...ICRCM has a remaining indebtedness of approximately $886,636 to the Carolina Bank.
Which is due February 15, 2014,
according to the museum's 2012 audit
delivered passed the second late deadline to the city.
...at this time when we are at the halfway point toward the expiration of the tax credits, ICRCM has not been able to retire the debt. Support from The City of Greensboro certainly assisted the Museum in making a substantial payment this year. [2014?]
...The Board of Directors is currently engaged in developing a comprehensive Debt Retirement Campaign...
...these funds fulfill the dollar for dollar match required to ensure that the City’s allocation is a forgivable loan.
ICRCM has retained the services of RLF Communications, an award winning firm. RLF will develop a media plan for announcing the Museum’s Debt Retirement campaign.
...The quarterly monetary goal to retire the Carolina Bank debt is $222,000.
City of Greensboro taxpayers are bailing out a local bank.
Board committee and/or staff responsible: Board of Directors
Potential collaborators/stakeholders: [space left blank]
Benchmarks/Measures of success: [space left blank]
Implementation timeline: [space left blank]
...The Museum has a small endowment held at the Community Foundation of Greater Greensboro (CFGG).
...New Market Tax Credits. ...In 2009, ICRCM qualified for the program, and received an investment of more $23,000,000 to complete construction of the facility.
...The U.S. Department of Treasury issued allocation authority to qualified equity investors to raise a certain amount of capital from investors which enable those investors to reduce the federal tax liability by 39% of the amount they invested over a seven year period.
The City of Greensboro bailed out wealthy investors
with almost everyone else's tax money
who overwhelmingly make less.
...Approximately $620,000 of the $1,500,000 of the funding from the City of Greensboro is reserved to satisfy the financial obligation of the New Market Tax Credits between fiscal years 2013 and 2016.
...With the expiration of the tax credit compliance period in 2016, expenses for ICRCM would drastically drop by more than $50,000 per month.
$50,000 x 12 = $600,000 per year to some of the wealthiest in America,
from some of the poorest in Greensboro, North Carolina
...GOAL: Sales and Retail Operations. Retail purchases (books, t-shirts, games, and other gift shop products) totaled $602,000 during the 47 month period from the February 1, 2010 opening to December 31, 2013. This effort must expand to include increased sales of $204,000 in 2014, $225,000 in 2015, and $250,000 in 2016.
48 months is four years.
$602,000 / 4 = $150,000 per year,
of which the most was probably sold the first year.
How much was sold last year?
What would be the hoped for year over year percentage increase?
If the local economy remains the same,
a taxpayer subsidized entity may very well take business
from local privately owned non publicly funded entrepreneurs
to reach this facility rental goal,
which will have to compete with the coming Wyndham for the same business
more than it already does.
$142,250 / 4 = $35,563 per year for facility rentals.
What are the expectations the center
will increase rentals by more than 12 times the four year average in 2014?
...Grants procurement efforts are expected to garner $2,073,000 in 2014, $1,500,000 in 2015, and $1,000,000 in 2016.
Really?
...The [annual Gala in February 2014] Gala will generate anticipated revenues in the amount of $120,000 in 2014, $325,000 in 2015, and $350,000 in 2016.
...ICRCM’s annual Golf Tournament in 2014 will draw upon the reputation of PGA legend Jim Thorpe who will redesign the one day event as a multi-day fundraiser that is anticipated to generate several hundreds of thousands dollars. Thorpe and his consultant, Tanya Wiley of WC Consulting/WCP Communications (Greensboro, North Carolina) will identify funding sources.
Tanya Wiley was Robbie Perkins' chief campaign strategist in 2013,
and worked for Skip Alston
who threatened Nancy Vaughan and MariKay Abuzuaiter
on the funding for the Bessemer Shopping Center deal.
How much did they bring in, in 2013?
...The new Executive Director, Director of Development, and the Board of Director’s standing Development Committee, will confer to prioritize the projects of The 1960 Society. This auxiliary of ICRCM will be expected to generate fundraising in the amount of $800,000 during 2014, $1,000,000 during 2015, and $1,200,000 during 2016.
Really?
...A Planned Giving Program is expected to grow over the course of three years in the following increments: $250,000 in 2014, $250,000 in 2015, and $250,000 in 2016.
...From the latter part of 2012 to the end of 2013, ICRCM has raised approximately $100,000 toward [Building a Better America (An Educational Initiative)]. It is imperative that this effort be significantly increased over the next three years to reflect the growth in the amount of $500,000 in 2014, $750,000 in 2015, and $1,000,000 in 2016.
..."Jesse Jackson: An Emerging Voice in 1963 America...Exhibition Expansion" ...has been set to garner funds in the amount of $3,000,000.
...Investments in making the Museum a “green” facility include expenditures in the following amounts: $314,000 in 2014, $250,000 in 2015, and $50,000 in 2016. ICRCM will realize cost savings by 2014 in the anticipated amount of $50,000 per year.
International Civil Rights Center & Museum
Sustainability Plan: 2014-16 January 31, 2014
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