The National Aquarium in Baltimore looks to increase fundraising efforts and expand exhibits after two national firms recently lowered their bond outlooks for the Inner Harbor mainstay.
Aquarium officials said they plan to build relationships with local firms and individuals ? and return to a rotating series of themed, limited-run exhibits to boost attendance numbers.
“Those who share [our] passion have something in abundance to give,” said John Goodenow, who was hired in August as senior director of development and charged with boosting philanthropy for the aquarium. “It may be their time, their stories, it may be their financial assistance, it may be their network.”
Contributions and grants totaled $9,532,193, or 23 percent of the aquarium?s $41.7 million budget last year, according to its 2006 annual report. Approximately 50 percent of the aquarium?s revenue comes from admissions, said Molly Foyle, director of media relations for the aquarium, with 30 percent from gift shop and on-site revenues and 20 percent from city, state and private contributions. Admissions cover 68 percent of the aquarium?s costs, according to the 2006 report.
The aquarium has about $23 million on hand, down from previous years, but attributed the decrease to the opening of the aquarium?s major permanent Australia exhibit, Foyle said.
Last month, Fitch Ratings downgraded its rating for the aquarium?s approximately $34 million in bonds to “BBB+” from “A+”, citing the attraction?s diminished liquid assets and declining attendance. In early September, Moody?s Investors Service lowered its rating on the bonds from A3 to A2, and both firms held a negative outlook at the lower levels.
The push for new philanthropy and change in exhibit structure was planned before the Moody?s and Fitch reports came out.
“There?s a longer-range plan to go back to the model of changing exhibits, sort of like we did with jellyfish and seahorses,” Foyle said. “It allows us to explore one animal or theme.”
Goodenow said the aquarium resembled other similar nonprofit institutions, which he said have been slow to seek out private contributions and assistance.
“There are a lot of not-for-profit organizations that have not addressed the role of philanthropy,” he said.
