Honor. Educate. Inspire.

ANNUAL REPORT | 2010 - 2011 TABLE OF CONTENTS

01 Museum Mission 02 Letter from Co-Chairmen and President 03 2010-2011 At A Glance Museum Highlights Education Highlights Temporary Exhibitions 07 Board of Trustees and Museum Executives 08 Supporters and Sponsors 12 Financials MUSEUM MISSION

HONOR. EDUCATE. INSPIRE.

The mission of the Intrepid Sea, Air & Space Museum Complex is to honor our heroes, educate the public and inspire our youth. As an educational and cultural not-for-profit institution centered on the Intrepid, a National Historic Landmark, the Museum is dedicated to promoting the awareness and understanding of history, science and service through its collections, exhibitions and programming.

ANNUAL REPORT 2010 - 2011 01 Letter from the Co-Chairmen and president

This annual report of the Intrepid Sea, Air & Space Museum Complex will give you an overview of the Museum’s accomplishments and financial position for our fiscal years 2010 and 2011, and an inside look at one of ’s — and indeed the entire nation’s — outstanding cultural and historic attractions.

The period covered in this report represents a very exciting time in Intrepid history: the first two full years of operation since the Museum reopened after a comprehensive restoration from 2006 through 2008. Since the reopening the Museum has made substantial advances, greatly improving our visitor experience, our collection and our educational outreach. Our team strives to ensure that every visitor who comes aboard Intrepid enjoys an unforgettable experience.

We made great strides in fiscal years 2010 and 2011. Our visitor numbers are consistently above levels of those before the restoration; our educational programs are reaching more students than ever; we have launched a dynamic special exhibition program; our aircraft restoration team completed their most ambitious project to date – the complete rebuilding Charles de Gunzburg of two historic aircraft and restoration of five others with a crew of mostly volunteers; we Co-Chairman established groundbreaking access programs for visitors who are blind or partially sighted, deaf or hard of hearing and families affected by developmental disabilities; and we have seen record numbers in fundraising, special events and many other Museum initiatives.

The Intrepid Sea, Air & Space Museum Complex is beginning a new era. In April 2011, after a national competition, NASA chose the Intrepid Museum for the permanent home of the space shuttle Enterprise. Our team has worked tirelessly to prepare for her arrival in spring 2012. The story of NASA, the space shuttle program and the individuals who contributed to her amazing history will be featured in the exhibition surrounding the space orbiter in her temporary pavilion home on the Flight Deck of Intrepid. The addition of this significant artifact to our Museum Complex is also expanding our already substantial education programs in science, technology, math and engineering. Plans are also underway Richard T. Santulli Co-Chairman to create a science and technology center that will be a part of the future permanent home for Enterprise. We have already received substantial financial support that contributed to funding the transportation of Enterprise to New York and with her arrival will be launching a campaign to create the opportunity for broad community support for her future permanent home.

The key to Intrepid’s continuing success is without question the magnificent team that works hard every day to ensure the Museum fulfills its mission. We thank all Intrepid “shipmates” for their hard work and dedication.

Most importantly, thank you for your interest in the Intrepid Sea, Air & Space Museum Complex. We look forward to welcoming you aboard!

Susan Marenoff-Zausner PRESIDENT

02 INTREPID SEA, AIR & SPACE MUSEUM COMPLEX 2010-2011 at a glance May 2009 museum highlights June 2009 Kamikaze: Day Museum Audio of Darkness, Day of Tours launch in Light Exhibit returns seven languages to Intrepid

June 2009 Launch of Intrepid’s Free Annual Summer Movie Series on the Flight Deck

October 2009 May 2009 & Launch of public 2010 guided tours at Annual Salute to Intrepid Freedom Gala

November 2009 Unveiling of 9/11 Memorial at Intrepid

May 2009 & November 2010 2010 Seats of Honor Annual Fleet Week program launch Celebration

July 2010 Annual July 4th November 2009 Celebration and & 2010 Macy’s fireworks Annual Veterans viewing from Day Ceremony Intrepid’s Flight Deck

March 2011 Intrepid celebrates Women’s History Month with launch of first annual Salute to Women programming

April 2011 NASA announces Intrepid to be the new home of space shuttle Enterprise

ANNUAL REPORT 2010 - 2011 03 2010-2011 at a glance Education Highlights

Educational Programs: During the 2009-2010 and 2010-2011 school years, 57,000 students, teachers, adults, senior citizens and families participated in programs led by Museum Educators. Among our visitors for education programs, 58,000 additional students benefited from Museum Educator-led professional development programs for their teachers.

43,000 Pre-K - 12 students participated in tours and workshops during the school day.

14,000 visitors (Pre-K – senior citizens) engaged in our specialized leadership programming, after-school enrichment, teacher professional development, summer and holiday camps, weekend demonstrations, access tours and events, and off-site programming at libraries, community centers and hospitals, including:

• Museum Educators worked with approximately 1,300 schools and community venues from the five boroughs and the tri-state area.

• More than 5,000 students participated in 25 Power of One eminent speaker programs that welcomed prominent individuals who have confronted and overcome adversity to speak with students about living by the values of respect and responsibility, and overcoming challenges.

• 130 students successfully completed the Leadership Institute for Today and Tomorrow program, (L.I.F.T.T.) 50 in the 2009-2010 school year and 80 in the 2010-2011 school year.

• Approximately 600 teachers participated in the Museum’s professional development programs including open houses, full-day programs and five-day institutes.

highlights

Open captioned videos and films for visitors with hearing impairments.

04 INTREPID SEA, AIR & SPACE MUSEUM COMPLEX 2010-2011 at a glance Education Highlights

Fourth grade class examines aircraft during Aviation tour.

• Launch public events and school programs for • New Intrepid Sails programs, led in schools during • High school student interns over the past two years visitors with sensory or cognitive disabilities the school day as pre-visits before classes visit the came from City-As-School and School of the Future in who are deaf or hard-of-hearing, blind or with Museum, were developed to capitalize on authentic , Rosedale Achievement Center in the Bronx, low vision, and with emotional or developmental artifacts from the ship and the history of its the Manhattan Borough President’s Office, Lighthouse challenges, such as autism. New programming is in missions. These new programs, Sailing the Seas and International and the Frances Perkins Academy. development for visitors with dementia and their Secret Codes, trace the path of Intrepid as it cruised caregivers, to launch in Spring 2012. around the globe and examine authentic signal • New partnerships were developed with colleges flags from the ship as historic artifacts encouraging and universities, and the Education Department • New programming series for children at Mt. Sinai students to use their imagination to create their hosted eight undergraduate interns from Hospital featuring Museum Educators leading lessons own secret codes. Hunter College, Skidmore College, University of over the hospital’s closed network TV program. Connecticut, University of Pennsylvania, Drew • Intrepid continued to build the relationship with the University and Columbia University, and four • In both psychiatric and medical settings, the Museum NYC Department of Homeless Services through an graduate interns from Columbia University, New Educators continued their work with students in extension of the Community Connections programs, York University and the University of Colorado. hospital schools, who have a range of mental and for families in transitional housing. More than 1,000 physical needs, introducing science concepts related people in transitional housing came to Intrepid • Power of One speakers included former Tuskegee to aviation, and provided resources for teachers. at no cost for specialized visits that included Airman Dr. Roscoe Brown; Mercury Astronaut Scott performances, tours, family activities and meals. Carpenter; Vietnam pilot and P.O.W. Dave Carey; • Intrepid was nominated by City Council Members Olympic Athletes; multi-platinum producer Amadeus; to partner with 11 NYC public schools in all • Video conferencing programs expanded over Sailors for the Sea; Jet Propulsion Laboratory five boroughs. the past two years to connect with senior citizen Astronautic Engineer Randii Wessen; Rwandan • School pre- and post-visit worksheets became groups in New Jersey and in Ohio at nursing homes Genocide survivor Eugenie Mukeshimana; inspiring available to teachers online in downloadable formats and other assisted living communities, as well as Multiple Sclerosis marathon runner Zoe Koplowitz; for use in the classroom, along with expanded teacher with schools in Alberta Canada, New Jersey, Virginia Platinum recording artist Shontelle; pioneering resources, suggested reading lists, lesson extensions and Washington. sports legends Leslie Allen (tennis) and Phaidra and historic and exhibit photos. Knight (rugby).

Video Museum conferencing Educator led programs student tours expanded over and workshops. the past two years.

ANNUAL REPORT 2010 - 2011 05 2010-2011 at a glance temporary exhibitions

Opened December 15, 2009 Opened January 16, 2010 This traveling exhibit included 29 high-resolution prints of Charles M. Schulz’s The Intrepid Sea, Air & Space Museum Complex partnered with the Jet Propulsion original designs for Snoopy as a World War I Ace from the collection of the Laboratory in Pasadena, Calif., and NASA to present an exhibition featuring a Charles M. Schulz Museum and Research Center in Santa Rosa, Calif. While Schulz full-scale model of the Mars Rover. The exhibition addressed the role of the was drawing scenes of Snoopy as a flying ace, USSIntrepid crew members were USS Intrepid in the American space program and included a number of exciting creating their own original artwork featuring the Peanuts gang. These original Museum programs featuring scientists and engineers who are working on the “sailor art” cartoons were also on display. next generation of Mars Rovers.

This was a Program of ExhibitsUSA, a national division of Mid-America Arts Alliance and The National Endowment for the Arts.

Opened June 12, 2010 Opened March 1, 2011 This special exhibit told the story of the 1967 Apollo 1 tragedy when, during The purpose of wartime posters was to unify and mobilize . During routine tests, fire engulfed the command capsule and took the lives of astronauts World Wars I and II, U.S. government posters urged citizens to make a personal Virgil “Gus” Grissom, Edward White and Roger Chaffee. Through rare photographs, commitment to the war effort. The special exhibition Inspiration and Industry artifacts and narrative, the exhibit explores this pivotal event, which riveted the drew upon original wartime posters to explore the contributions of women during attention of a heartbroken nation, set new standards of heroism and service to these two conflicts. Using more than 20 striking examples from the Intrepid’s country and changed the course of space exploration in America. The exhibition collection, Inspiration and Industry examined these contributions and considered also explored the Intrepid’s role in the U.S. space program. the ways in which these pioneering women helped pave the way for subsequent generations.

06 INTREPID SEA, AIR & SPACE MUSEUM COMPLEX Board of Trustees and museum executives

Co-Chairmen of the Mr. Marc E. Kasowitz The Honorable John McCain Mr. Barry R. Sloane David Turner Museum Board Partner, Kasowitz, Benson, Senate Co-President & Co-CEO, Executives Torres & Friedman LLP Century Bancorp Mr. Charles de Gunzburg Admiral William A. Owens, Investment Committee Susan Marenoff-Zausner First Spring Corporation Mr. David Levinson USN (Ret.) Lt. Gen. Martin R. Steele (Ret.) President Chairman & CEO, L&L Holding President & CEO, AEA Holdings USMC Kent Karosen Mr. Richard Santulli Patricia Beene Company LLC Chairman Mr. Nelson Peltz Mr. Robert Stelben Chief Financial Mrs. Pamela Liebman CEO, Founder/Partner, Trian Steven Fisher Administrative Officer Mr. Richard Torykian Vice Chairmen President and CEO, The Management, L.P. Chairman & CEO Torykian Stanley Hubbard Lorraine A. LaHuta Corcoran Group Mr. Denis A. Bovin Mr. Pat Rainey Capital Advisors, LLC Senior Vice President Tom Secunda Co-Chairman & Co-Chief Mr. John McAvoy SVP, Corporate Workplace Institutional Executive Officer, Stone Key Senior Vice President for Central and Global Supplier Advancement Partners LLC Operations, Con Edison Co. Ally Financial Intrepid Museum Compensation Board of Marc Lowitz Mr. Martin L. Edelman and Management Ms. Georgette Mosbacher Mr. David Robinson Trustees Committee Senior Vice President, Counsel, Paul, Hastings, Development CEO & President, Borghese Founder, Admiral Capital Group Membership Business Development Janofsky & Walker LLP Committee Mr. James L. NederlanderJr. Mr. Howard Rubenstein Executive Committee David Winters Mr. Mel Immergut President, Nederlander President, Rubenstein Marc Kasowitz Executive Vice President Chairman, Milbank, Tweed, Producing Co. of America, Inc. Associates, Inc. Charles de Gunzburg Chairman Hadley & McCloy, LLP Co-Chairman Matt Woods Mr. Dean O’Hare (Ret.) Mr. Arthur Wilson John McAvoy Senior Vice President, Mr. Howard W. Lutnick Chairman and CEO, National Adjutant, Disabled Richard Santulli Kent Karosen Facilities, Engineering Chairman & CEO, Cantor Chubb Corporation American Veterans Co-Chairman and Security Fitzgerald L.P., Chairman & Joseph Plumeri CEO, BGC Partners Mr. Joseph Plumeri Denis Bovin John Zukowsky Chairman and CEO, Willis INTREPID MUSEUM Richard Santulli Interim Senior Vice Mr. Bruce Mosler Marty Edelman Group Holdings FOUNDATION President Exhibition, Chairman of Global Brokerge, Charles de Gunzburg TRUSTEES EMERITUS Winston Fisher Interpretation and Cushman & Wakefield Mr. Thomas F. Secunda Special Projects Founding Partner, Bloomberg Dr. William F. Baker Stanley Hubbard Mr. Steven Roth Nominating/ Former CEO, WNET / Channel 13 Chairman, Vornado Realty Trust Mr. David H.W. Turner Mel Immergut Governance Senior Vice President, Finance, Brig. Gen. Peter M. Dawkins, Committee Howard Lutnick Thomson Financial USA (Ret.) Bruce Mosler Trustees Founder & Principal Shining Bruce Mosler Ms. Barbara Walters Chairman Star Capital, LLC Mr. Gerry Byrne Correspondent, ABC News and Steven Roth Martin Edelman Founder/Partner, Fidelis Global Creator/Co-Executive producer Mr. Pete Haas Enterprises LLC and Co-host of The View President, Marine Corps - Law Howard Lutnick Exhibits and Education Mr. Kenneth Fisher Enforcement Foundation Committee Georgette Mosbacher Senior Partner, Fisher Brothers INTREPID MUSEUM Mr. James Kallstrom FOUNDATION Pamela Liebman Mr. Steven Fisher Mr. James G. Kennedy, Jr. ADVISORY COUNCIL Chairman Finance Committee Chairman & CEO, Plaza Chairman, James G. Kennedy Construction Corporation Mr. James D. Bishop, Sr. & Co., Inc. Gerry Byrne Denis Bovin Chairman & CEO, Chairman Mr. Winston Fisher Mr. William Loomis James Nederlander Caithness Energy Senior Partner, Fisher Brothers David Levinson Vice Adm. Edward Martin, Winston Fisher Mr. Gregory Cuneo Mr. Stanley S. Hubbard USN (Ret.) Chairman, HRH Construction Chairman & CEO, Hubbard former Prisoner of War Broadcasting, Inc. Mr. James Hagedorn Audit and Compliance Rear Adm. Robert A. Rosen, Chairman, President & CEO, Committee Mr. Kent L. Karosen NYNM, (Ret.) The Scotts Miracle-Gro Company President, Karosen Strategic President, Rosen Associates Mel Immergut Partners, LLC Mr. Vernon W. Hill, II Management Corp. Chairman Founder, Hill & Co. Dean O’Hare

ANNUAL REPORT 2010 - 2011 07 Supporters and Sponsors

Official Museum Claudia and Nelson Peltz Lieutenant Net Results We gratefully Corporate Sponsors Commanders News Corp NYSE Euronext Bank of America Atlantic Philanthropies acknowledge Stephen B. Siegel O’Connor Davies Munns & Anheuser-Bush Belway Electrical Contracting Dobbins, LLP Larry A. Silverstein Corp. these supporters The Coca-Cola Company Osman Ltd. Viacom Berdon, LLP J&R Music World Joseph R. Perella and sponsors who Dave and Reba Williams Peter Bloom The Perkin Fund Trustees, Individuals, Borghese generously contributed Foundations, Commanders Remco Maintenance, LLC Corporations and Robert Catell Sol Barer Rockpoint Group, LLC to the work of the Organizations Chartis Insurance Denis and Terry Bovin Howard L. Romanow Cobham Intrepid Museum from Admirals Consolidated Edison Company Susan & Elihu Rose Foundation of New York, Inc. Congressional Medal of Honor Fisher Brothers Foundation Schwab Charitable Fund 2010-2011. Cushman & Wakefield Credit Suisse Corcoran Real Estate Group Shearman & Sterling, LLP John Finnegan Vice Admirals Cravath, Swaine & Moore LLP Skadden Arps Arnold Fisher Charles and Nathalie de Gregory and Anna Cuneo Starr Foundation Gunzburg Kenneth Fisher Mark F. Dalton Star Printing and Design ESPN Steven Fisher Davis Polk & Wardwell LLP Jeremy Steindecker Maurice R. Greenberg HBO Dilenschneider Group, Inc. Verizon Foundation James Hagedorn Vernon W. Hill Disabled American Veterans Barbara Walters Marc and Lori Kasowitz Mel Immergut Max and Victoria Dreyfus Wells Fargo Private Bank Intelius, Inc. Motorola Foundation Foundation Wounded Warriors Project Emily Fisher Landau Howard and Allison Lutnick Charles Dubroff Leonard A. Wilf Thomas H. Lee Richard and Peggy Santulli FdG Associates Andrew D. Zacks Tom and Cindy Secunda Simone and David Levinson Candia Fisher PGA Tour Charities, Inc. Miami Dolphins Gwen Fisher Lieutenants Paul Hastings, Janofsky and Milbank, Tweed, Hadley & Fulbright & Jaworski LLP Roger Ailes, Channel Walker, LLP McCloy, LLP Claire Giannini Fund Anchor Construction Bruce E. Mosler Gibson, Dunn & Crutcher LLP ARA Plumbing Captains Dean O’Hare Suni and Woody Harford Astoria Federal Savings Ambrose Monell Foundation Joseph J. Plumeri H.J. Heinz Company Barclays Capital Amherst Securities Group, LP Steven Roth HSBC Private Bank Gerry Byrne Bloomberg Jack Rudin Carl C. Icahn CD Brady Charles R. Bronfman Stephen B. Siegel ISS Facility Services, Inc. Sean Coffey DRS Technologies Charitable Star Paper Printing & Design, LLC Foundation, Inc. Rush Limbaugh James Flaum TD Charitable Foundation Grindstone Foundation Madison Square Garden Flight Avionics of North Thomson Reuters America, Inc. Hearst Foundations, Inc. Mana Products Inc. Time Warner Cable Scott and Icy Frantz Stanley and Karen Hubbard Tom Marano David H.W. Turner Richard S. Fuld, Jr. Sonia and Paul Tudor Jones Microsoft Vornado Realty Trust Albert & Slyvia Garlinghouse Pamela Liebman Montblanc North America, LLC Joseph LeRoy & Ann C. Warner Richard & Peggy Greenfield James Nederlander Fund Bill Nelson, HBO Foundation

08 INTREPID SEA, AIR & SPACE MUSEUM COMPLEX Supporters and Sponsors

Marc Hanrahan Eugenie Doyle Government Entities Honorable Thomas P. DiNapoli, Honorable Joan McDonald, Comptroller, State of New York Commissioner Scott Higgins Kristen Kelly Fisher The Intrepid Sea, Air & Space Museum offers special thanks Honorable Sheldon Silver, Elliot Horowitz Guido Goldman City of New York to the following government Speaker, New York State James Jacob Clifford Hartman officials and organizations for Assembly Honorable Michael R. their continued support of the Bloomberg, Mayor Kent Karosen Ink48 Honorable Dean G. Skelos, Museum Majority Leader, New York Honorable John C. Liu, Howard D. Katz Jill and Ken Iscol State Senate Comptroller Susan G. Komen Foundation Keefe, Bruyette & Woods, Inc. United States Government Honorable Thomas K. Duane, Honorable Scott M. Stringer, Laura Landro Dennis and Karen Keegan New York State Senate Borough President, Manhattan Honorable Charles E. Schumer, Latham & Watkins, LLP Greg Kelly Honorable Richard N. Gottfried, Honorable Marty Markowitz, New York State Assembly Borough President, Brooklyn Novartis James W. Kennedy Honorable Kirsten Gillibrand, United States Senate New York State Council on Honorable Helen M. Marshall, Royce Family Fund Jeffrey B. Lane the Arts Borough President, Honorable Jerrold Nadler, Jack Rudin Paul M. Lewis United States House of Kristin Herron, Director, Honorable Ruben Diaz Jr., Richard Salomon Frost Lighting Representatives Museum Program Borough President, Bronx Sky Retail David J. Manning Honorable Carolyn Maloney, New York Council for the Honorable James P. Molinaro, United States House of Humanities Borough President, Staten Island Gene P. Spiegelman William Marden Representatives Jane Mcnamara, Director of Dennis Swanson McCann Systems Department of Defense Grants and Programs Honorable Christine Quinn, Swieca Family Foundation Bruce Olson Karen Rooney, Grants Officer Lauren Kushnick, Manager of Speaker Jonathan Tisch Francis C. Parson Grants and Technology Gloria Hailey, Contract Honorable Elizabeth Crowley Wells Fargo Bank Michael Pascucci Administrator Dormitory Authority of New York Honorable Daniel Dromm Josh & Judy Weston Family Gary Polson J a m e s L j u t i c , A d m i n i s t r a t i v e Karen B. R ieth, Budget Director Honorable James F. Gennaro Foundation Contracting Officer, Judy McNally, Grant Program Premier Partnerships Administrative Grants & Honorable Vincent J. Gentile Assistant Rubenstein Associates Agreements Officer Honorable Eric Gioia Ensigns Empire State Development Howard J. Rubenstein Marvin Liebman, John Adelman Corporation Honorable Daniel J. Halloran Administrative Contracting, Schindler Elevator Corporation Catherine Adler Grants & Agreements Officer Anita W. Laremont, Senior Honorable Vincent Ignizio Vice President, Legal and Sebonak Golf Club Institute of Museum and Honorable Larry B. Seabrook Austin & Williams General Counsel Donald C. Sherman Library Services Honorable Eric Ulrich Beacon Paint & Hardware Sheri Lippowitsch, Vice Marsha L. Semmel, Deputy Stamford Tent & Event Services President, Loans and Grants Honorable Beardon L.L.P Director for Museums T. Rowe Price Energy Research and Honorable Patricia E. Harris, Jane Beasley Sandra Narva, Senior Michael Sumersille Development Authority First Deputy Mayor David Berkey Program Officer Francis J. Murray, President Honorable Carol A. Robles- Dennis D. Swanson Steve Shwatrzman, Senior Bethpage Federal Credit Union & CEO Román, Deputy Mayor for T. Rowe Price Associates, Inc. Program Officer Legal Affairs Chris Bilbro Edward B. Kear, Senior Urban Foundation-Engineering, National Endowment for the Blackbaud Project Manager Honorable Robert K. Steel, LLC Humanities Deputy Mayor for Economic Matt Wiley, Contracts California First National Bank Jim Leach, Chairman Development William and Patricia White Administrator Robert B. Catell David Martz, Program Economic Development Myles Wittenstein Office of Homeland Security Roseann R. Colwell Manager Corporation Julie Wolfe Valerie E. Bloomer, Program Anne Lopez-Buitrago, Honorable Seth W. Pinsky, Ray Costa Representative Clifford M. Yonce Grants Administrator President Cross-Fire & Security Co., Inc. Office of Parks, Recreation and Jay Kelly, Project Manager Robert Derector Associates State of New York Historic Preservation Department of Design and Honorable Andrew M. Cuomo, Deutsche Bank Merrill Hesch, Grants Officer Construction Governor Anthony DiProperzio Department of Transportation

ANNUAL REPORT 2010 - 2011 09 Supporters and Sponsors

Honorable David J. Burney, The Port Authority of New York In Memoriam Donation from Roy C. Latall Walpin Family FAIA, Commissioner and New Jersey the Amend Family Theodore Lavoot John F. Wisted, honoree Denise Zinssmeister, Project Patrick J. Foye, Executive Elmer E. Anderson Alfred Litke Wesley E. Wittich Manager Director In Memoriam Donation from In Memoriam Donation from In Memoriam Donation from Dorothy Anderson Department of Cultural Affairs Park Trust Judith Litke the Wittich Family Paul E. Haller Honorable Kate D. Levin, Diana L. Taylor, Chair Rudolph Loizzi Paul G. Zimmermann In Memoriam Donation from Commissioner In Memoriam Donation from Madelyn Wils, President & Gale D. Baldwin William R. Loomis the Zimmermann Family Susan Chin, FAIA, Assistant CEO In Honor Donation from Commissioner, Capital Projects David Benedict William R. Loomis, Jr. Noreen Doyle, Executive Vice Elizabeth Bennett, Director President Benjamin R. Berkey John McAlick Artifact Donors In Honor Donation from In Memoriam Donation from Jill Ariela Putterman, Arts Laurie Silberfeld, General David W. Levinson Jean McAlick Ronald Ames Program Specialist Counsel & Vice President Charles E. Boisselle Horace “Mike” Michelson John Anderson Betsy McClelland, Grants In Memoriam Donation from Manager The United States Gerry Byrne Robert Bagdon Armed Forces Dean O’Hare Department of Youth & Leslie C. Clemmer Gale D. Baldwin United States Army Leland H. Miller Community Development Joseph T. Cobert Sara M. Barnacle Robert J. Natter Honorable Jeanne B. In Memoriam Donation from In Honor Donation from The Jerome Biederman Mullgrav, Commissioner the Cobert Family Mel Immergut Collection Joseph Salvayon, Program United States Marine Corps Gerald David Deeney Antonio Nibbs Virgil Bowers Manager In Honor Donation from United States Coast Guard Stanley Hubbard Anthony J. Nickert Daniel and Cynthia Buttafuoco Manhattan Community Board 4 In Honor Donation from Jack H. Edwards Dennis Byrne Corey Johnson, Chair Corporate Members Joan Nickert In Honor Donation from the Charles L. Campbell Robert J. Benfatto, Esq., American Express Jack Edwards Todd Owens District Manager In Honor Donation from Martin D. Carmody Bloomberg Richard Kenna Gaines William Owens Office of Emergency In Memoriam Donation from Jacob Lewis Christian P.D. O’Hurley’s Management Maud Gaines Tarrant Robert F. Patton Estate of Lt. L. E. Colburn Fisher Brothers In Memoriam Donation from Honorable Joseph F. Bruno, Richard N. Gauthier the Patton Family Justine Cooper Commissioner Plaza Construction In Memoriam Donation from Laurence Blackburn Joseph Pavlov, Jr. Michael W. Cuff Fire Department British Airways In Honor Donation from the James A. Gibbs Escort Historical Honorable Salvatore Bank of America Pavlov Family Museum/ USS Slater Cassano, Commissioner Nicola Gigliotti David W. Ribar Donald D. Di Marzo Office of Management and In-Kind Donations John Lee Gill John F. Rossano Budget In Honor Donation from The Doerr Family Avant Business Services Family and Friends Donald Rothgery Mark Page, Director Benjamin Donaldson Gibson, Dunn & Crutcher, LLP Lewis L. Gross Thomas R. Rushton Department of Parks & Frank Doria Hudson River Park Trust In Memoriam Donation from In Honor Donation from the Recreation the Gross Family Rushton Family Vernon Dorkins Kennedy Johnson Gallagher, LLC Honorable Adrian Benepe, Melvin L. Hardin David J. Saliba Laurel DuBois Powell and Commissioner Moses & Singer, LLP George Christopher DuBois Leonard B. Hittner James G. Stavridis Police Department Paul Hastings, Janofsky and In Honor Donation from George Eddy Walker, LLP Stanley Eugene Hubbard Honorable Raymond W. Kelly, Mel Immergut In Honor Donation from Stuart and Bruce Elefant and Commissioner Restaurant Associates Stanley Hubbard Allen E. Stevens families Department of Sanitation Valentine Industries Thomas Kearney Jacob Stub Martin W. Engelsen Honorable John J. Doherty, In Honor Donation from Wizard Studios Robert Kwong Lee Eurich Commissioner Stanley Hubbard Christopher Landro Gerald Feola Richard H. Truly Seats of Honor In Honor Donation from Joint Government Campaign James Fischer Agencies Richard Salomon Gerald Walpin Nathaniel G. Amend In Honor Donation from the Sam Folsom

10 INTREPID SEA, AIR & SPACE MUSEUM COMPLEX Supporters and Sponsors

Timothy H. Frost John F. Suddath Marino DiLeo Bill Kurtis Sami Steigmann Maud Gaines Tarrant Dwight Tintle and George Glenn Doherty Patrick Leblanc Karl Steinbrenner Pisani, Jr. Gene Garda Robert Domingo Jennie Lichtenberger Martin Sternberg Robert A. Trisler James Gillespie Ted Eis Enrico Mandragona Jerry Stone John Tutor Alan Graves Stuart Elefant Scott Mannis Pan Sun Charles Valentino William Groeneveld John Esposito Henry Michaelis Eviemarie Sundre Henry Weeden Colleen Haight JP Esposito Andre Monzain David Sypen The Weinstein Family John W. Hays Bryan Feliz Harris Moore David Tice Jim Welte Duane F. Heatwole Arthur Flynn Joseph Morales Melvin Tillman The Family of RADM Charles S. Joel S. Howson Samuel Folsom George Morante Elizabeth Tom Williams Edward Arthur Ritter and Roy Fredricksen Carolyn Morris Nancy Toombs Pamela Benedict Zieber Valerie Junge Debra Friedmann Francis Nation Peter Torraca Arthur R. Ziemer Kerry Kehoe Milton Garin Willy Neuweiler Janet Tyrna John Zukowsky Lisa Kereszi John Gill John Nicosia Marie Walsh Michael L. Klosterman and Volunteers Amy Anne Gillman Charles Nixon Peter Weiland Family Eric Adler Leonard Gold Brendan Ogle Vivian Wong Mark Levandoski Abdo Alamari Estelle Gottlieb Nathan O’Konek Nicholas Zilocchi Elizabeth Lewis Richard Allen Jerry Gottlieb Carlos Opio Bryan Lorber John Alo Louis Grasso Louise Parris Donald A. Lorimer Richard Apicella Paul Grigonis Susan Pasquariella John Lyon P.J. Aronica Ronald Guggenheim Martin Paul Phillip Mall Lawrence Bassett Jeffrey Guttenberger Bob Phelan John R. May Joan Bennett Patricia Hansen Jake Phillips Eugene Meyer Membership Joanna Bluestone Robert Hartling Fontaine Piper Paula Newark Mitchell Patricia Brennan Robert Hennessey Phil Prainito Charles Moyer The Intrepid Museum wishes Joanne Brogan Bridgitte Hlaing Renard Priester Robert L. Owens Karen Brueckner Marvin Hoffman Paul Ramirez to acknowledge the financial David W. Pequet John Caccioppoli James Hogg Charles Reiser James Pierce contribution of our Museum Ron Capotorto Jerre Holbrook Elyse Richardson Dwight Primiano members. As a not-for-profit Emil Cardona Lindsey Housman Loriann Roberson Philip Randazzo institution, support from our Gerino Casal Bill Humienny Darren Ruane Christian Rehm Henry Cateura Ed Hurley Michael Savino Harry Jr. Renz members is vital in preserving the Peter Cea Dina Ingersole James Scaglione Gene Reynolds Intrepid Museum’s distinguished Elsie Chin Fong Tom Jost Hayley Schultz James A. Rieger legacy within our Nation’s history Geoffrey Claroni Igor Kalinin Mariatou Scott Arthur W. Robbins Family Tom Coulson Jean Kennedy Paula-Jane Seidman and for honoring the strength of John Rood Ralph De Santis Jr. Bill Kovari Bert Sikowitz Richard Ryder the human spirit. Nick DeMasi James Koyl Morton Simmons Arthur Sears Joe DiFilippo Anita Kraus Sheldon Siskin Lonnie Shepherd Joe DiGarbo Michael Kreisbuch Bert Springstead Charles W. Shuster

ANNUAL REPORT 2010 - 2011 11 FINANCIALS

The Intrepid Museum Foundation, which operates the Intrepid Sea, Air & Space Museum Complex, is a not-for- profit, educational institution designated under section 501(c)3 of the Internal Revenue Code and incorporated by action of the Board of Regents of the University of New York and the State Department of Education. This financial report is based on the independently audited financial statements for fiscal years 2010 and 2011. A complete copy of these financial statements is available at intrepidmuseum.org or can be obtained from the Finance Department at One Intrepid Square, New York, NY 10036 or by calling 646-381-5250.

The Intrepid Sea, Air & Space Museum Complex is a unique venue, comprised of its main exhibits, the 900-foot-long former World War II steel aircraft carrier, a National Historic Landmark and a cold-war era submarine, as well as many aircraft and other artifacts that are subject to the climate and outdoor elements on the Hudson River. After decades of service as a Museum at Pier 86, the Intrepid Museum temporarily closed in 2006 and underwent an almost $100 million reconstruction and renovation project that included the rebuilding of the city-owned Pier 86; a major overhaul and renovation of the aircraft carrier Intrepid and submarine Growler; and restoration of most of its aircraft. The renovation project also included many elements designed to upgrade technology systems, to improve the energy efficiency of the Intrepid’s mechanical systems and to ensure existing spaces conformed to all applicable building codes and safety standards. As a result of these capital expenditures, most of which were funded with capital grants, the Museum’s fixed assets more than tripled, as did the related depreciation expense upon reopening in November 2008.

The Summary Financial Statements for FY 2011 and FY 2010 report on the first two full years of operation since re-opening. The Statement of Financial Activities reflect Changes in Net Assets in the amount of ($1,752,914) and $7,049,511 for FY 2011 and 2010. -Non-cash depreciation and amortization expenses account for $4,882,423 and $4,613,266, respectively, of the net asset changes. The Museum records depreciation expenses as operating expenses and the capital grant revenue utilized to acquire the related assets is reported under non-operating revenue and support. In FY 2011 the Net Change in Assets before depreciation expense was $3,129,509.

Despite reopening at the height of difficult global economic conditions, the Museum has managed to grow and sustain increased attendance and revenues from rental and auxiliary activities and diversify and expand its programming. The Museum’s ability to adapt quickly to the changing economic circumstances across all constituencies, including visitors affected by limited discretionary income, drastic reductions in philanthropic funding levels and significant cut-backs in government funding, as well as significant adverse weather events throughout FY 2011 and FY 2010, puts the Museum in a strong position for its next endeavor.

CONDENSED SUMMARY CONSOLIDATED STATEMENT OF FINANCIAL POSITION These statements are summarized and excerpted from the audited financial statements. A complete set of audited financial statements are available at intrepidmuseum.org.

ASSETS FY 2011 Total FY 2010 Total Cash and cash equivalents $ 4,271,802 $ $4,012,455 Pledges receivable - net 4,870,434 5,537,897 Grants and other receivables 1,622,362 1,764,490 Prepaid expenses and other assets 76,856 129,433 Investments in marketable securities, at fair value 17,771,909 16,030,984 Fixed assets - net 55,640,767 58,988,087 Deferred bond issuance costs net of accumulated amortization 145,262 150,922 TOTAL ASSETS $ 84,399,392 $ 86,614,268

Liabilities Accounts payable and other liabilities $ 2,853,804 $ 2,809,675 Notes payable - lines of credit 4,250,000 4,862,332 Deferred revenue 1,505,733 1,277,459 Capitalized lease obligation 325,282 606,336 Fair market value of interest rate swap agreement 1,143,868 984,847 Bonds payable 7,080,000 7,080,000 Total Liabilities $ 17,158,687.00 $ 17,620,649.00

Net Assets Unrestricted $ 44,413,545 $ 47,905,592 Temporarily restricted 1,684,782 204,528 Permanently restricted 21,142,378 20,883,499 TOTAL NET ASSETS 67,240,705 68,993,619 TOTAL LIABILITIES AND NET ASSETS $ 84,399,392 $ 86,614,268 FINANCIALS

CONDENSED SUMMARY OF CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES These statements are summarized and excerpted from the audited financial statements. A complete set of audited financial statements are available at intrepidmuseum.org.

Operating Revenue and Support FY 2011 Total FY 2010 Total Admissions & memberships $ 13,715,702 $ 13,689,295 Contributions and grants 2,842,467 8,052,704 Special event revenue (net of costs of direct benefits) 1,654,700 960,001 Rental income, net 1,356,522 1,274,531 Auxillary activities 2,181,949 1,796,766 Investment return designated for operations 450,000 - Total Operating Revenue and Support $ 22,201,340 $ 25,773,297

Operating Expenses Program Expenses: Education $ 3,417,864 $ 3,498,765 Exhibits and visitor services 17,742,820 18,403,724 Intrepid Fallen Heroes Fund 305,633 794,116 Fleet Week 1,105,461 1,475,226 Total program expenses 22,571,778 24,171,831 Supporting Expenses: General and Administrative 3,364,153 2,470,023 Fund raising 861,107 958,848 Total Supporting Expenses $ 4,225,260 $ 3,428,871 Total Operating Expenses $ 26,797,038 $ 27,600,702

Non-Operating Revenue, Expenses and Other Support Contributions and capital grants $ 1,689,819 $ 5,975,048 Unrealized (loss) gain on swap agreement (159,021) 337,367 Investment return in excess of spend rate 1,147,021 2,572,742 Other non-operating revenue (expense) 164,965 (8,241) Total Non-Operating Revenue and Other Support $ 2,842,784 $ 8,876,916 ASSETS FY 2011 Total FY 2010 Total Cash and cash equivalents $ 4,271,802 $ $4,012,455 Change In Net Assets $ (1,752,914) $ 7,049,511 Pledges receivable - net 4,870,434 5,537,897 Grants and other receivables 1,622,362 1,764,490 Prepaid expenses and other assets 76,856 129,433 Investments in marketable securities, at fair value 17,771,909 16,030,984 CONDENSED SUMMARY OF CONSOLIDATED STATEMENT OF CHANGES IN NET ASSETS Fixed assets - net 55,640,767 58,988,087 These statements are summarized and excerpted from the audited financial statements. A complete set of audited financial statements are available Deferred bond issuance costs net of accumulated amortization 145,262 150,922 at intrepidmuseum.org. TOTAL ASSETS $ 84,399,392 $ 86,614,268

Liabilities NET ASSETS Accounts payable and other liabilities $ 2,853,804 $ 2,809,675 Beginning of year $ 68,993,619 $ 61,944,108 Notes payable - lines of credit 4,250,000 4,862,332 Change In net assets (1,752,914) 7,049,511 Deferred revenue 1,505,733 1,277,459 End of year $ 67,240,705 $ 68,993,619 Capitalized lease obligation 325,282 606,336 Fair market value of interest rate swap agreement 1,143,868 984,847 Bonds payable 7,080,000 7,080,000 Total Liabilities $ 17,158,687.00 $ 17,620,649.00

Net Assets Unrestricted $ 44,413,545 $ 47,905,592 Temporarily restricted 1,684,782 204,528 Permanently restricted 21,142,378 20,883,499 TOTAL NET ASSETS 67,240,705 68,993,619 TOTAL LIABILITIES AND NET ASSETS $ 84,399,392 $ 86,614,268 One Intrepid Square 12th Avenue and 46th Street New York, NY 10036-4103 1-877-957-SHIP intrepidmuseum.org