plan developed formoving forward. As a part of this, expenses had been cut during fiscal year 2006 and

year to date 2007 with anticipated further cuts in 2008. Please specifically outline thesecuts along with any other changes in your operational plan and the expected impactthese changes will make on your programming, earned income, and fundraising goals.

Mr. Pepper also spoke of some new programming being developed, includingpartnerships with school districts. What stage are these plans at? If new programming isachieved this fiscal year, what will the financial impact be and what is the impact goingforward? Are there any other new programs being offered at the Freedom Center? It wasalso mentioned that the Marketing team at Proctor & Gamble would be putting insignificant time to develop a new marketing plan. What is the timeline for thedevelopment and implementation of the new marketing plan? How do you expect newprogramming and marketing to affect visitorship and returning visitor rates?

We also understood that a complete review of the exhibition base and other visitoramenities is being undertaken in order to assess whether these aspects of the facility will

require changes. Please advise as to the results of this review and the plans in thisregard including costs of implementation.

Also at the June meeting, fundraising was discussed. With Bridge to the Futurecompleted, we were told that the Freedom Center would next be engaging in anoperating endowment campaign. I believe a goal of five million dollars was set. What isthe current status of the new campaign and what is the overall plan and timeline for thisgoal to be met?

Thank you for recently submitting your audited 2006 Financial Statement. There is asurplus before depreciation however, the Freedom Center did finish fiscal year 2006 witha deficit after depreciation. We have been asked to focus on the pre-depreciationnumbers but what, then, is the plan for the replacement of depreciating assets, includingrefreshment of exhibits? Where are the plans for the changing of exhibits going into thefuture and how will they be financed? Kindly incorporate into your financial model plans

to reserve for those assets you plan to replace.

Requested submittals are summarized as follows:

Deleted: Much of what we are requestinthe narrative rationale and supportingdocumentation of the changes discussedmeeting.

Comment [MSOffice1]: Not clear to me

this means

Comment [MSOffice2]: And audience

development

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1. Financial Plan

Please provide updates to materials last provided to us as well as additionalsubmissions listed below:

Compiled Financial Statement for fiscal year 2007 to date Updated Pro-forma Updated Narrative explaining the supporting assumptions to the pro-forma Analysis of Earnings Projections – see attachment for an example of the last

submission we received in February, 2007 Bank Statements/Investment Performance Updates, such as those referenced in

the attachment, in the email from you to Colin dated 1/12/2007 Exhibit Replacement Plan, including timeline and methods to finance replacement

In the future, please provide the Compiled Financial Statement, Analysis of Earnings,and Bank Statements/Investment Performance Updates on a quarterly basis.

2. Fundraising Plan

Synopsis of the results of Bridge to the Future Fundraising Plan for the operating Endowment Campaign Quarterly fundraising reports for the first two quarters of fiscal year 2007

Please continue to provide quarterly fundraising reports in the future.

3. Programming Plan

Programming Plan for 2007 Narrative indicating new versus continuing programming and also what phase

new programming is at – e.g. is it still conceptual, is planning in process, or isplanning complete and dates solidified?

Revised Marketing Plan

Attendance & Re-Visit projections and supporting assumptions

In the future, please provide a programming synopsis of the previous year as well asprogramming plan for the upcoming year, on an annual basis.

In pertinent part the Ohio Revised Code mandates the project sponsor be sustainable,demonstrate there exists a need for the project and that the project be fully funded. Inlieu of the lease extension we are prepared to recommend to the Commission that theFreedom Center use future investment income to satisfy the fully funded requirementhowever, we will need the viability of the business plan to demonstrate sustainability andneed in order to get Commission approval.

Thank-you for your prompt attention to this matter.

Very truly yours,

Anthony CapaciProject Manager

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17-August 2007 Punch List Letter version II

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