Operating results deteriorate further

Higher gifts and grants boost cash flow

The Post & Courier was able to get a copy of the Aquarium's 2005 accounts some weeks ago. City Council members got theirs only before today's Council meeting. We were able to get our copy only yesterday, and it was the IRS 990 filing which by law is available to the public. Makes you wonder doesn't it? And it happens every year.

Continue reading "The Aquarium"

Posted by Warwick Jones at 06:29 PM | Comments (0)

But it needs $3.3 million by 2010. Hullo sales tax

Give the Aquarium its due. It has been tardy in the past in releasing its accounts. As a non profit, it is obliged to make its accounts for the previous year available to the public before May 15 of the following year. Last year, it was not until late August that we were able to secure a copy. But this year, City Council members and the press had copies by May 16. As usual, the release was accompanied by an optimistic spin. Mr. Jack Higgins the CFO was quoted in the P&C as saying "things are looking good". And with a potential $3.3 million loan forgiveness and a break on interest payments, things certainly seem much brighter. But it ain't all sunshine!

Continue reading "Aquarium gets a break"

Posted by Warwick Jones at 04:15 PM | Comments (0)

Warwick Jones, Editor

We are not normally in the habit of passing on rumors. But this one is so prevalent and credible, that we will break our custom. As the story goes the Bank of America has written off its share of the bank group loan to the Aquarium. At the end of 2003, the loan amounted to $8.7 million and we suspect that it was not much less than this at the end of 2004. Bank of America was the lead banker in providing the loan.

Continue reading "Bank of America writes off Aquarium loan?"

Posted by Warwick Jones at 10:16 PM | Comments (0)

First step taken towards an African American Museum

But financing hurdle is high

As usually happens, the Mayor got his way. At issue was $250,000 of funding to make a preliminary study for a new African American Museum. But in fact, the issue was the museum itself. To approve the funding, the final objective had to be endorsed. After a spirited debate, the funding was approved, but not unanimously. Council members Shirley, Fishburne and George voted against the proposal. All black members of council voted for the funding.

Continue reading "City Council Meeting - February 22"

Posted by Warwick Jones at 05:10 PM | Comments (1)

Warwick Jones, Editor

Last year the South Carolina Aquarium (SCA) incurred a loss of $2.4 million. This year, most likely another loss will be incurred though hopefully much less than in 2003. But cash flow could fall further and create a need to draw further on borrowings. The question is how much further can it draw and what could be the ramifications for the City of Charleston?

Continue reading "The Aquarium - a potential problem for the City?"

Posted by Warwick Jones at 05:58 PM | Comments (0)

Warwick Jones

We were not surprised that the Aquarium released its results before our meeting with The Aquarium's CFO. It was unlikely that we would be given an "exclusive". The Post & Courier ran the story on Saturday morning last though did not focus on some of the things we think are important.

Continue reading "The Aquarium - Large debt weighs on future financial performance"

Posted by Warwick Jones at 08:34 PM | Comments (0)

Warwick Jones, Editor

The Post & Courier's story today about the tardiness of the Aquarium in providing its annual report for 2003 should have been headline news over a week ago. Councilmember Robert George wrote a letter to the Mayor and other councilmembers on August 12, 2004 complaining about the issue and pointing out that the Aquarium had breached the terms of its sub-lease arrangement. The Post & Courier was informed at that time and has waited a week to air the issue.

Continue reading "Post & Courier acknowledges an issue with the Aquarium - at last"

Posted by Warwick Jones at 03:15 PM | Comments (0)

Warwick Jones, Editor

What is the mayor hiding? The audited accounts of the Aquarium for its last fiscal year should have been available some months ago. Councilman Mr Robert George has asked Mayor Riley for a copy several times in recent weeks but his request has been denied. He followed up this request with a formal letter to the Mayor and Council which was given to us yesterday.

Continue reading "The Aquarium - What is the Mayor hiding?"

Posted by Warwick Jones at 01:25 PM | Comments (0)

The Editors
The mayor is going to a lot of trouble to develop Ansonborough Fields. Could it be an effort to save the Aquarium, or at least an effort to lessen the financial hemmhorage? The mayor is intent on some form of development on the site that leads to the Aquarium. The development will include space for retail stores as well as affordble housing. Will this be enough to make a difference? We doubt it.

Posted by Warwick Jones at 08:56 PM | Comments (0)