I think several of the ideas above have merit. I also think that owning your land has an awaful lot going for it! At the Western Railroad Museum the major funding of the last decade was enormously helped by the fact that we own our land and have an endowment up and running. It is still small; but some day it will help with everything!

Donors like to know that their money will not be sent to some bank's profit pages.

Like someone said I wish more museums has this sort of problem!

Ted Miles

ted_miles@nps.gov

> 2. Think about an endowment. There is
> nothing like a steady stream of income,
> especially in poor times. Right now there
> are only a handful of railway museums with
> an endowment. Be one of them.

I am our Endowments Committee chairman. That's why it was not listed in my options that started this thread. We have 3 endowments. Ours have outperformed the endowment funds of large education institutions for the last to years; but in these economic times, I would hate to be depending on anything from endowments now.

For those interested, we have an endowment investment and maintenance policy in place. If interested, it's available in Word format. Just email me.

Keep the input coming on spending options. I really appreciate it.

wyld@sbcglobal.net

If it helps any, here is the information about the Mid-Continent Foundation, set up a few years back by Mid-Continent to help with the museum's financial problems:

(Information cut and pasted directly from Mid-Continent's web site for reference purposes only)

The Mid-Continent Foundation is a seperate corporation from MCRHS whose primary purpose is to build an endowment to help support long-term renovation and capital improvements for MCRHS. With your planned gifts, the Foundation will be able to make many contributions to the growth of the museum. Only then will Mid-Continent be able to enhance its 1900s railroad experience--a distant chapter in history--for all to enjoy.

The Museum Foundation has established seven funds to address Mid-Continent's critical needs.

Endowment Fund: to be controlled by the directors and used in part only to support long-term renovation, capital improvements, and administrative expenses of the Foundation.
Locomotive Fund: Restricted to the acquisition, restoration, and renovation of locomotives.
Archive Fund: Restricted to the preservation and housing of archives.
Passenger Car Fund: Restricted to the acquisition, restoration, and renovation of passenger cars.
Freight Car Fund: Restricted to the acquisition, restoration, and renovation of freight cars.
Right-of-Way Fund: Restricted to the extension of right-of-way, installation of turntable.
Buildings and Grounds Fund: Restricted to the acquisition of additional land, housing of equipment, and amenities for visitors.

The Foundation offers a convenient way to establish a planned giving program. Usually, the gift is a bequest in the donor's will; however, other options are available, and your attorney would have suggestions.

If you are an investor who has benefited from an increase in stock market values, please consider a donation of stock to the Mid-Continent Museum Foundation, which generally means that you avoid paying any capital gains tax on stock appreciation. Such a donation maximizes your assistance to Mid-Continent and historic railroading.

We encourage you to learn more about Mid-Continent and its needs. You may mail questions to the Foundation, P.O. Box 1665, Madison, Wis. 53701, or send an e-mail. A volunteer will call you; the Foundation does not have an office or fulltime staff.


ddg14@attbi.com

> We are about to receive a low six figure
> bequest of stock. Again, as with Thomas
> windfalls, the line is forming for those
> intent on advancing their causes with the
> money. (Luckily, our organization reasons
> rather than rants over these opportunities.)
> In this instance your feedback may be
> helpful. What would you do with the money
> given that: most of the diesel and steam
> maintenance and repair occurs outside, a
> significant part of our collection is not
> housed, we need a crown sheet replaced, we
> have a $300,000 land loan, insurance next
> year will approach $100,000, we need better
> visitor amenities (restrooms/snackbar) among
> other things?
Mr Wylde
Your Steam Crew and your diesel crew have worked outside in the sun and the rain for over 25 years and done a great job of keeping things in running order. these people ask for little. I for one think its time to give these two groups a covered work area.
Thanks for asking Dave Wolven O.E.R.M.

davewolven@msn.com

I can't believe that you apparently do not have a shop for your steam engine yet you ask what to spend a windfall on. A SHOP! (more below)

most of the diesel and steam
> maintenance and repair occurs outside,

a
> significant part of our collection is not
> housed, we need a crown sheet replaced, we
> have a $300,000 land loan, insurance next
> year will approach $100,000,

we need better > visitor amenities (restrooms/snackbar)

Also, very important!


Old Time Trains
oldtimetrains@rrmail.com

First principal is to keep your head. And to try to make sure everyone around you keeps theirs.

Second is to identify the possible uses.

Third is to evaluate these uses:
A. Immediate needs v. long term need and future needs.
B. Possibility of other funding sources for these uses.
C. Benefits v. opportunities.
D. Visitor v. staff, visitor v. collection, preservation v. use.

Fourth is to make sure that no one person drives your process.

Fifth is to make sure you get understanding, buy-in, and consensus; this is not the same as 100% agreement. There has to be give and take.

BN

bnorden49@earthlink.net

As a mechanical engineer, it seems to me that you need to preserve what you already have, and that means (low-cost) environmental covers. It will only cost more to fix it in the future!
This last year my wife actually could not decide between a new roof or new carpets... I quickly showed her which HAD to come first...
Kimball

Can't overestimate the value of endowments.

Within the last two years our local NRHS chapter sponsored several mainline excursions. Wise fiscal management -- and everything going right -- resulted in a tidy but not quite windfall-sized profit (certainly not in the same league as six figures).

The Board of Directors decided to recommend a long-term view and asked the membership for approval to establish an endowment fund to support the chapter's current restoration effort, an ex-PRR interlocking tower. The building is in pretty good shape but needs a new roof. A restoration of the interlocking machine and model board to replicate train movements and illustrate the function of block operators is under way. The structure also has recurring utility, insurance, security, and tax expenses.

Happily, the membership heartily and unanimously approved. The interest from the endowment won't cover 100% of the tower's ongoing maintenance and operating expenses, but will take a big bite out of them, significantly lightening the burden on the chapter's year-to-year budgeting process.

Dan Cupper
Harrisburg, Pa.

cupper@att.net