BUSINESS PLAN Oceans Aquarium Research & Science Center Corporate Headquarters 1260 Main Street (Rte 117) Coventry, RI 02816 Phone: 401-381-0005 Principal Individuals: Chairman/President - Victor Moffitt vmoffitt@OceansAquarium.org Mobile: (401) 265-7798 Executive Director - Pat Sharkey pSharkey@OceansAquarium.org Mobile: (401) 793-1952 Website: www.OceansAquarium.org Member: ASTC Association of Science & Technology Centers Washington, DC

MISSION STATEMENT

The mission of Oceans Aquarium Research & Science Center

(aka OARSC) is dedicated to promoting ocean science and alternatives energy research,

science technology and education.

TABLE OF CONTENTS

EXECUTIVE SUMMARY

SECTION ONE

A. Introduction B. Project Goals

a. Phase One b. Phase Two

C. Description of Organization

D. Project Elements a. Exhibits b. Programs c. Gift Shop d. Food Services

E. Location and Facility F. Operating Hours and Fees G. Audience and Market Analysis H. Competition I. Management, Staffing and Governance J. Fundraising Plan K. Construction and Remodeling Plan

SECTION TWO: FINANCIAL DATA

A. Projected Capital Start-up Budget B. Analysis from 2010 ATSC statistics survey C. Sources and Applications of Funds - FY 12/31/2012 D. Sources and Applications of Funds – FY 12/31/2013 E. Supporting Schedules

Appendix

Figure 1 – Organizational Chart Figure 2 – Schedule of Exhibits & Sponsorship Costs Revision & Update Notes: Listing of Potential OARSC Business Sponsors Proposed Floor Plans

EXECUTIVE SUMMARY This business plan covers the OARSC project from inception through Phase One and Phase Two. Phase One is the current plan to open a Research & Science Center with an Aquarium within the next 12 months. Phase Two is to open a world class Aquarium within the next 3-5 years both in Rhode Island. Oceans Aquarium Research & Science Center is a non- profit tax exempt organization dedicated to promoting interactive educational exhibits and programs relating to oceanography and alternative energy. The OARSC project will primarily serve all of Rhode Island and nearby Connecticut and Massachusetts residents. Our project will also expand tourism in Rhode Island and create new job opportunities for our OCEAN state residents. Research facilities will be available for partnering with our Rhode Island colleges and universities as well as private individuals and businesses specializing in oceanography and alternative energy research projects.

INTRODUCTION

OARSC was envisioned by Victor & Bertha Moffitt during a visit to the Georgia Aquarium in 2007. Victor & Bertha were awed by the size and fact that a world class Aquarium was built in downtown Atlanta, Georgia hundreds of miles from any ocean and our own OCEAN state did not have its own Aquarium. The Georgia Aquarium financial impact on the Atlanta region was very significant and the same could be done here in Rhode Island to expand economic development, tourism and jobs. Victor presented his idea of building a world class Aquarium with a Research & Science Center during his 2010 campaign for Rhode Island Governor. Although unsuccessful in his campaign, hundreds of Rhode Islanders welcomed his idea and pledged to support the OARSC project. On August 3, 2010 Victor & Bertha Moffitt along with Michael Plante a business associate filed articles of incorporation as a non-profit organization with the Rhode Island Secretary of State. Tax exempt status was approved by the Internal Revenue Service on August 22, 2011 with effective date of August 3, 2010.

PROJECT GOALS

Originally, the OARSC project was to build a world class Aquarium with a separate Research & Science Center all at one site on Narragansett Bay. After meeting with consultants regarding the project costs and complexities it was decided the OARSC project would proceed in two separate phases. Phase one would be to open a combined Research & Science Center with a smaller Aquarium to gain name recognition, experience and public support prior to opening a world class Aquarium in Phase two. Phase One: Open and operate a Research & Science Center with an Aquarium in the OCEAN state within the next twelve months. Phase Two: Open and operate a world-class Aquarium in the OCEAN State within the next 3-5 years.

PHASE ONE

Phase One primary objective is to locate a site within Rhode Island to open and operate a Research & Science Center with an Aquarium. Several locations were considered with three possible sites for final determination. Our preferred choice is the former GTech Corp headquarters building located in West Greenwich. The other two secondary sites are the former Loews building in North Kingstown and the former Shaws Supermarket building in Warwick. The GTech building, currently being leased by AMGEN Corp., has the highest visibility, 400 parking spaces and most convenient access located on interstate Route 95 for our OARSC project. The adjacent building currently being used by GTech Corp. could potentially be available for Phase Two of our OARSC project and be redesigned and converted into a world class Aquarium building. We are very excited to have the opportunity to work with AMGEN and the property owners Condyne, LLC to make the West Greenwich site our permanent home for OARSC.

PHASE TWO

Phase two of the OARSC project will be to locate a site in Rhode Island to build a world class Aquarium. We have explored several possible locations to construct a world class Aquarium on Narragansett Bay in Rhode Island such as Quonset Point in North Kingstown, Newport Navy base, Kettle Point in East Providence and Rocky Point in Warwick Currently, there is no potential site available on Narragansett Bay suitable for a world class Aquarium. Therefore, we will continue to look for a suitable site for Phase two in other locations in Rhode Island. The West Greenwich site offers expansion possibilities very suitable for Phase two and will continue to be explored.

DESCRIPTION OF

PROPOSED REASEARCH & SCIENCE CENTER

Phase one envisioned Research & Science Center will be housed in a 93,000 sq. ft. three story existing building located in West Greenwich. The proposed facility will feature hands on and interactive exhibits promoting ocean science and alternative energy, along with research labs and aquariums. The facility will also contain a gift shop, Oceans Café, theatre, computer labs, and a children learning center. Because Rhode Island has no Research & Science Center or Aquarium the OARSC facility will be a favorite for families and school children throughout the OCEAN state. OARSC plans to partner with many local Rhode Island businesses for sponsorships and operating support. OARSC will also offer a variety of community projects involving local primary and secondary schools as well as universities and colleges to participate in creating meaningful and innovative exhibits and projects for the facility.

PROJECT ELEMENTS

Our proposed Research & Science Center will incorporate a variety of components to further its mission of science education and community involvement. The primary components consists of the exhibits, programs, gift shop, Oceans Café, research labs, children’s learning center as described below. Exhibits: In preparation of opening our new Research & Science Center our Research & Science Center committee has begun the task of designing the floor plans and types of exhibits that are best suited for the facility. 1st floor will feature ticketing, gift shop, Oceans Café, 10,000 sq. ft. of interactive Ocean Science exhibits with 20 Aquarium tanks displaying various marine life from the 5 Oceans of the World and a marine life hospital and hatchery. 2nd floor will feature an additional 10,000 sq. ft. of interactive Oceanographic exhibits with 2 large touch tanks, 15,000 sq. ft. for interactive alternative energy and other science exhibits, a Quohog Seafood Dock café, two computer labs and a 75 seat Oceans theatre. 3rd floor will feature 15,000 sq. ft. of interactive children play and learn science area, 10,000 sq. ft. for research labs and administration offices.

Some sample proposed exhibits include: A world class “Coral” collection over 250 pieces from around the world (already purchased). A 750 gallon two-sided reef tank displaying marine life on the reef and in the ocean side by side (already purchased). Wild life collection of 60 hand carved exotic fish from around the world (already purchased). Exhibits featuring marine life of Rhode Island both in Narragansett Bay and in our rivers and streams A wave technology exhibit for Rhode Island Marine life exhibit of the 5 Oceans of the World Hydro exhibits featuring Rhode Island Rivers that fueled the Industrial Revolution Exhibits featuring sunken ships and pirates of Rhode Island Narragansett Bay past-present and future Did Dinosaurs live in Rhode Island The life and history of the Rhode Island QUOHOG. The Biggest Little State in the Union interactive family’s play area where all ages can learn and have fun together

Programs: OARSC has extensive plans to develop many community and educational programs for schools, individuals and businesses within Rhode Island and nearby Massachusetts and Connecticut. We plan to offer several school trip hands on experiences for Rhode Island students, after-school workshops, parent/child workshops, summer science camps and teacher training programs. With our vast facility and professional staff our OARSC center will offer internships, school competition for new science exhibits, projects and research ideas. Our staff and volunteers will lead visitors in demonstrations, games and other activities that supplement and reinforce the content of our exhibits. Local scientists, engineers, and artists will also give brief, lively presentations about their work. School visits will be planned around themes introduced in the classrooms by pre-visit materials and reinforced and enhanced by post visit follow-up activities. OARSC will work closely with teachers to ensure that school visits provide the maximum benefit to all involved. OARSC overnight camp-in programs will be offered to youth groups and will consist of behind the scene tours, structured evening programs, meals, and over night accommodations in the Center.

OARSC will offer after-school workshops for pre-school and elementary students on a regular basis. The content of these workshop programs will be developed by OARSC staff, teachers and volunteers from the scientific community. OARSC will offer discount admissions plans and special programs to local businesses who partner and sponsor our exhibits and projects. OARSC will offer science labs and research space for Rhode Island colleges and universities for co-operative educational and research programs Our 75 seat Oceans Theatre will show oceanographic and alternative energy movies and videos as well as serve as a live classroom. OARSC will have several mobile science exhibits that will travel from school to school to explore oceanography and alternative energy for interactive classroom learning experience. An outdoors summer OARSC Quohog Fest with live music, food and entertainments will be held each year in May to celebrate Rhode Island’s birthday (Independence Day).

Internship programs will be offered to local colleges and universities for students interested in oceanography, alternative energy and related sciences.

Gift Shop: The OARSC Gift Shop will be well-stocked with educational toys, books, science kits and souvenirs. It will also feature items and foods made in Rhode Island. The gift shop will also have our OARSC photo op shop where visitors can purchase a souvenir photo of their OARSC visit. It will be located on the 1st floor. Food Services: OARSC will feature two cafes for your eating pleasure…. “The Oceans Café” a 70 seat café that will serve lite foods, drinks and snacks including hamburgers, hot dogs, etc. located on the 1st floor. The “Quohog Seafood Dock” a 70 seat Café featuring seafood from Rhode Island. Such as chowder & clam cakes, calamari, lobster, stuffed Quohogs, etc. located on the 2nd floor.

Locations & Facility

OARSC is planning to negotiate a long term lease of the former GTech Corp headquarters building in West Greenwich, Rhode Island. This building is currently under lease by AMGEN Corp and owned by Condyne Corp. This prime and highly visible location on interstate Route 95 easy on and easy off exit 6a at Hopkins Hill Rd will make a great place for Oceans Aquarium Research & Science Center permanent home. This modern three story 93,000 sq. ft. facility built in 1992 offers us one of the premier locations for Phase I of our OARSC project for Rhode Island. We anticipate only minor renovations and could have Phase I of our OARSC project open to the public by the end of 2012. The attached building currently being leased by GTech Corp for light manufacturing could be the future site for Phase II of our project. With moderate renovations, construction of twin towers, a skywalk and 5 large ocean tanks Rhode Island could have its own “World Class Aquarium” within the next 3-5 years! Interstate 95 is the main northeastern corridor that connects Maine to Florida. We would be located in the center of New England.

Operating Hours and Fees: Our facility will be open 7 days a week throughout the year (closed on holidays only). Our hours will be 10am to 6pm daily. We will offer extended evening hours in the summer for tourist and our summer camp program. These hours are longer than most science centers however, our goal is to be more convenient for working families and for after school programs. Our admission fees will be consistent will similar size facilities: Adult admission $14.99 and children 9.99, children under three FREE. Annual family membership will be available. Our facility will be available for rental, and we will host birthday parties and other celebrations regularly.

Audience and Market Analysis Rhode Island’s population is approximately 1.1 million Rhode Island student population is approximately 138,000 The tri state regional population 100 mile radius is approximately 3.5 million Average attendance of large science center in the US is approximately 500,000. Our projected attendance for our first year is 350,000. To meet our projection we would need to attract about 10% of the tri-state residents or about 32% of Rhode Island’s residents. Both are reasonable attendance numbers as Rhode Island attracts an additional several hundred thousand tourists each year. Assuming 350,000 projected attendees at an average admission of $12.00 that would total $4.2 million projected revenue.

Competition: The Science Center of Connecticut located in Hartford, Connecticut is 75 miles west of our proposed locations opened in 2010. The Boston Museum of Science located in Boston, Massachusetts is 75 miles north of our proposed location opened in 1951. The Mystic Aquarium located in Mystic, Connecticut is 40 miles south of our proposed location opened in 1973. The New England Aquarium located in Boston, Massachusetts is 75 miles north of our proposed location and opened in 1969. Our OARSC Phase I project Research & Science Center with an Aquarium will be unique. OARSC combines the best of both worlds…Science & Research with an Aquarium. Three attractions for the price of ONE! Both Mystic Aquarium (38 years old) and New England Aquarium (42 years old) though well-kept are old facilities that lack new technology and modern interactive Aquarium facilities of the 21st century. The Phase II part of our OARSC project to construct a new ultra-modern and highly technological world class Aquarium will out class those two rival facilities. We plan to work closely with all four of our competitors to expand educational opportunities and co-operative efforts for the best interest of science and technology in the tri state region.

Management and Staffing Figure 1 in appendix shows the organizational chart for OARSC. Our staff will be a combination of professionals and volunteers. President - Victor Moffitt Vice President – Mary Mello Treasurer – Bertha Moffitt Secretary – JoAnn Roza Executive Director – Pat Sharkey Assistant to the Director – TBA Education Specialist - TBA Exhibits Coordinator - TBA Aquariums – Scott Crowe Science Exhibits - TBA Operations Manager – Bob Morris Director of Development and PR – Martha Hoey Trainor Board of Directors – 15 members Executive Committees & Chairpersons: Project Development – JoAnn Roza Business Partners & Sponsors – Michael Plante Media – Cathy Corelli-Chianese

Finance & Budget – Mary Quackenbush By-Laws – Attorney Richard Foster Membership & Volunteers – Tim Miller Science & Research – Victor Moffitt Educational Co-Op – John Carlevale Animal Policy & Capture - TBA Site Design & Floor Plans – Steve Ricci Fundraising – Mary Mello Exployer in Residence – Michael Lombardi

Fundraising: Planning for this project started in August 0f 2011with several small contributions used for capital start up budget. Our fundraising committee has plans for several fundraising events in 2012 to raise money for our capital campaign. The executive committee comprised of the Chairman, Vice Chairman, President, Vice President, Secretary and Treasurer has reached out to several Rhode Island and National corporations for potential sponsorships and partnering for our OARSC project. Most of these corporations has verbally pledged support but have not committed to a dollar pledge as we do not have a confirmed site or specific exhibits to sponsors to date. We feel very confident that when we secure a lease for the West Greenwich property we can obtain the financial support from many of these corporations to meet our budget. Based upon our projections be have established a preliminary cash goal of $3,850,000 *See the appendix for “Listing of Potential OARSC Business Sponsors

Construction and Remodeling Plan Major renovations are: Expanding stairwell to eight feet = $120,000 2 New Bathrooms (1st Floor) = $10,000 Electrical & Plumbing upgrades = $35,000 Wall/Office Demo’s & Carpeting = $35,000

TOTAL $200,000

Projected Capital Start Up Budget: Exhibits $260,000 Aquariums 200,000 Food Services 140,000 Marine Hospital & Hatchery 50,000 Furniture & Fixtures 25,000 Equipment 20,000 Renovations 200,000 Theatre 20,000 Gift Shop 60,000 Computer Labs 25,000 Signage 20,000 TOTAL $1,000,000

Analysis from 2010 ATSC statistics survey The survey consists of 166 respondents primarily science centers and some museum members of the ASTC. The data was reported by location, institution type, size and operating expenses. Much of OARSC financial projections are based upon this 2010 statistical survey and on our own knowledge of local revenues and expenditures. Location: 119 or 73.9% are US facilities Institution Types: 66.5% are science center, 10.6% museums, 8.1% children museums and remainder 14.8% are various museums, zoos and Aquariums. Size: Very Small (30) < 12,000 square feet Small (31) 12,000 – 25,000 square feet Medium (44) 25,000 – 50,000 square feet Large (54) >50,000 square feet NOTE: We are using statistical data relating to large facilities of > 50,000 square feet as our proposed facility is 93,000 square feet

Attendance: 507,258 annual average large facility Employees: 135 FTE = Full Time Equivalent Personal Expenditure per FTE: $46,622 median average Estimated Annual FTE Payroll = $6,293,970 Performance Ratios: On site visits per square foot (Median) 5.8 On site visits per FTE employees (median) 4,034 Operating expenses per on-site visit (median) 21.55 Operating Expenses per sq. foot (median) $135.67 Earned revenue per on-site visit (Median) $11.11 Operating revenue sources (average of total) U.S. only Earned Income 47.7% Public Funds 22.7%* Private Funds 24.5% Endowment Income 5.0%

Public revenue sources (average of total) State 25.7% Local 38.4% Federal 35.3% Misc. .6%

OARSC Projected Sources and Applications of Funds

Year Ended 12/31/2012

Sources General Admission (Schedule A) $ 750,000 Programs (Schedule B) 10,000 Gift Shop (Schedule C) 62,500 Food Services (Schedule D) 125,000 Memberships (Schedule E) 50,000 Fundraising (Schedule F) 3,850,000 TOTAL REVENUE 4,847,500 Applications Capital Start up $1,000,000 Payroll 3,000,000 Rent (50,000@ 3 months) 150,000 Utilities (25,000 @ 6 months) 150,000 Telephone (2,000 @ 6 months) 12,000 Maintenance & Cleaning 50,000 Office Expenses 25,000 Advertising & Promotions 50,000 Travel 12,000 General Insurance 50,000 Legal & Accounting 15,000 Newsletter, Publications & Printing 25,000

Miscellaneous 25,000 Total Expenses 4,564,500 Net Assets 83,500 TOTAL APPLICATIONS 4,847,500

OARSC

Projected Sources and Applications of Funds Year Ended 12/31/2013

Sources General Admission (Schedule A) $4,200,000 Programs (Schedule B) 25,000 Gift Shop (Schedule C) 350,000 Food Services (Schedule D) 700,000 Memberships (Schedule E) 350,000 Fundraising (Schedule F) 1,500,000 Cash Balance 83,500 TOTAL REVENUE 7,208,500 Applications Payroll (Schedule G) 4,662,200 Rent ($50,000 @ 12) 600,000 Utilities 480,000 Telephone 24,000 Maintenance & Cleaning 100,000 Office Expenses 25,000 Advertising & Promotions 240,000 Travel 12,000 General Insurance 75,000 Legal & Accounting 15,000

Newsletter, Publications & Printing 25,000 Traveling Exhibits 100,000 Miscellaneous 25,000 Total Expenses 6,383,200 Net Assets 825,300 TOTAL APPLICATIONS 7,208,500

Supporting Schedules Schedule A – General Admission

FY 12/31/2012 250,000/4 = 62,500 @ $12 = $750,000 FY 12/31/2013 350,000 @ $12 = $4,200,000 Schedule B - Programs FY 12/31/2012 Facility rentals, over-night camp, etc. $10,000 FY 12/31/2012 Facility rentals, over-night camp, etc. $25,000 Schedule C – Gift Shop FY 12/31/2012 250,000/4 = 62,500 @ $1 = $62,500 FY 12/31/2013 350,000 @ $1 = $350,000 Schedule D – Food Services FY 12/31/2012 250,000/4 = 62,500 @ $2 = $125,000 FY 12/31/2013 350,000 @ $2 = $700,000 Schedule E – Memberships FY 12/31/2012 500 families @ $100 = $50,000 FY 12/31/2013 3,500 families @ $100 = $350,000 Schedule F – Fundraising FY 12/31/2012 Public 50% and Private 50% = $3,850,000 FY 12/31/2013 Public 50% and Private 50% = $1,500,000 Schedule G – Payroll FY 12/31/2012 3 months plus start- up payroll = $3,000,000 FY 12/31/2013 100 FTE @ $46,622 = $4,662,200

Figure 1

Committees Secretary Vice-President Treasurer Executive Director

Oceans Aquarium Research & Science Center

Board of Director

President

Executive Assistant AssistantAssistant

Assistant

Marketing & PR Dir. DirDirDirecto Director Education Specialist Exhibit Coordinator

Development Director

Operations Manager

Educational Specialist

Project Development

Business Partners/Sponsors

Media

Finance & Budget

By-Laws

Membership/Volunteers

Science & Research

Educational Co-Op

Animal Policy & Capture

Site Design

Fundraising

Figure 2

Schedule of OARSC Sponsorship Opportunities

1st Floor: Marine Fish Medical Hospital $ 25,000 Marine Fish Hatchery $ 25,000 750 Gallon Reef Tank $ 10,000 Touch Tank #1 $ 10000 Touch Tank #2 $ 10,000 Multi Media Aquarium Exhibit $ 10,000 (36) 150 Gal. Aquarium ($5,000 each) $180,000 Oceans Café $ 70,000 Ticketing Area $ 10,000 Gift Shop (Includes $50,000 Inventory) $ 60,000 2nd Floor: (10) Ocean Science Exhibits ($10,000 each) $100,000 (10) Alternative Energy Exhibits ($10,000 each) $100,000 (20) Space & Science Exhibits ($10,000 each) $200,000 Computer Labs (50 laptops) $ 25,000 Oceans Theatre $ 25,000 Quohog Seafood Dock $ 70,000 3rd Floor: Children’s Play & Learn Center 20 Individual Theme Rooms ($5,000 each) $100,000 Creativity Building area (Lego) $ 10,000 Pirates Cove Exhibit area $ 10,000

Qouhog City – Construction Zone $ 10,000 Quohog Family Discovery Center $ 10,000

OARSC Relaxation Zone (WiFi) $ 10,000 (20) Research Labs ($1,000 each) $ 20,000 TOTAL $1,100,000

Individual Founding Membership Levels (First 250)

Bronze $100 Silver $250 Gold $500

Platinum $1,000

Corporate Founding Memberships Levels (First 250)

Bronze Membership $1,000 Silver Membership $2,500 Gold Membership $5,000 Platinum Membership $10,000

Corporate Naming Opportunities

Aquarium Section $100,000 Ocean Science Exhibits Section $100,000 Alternative Energy Exhibits Section $100,000 General Science Exhibits Section $100,000 Children’s Interactive Learning Section $250,000

Revision Notes & Updates:

Victor Moffitt met with West Greenwich Town Administration Kevin Breene regarding the OARSC project and he is in full support. He stated no additional zoning changes would be necessary for our project in the West Greenwich Industrial Park. We have added additional staff member positions and personnel. We plan to eliminate the 2 story 10,000 gal Aquarium tank and replace it with a high tech large screen multi- media exhibit. This will eliminate major foundation improvements. We have reallocated the $30,000 foundation renovation cost to adding 2 new bathrooms adjacent to the Oceans Café and additional plumbing and electrical upgrades. Only major renovation to existing building will be to expand stairways to 8 feet. Following floor plan changes: 2nd floor touch tanks are moved to the 1st floor. All Aquariums are now on 1st floor. Gift shop moved to front of building next to Oceans Café. We have added a Schedule of OARSC Sponsorship Opportunities. Businesses and individuals can sponsor individual exhibits or entire sections of our project. We are currently negotiating fees with two fundraising consultants to raise start up and operational income. Executive officers of OARSC have spoken to several potential business sponsors during the past year who have verbally pledged support for our project upon securing a permanent location. We are providing a partial listing of potential OARSC business sponsors, several of these businesses have verbally committed to our OARSC project for Rhode Island.

Listing of Potential OARSC Business Sponsors CVS/Caremark Corporation

Hasbro Corporation Amica Insurance GTech Corporation AMGEN Corporation FM Global Amtrol, Inc. Textron Raytheon NEA Coke Cola Pepsico RI Foundation RI Economic Development Corporation RI Tourism Bureau University of Rhode Island Brown University Bryant University Johnson & Wales University Roger Williams University Rhode Island College CCRI Providence College NASA National Science Foundation Gates Foundation Bank of America Coventry Credit Union Centreville Bank Washington Trust Company Citizens Bank Soladyne Woodard Laboratories Dunkin Donuts