Central Park Conservancy Annual Report 2008 (front cover) The newly restored urns on Bow Bridge (see pages 14 and 15).

(back cover) The staff of the Central Park Conservancy and the New York City Department of Parks & Recreation, and trustees of the Central Park Conservancy.

(opposite page) To celebrate the 150th anniversary of Frederick Law Olmsted and Calvert Vaux’s Greensward plan — the winning entry in the 1858 design competition for Central Park — the Conservancy and New York City Department of Parks & Recreation launched AeroBalloon,™ a helium-filled balloon that gave Park visitors the chance to float thirty stories above Central Park! The balloon, anchored at Cherry Hill plaza (inside the Park at West 72nd Street), operated from July 25th to August 22nd and provided the public with a unique view of the Conservancy’s recent Lake restorations and the magnificent New York City skyline.

Produced entirely by the staff of the Central Park Conservancy. Design by Sara Cedar Miller and Jonathan Taub. All photos by Sara Cedar Miller except the following: Page 3, Melinda Bush; page 5, Greensward Plan courtesy NYC Department of Parks & Recreation Photo Archive, Image ID #61962; page 22 (top), Ed Bobrow; page 25 #11, Curtis Dann-Messier; inside back cover (tour photo), Scott Johnson; back cover, Malcolm Pinckney.

Printed on recycled paper. 4 5

Partnership - Central Park Conservancy Partnership - City of New York

The historic partnership of Frederick Law Olmsted and Calvert Vaux resulted in one of the This year, we celebrate the 150th anniversary of the Greensward plan for the design of Central first and finest works of public art in America — Central Park. This year we commemorated Park. Created by Frederick Law Olmsted and Calvert Vaux at a time when Manhattan was the 150th anniversary of Greensward, Olmsted and Vaux’s winning entry in the 1858 design still undeveloped, it is one of history’s greatest examples of foresight and planning — because competition for Central Park, by renaming the 72nd Street Cross Drive “Olmsted & Vaux Way” in today the Park serves as a vibrant, natural oasis at the very heart of our towering City. As we honor of their aesthetic and democratic vision for New York’s future public park. mark this milestone, it’s fitting that we recommit ourselves to the principles that led to the creation of our modern Central Park: a forward-thinking respect for the importance of green Today, the Park is again graced with another historic partnership, that of the Central space; and the courage to pursue bold, new ideas. In fact, that’s what PlaNYC is all about, and Park Conservancy and the City of New York. Under this groundbreaking public-private the Central Park Conservancy is one of our most important partners in making it a reality. partnership, Olmsted and Vaux’s masterpiece is not only beautifully restored by the Conservancy but also receives new life and new energy through the Conservancy’s innovative Since its founding, the Conservancy has established itself as the true heir to the vision of management practices and creative public programs. Olmsted and Vaux, the pioneers of landscape architecture and park management. The Conservancy is making vital contributions far beyond its namesake park, providing landscape The Conservancy has flourished and grown under the leadership of Board Chairman Ian Smith maintenance to the four Historic Harlem Parks. This year the Conservancy launched the (1999-2007), who stepped down after serving for eight years. In 2005, Ian spearheaded the Urban Horticulture and Ecology Certificate Training Program with Cornell University. Its first Campaign for Central Park, which has met its goal of raising $120 million, to complete the graduating class consisted of 35 Conservancy staff and volunteers as well as Parks gardeners restoration of Central Park, protect the investment, and sustain the results. The Park has from all five boroughs, equipping them with the latest horticultural knowledge and techniques. historically been susceptible to shifts in political environments and fluctuations in the City’s economy. Securing the Park’s future has also been Ian’s focus because the ultimate measure This report further highlights the Central Park Conservancy’s leadership in our mission to of the Conservancy’s success will be our ability to sustain what we have accomplished, never build a greener, greater New York. We look forward to continuing our work with them as we letting the Park fall back to the deplorable condition it was in before the Conservancy was take on the even bigger challenges of expanding our parks system and realizing our goal of founded in 1980. putting every New Yorker within a ten-minute walk of a public park — a place to play, exercise, relax, and get some fresh air. With the Conservancy’s dedicated hard work and your support, I Through the generosity of our donors and trustees, this has been an enormously successful know that we can do it. year for the support of the Conservancy’s mission. Both general membership and Chairman’s Circle revenue, from new contributors and increased renewals, have prospered greatly, as have corporate, planned, and foundation giving. Our evening fundraising events — Taste of Summer and Halloween Ball — were great fun and were also highly effective in generating revenue. The Women’s Committee had an extraordinary year. The 26th annual Frederick Law Michael R. Bloomberg Adrian Benepe Olmsted Luncheon alone raised $2.4 million, and the Committee’s other popular projects — Mayor of the City of New York Commissioner, NYC Department of Parks & Recreation bench, tree, playground, and perimeter programs — also flourished. We are grateful to all of those who supported the Conservancy this year, as well as in the past.

This report highlights the completion of the Conservancy’s many new capital projects in the Park and the innovative operational and educational programs that we have initiated in the past year. As we move forward from the first century and a half of Central Park’s history, the Conservancy is committed to continue our standards of excellence for the restoration, management, and preservation of Olmsted and Vaux’s masterpiece, and to see to it that it endures as a vital resource that elevates the quality of life, so that New Yorkers today and the tomorrows to come will have Central Park as a central joy in their lives.

Thomas L. Kempner, Jr. Douglas Blonsky Chairman of the Central Park Conservancy President of the Central Park Conservancy In 1858 Frederick Law Olmsted and Calvert Vaux won the design competition for Central Park. They named their plan (above) and Central Park Administrator “Greensward,” from the English term for “unbroken stretches of turf or lawn,” the main feature in the designers’ vision for the Park. 7 Craftsmanship The Campaign for Central Park We are proud to report that in only three short years the Campaign for Central Park has reached its financial goal of $120 million, divided between two objectives: to complete the restoration of the Park, and to secure the future of those restored landscapes and structures with the necessary funding for their continuous maintenance by a trained and dedicated Conservancy staff.

We are also pleased to report that, coinciding with the 150th anniversary of Olmsted and Vaux’s 1858 winning design for the Park, many of the Campaign projects along the Lake were accomplished this year (described in the following pages).

Lake shoreline projects remaining in 2008 are either in design or in construction. Donald Pels and Wendy Keys have provided support for the area from Bow Bridge to Willow Cove; and Mr. and Mrs. Wynant Vanderpoel III have provided support for The Point. In addition to these gifts, the Bobolink Foundation has funded a woodlands crew to care for this ecologically sensitive area.

Another major project of the Campaign is the restoration of the east side landscapes from the Metropolitan Museum of Art to the Harlem Meer. The first phase, the area south of the Mount and Conservatory Garden, nears completion this year. This phase was made possible thanks to the generosity of Susan and Jack Rudin, Fiona and Eric Rudin, and the Rudin Foundation. Restoration of the East Meadow and the creation of the Arboretum Walk is being made possible with funding from the Polo Ralph Lauren Foundation; LuEsther T. Mertz Charitable Trust; Thomas L. Kempner, Jr. and Katheryn C. Patterson; Nina Rosenwald, Elizabeth and Michael Varet, and Alice Rosenwald; and many area residents.

The restoration of Ancient Playground, at Fifth Avenue and 85th Street, is supported by Carol and David Feinberg and New York City Council funds allocated by former Council Member Eva Moskowitz. The first phase of the restoration, the comfort station and the entrance plaza, was completed this year. The playground’s sculptural masterpiece, the William Church Osborn Gates, by American artist Paul Manship, have been conserved and will be reinstalled with a gift from the Daniel P. and Nancy C. Paduano Foundation.

On the west side of the Park, restoration and endowment of the West 100th Street Playground and its surrounding landscapes is being made possible by support from former New York City Council Member Philip Reed through Council funds from his West Side district and with a gift from Patsy and Jeff Tarr. The West 69th Street entrance landscape will soon be restored, thanks to the support of Anita and Robert Jacobson.

The Conservancy has created a temporary plant compound in the south end of the Park to accommodate the many varieties of plant material installed in conjunction with capital projects (left). This year 137 trees, 8,348 shrubs, 46,902 perennials, and 35,665 pieces of groundcover were planted in the Park. 8 9 Central Park Capital Work – 1980-2008 W 65 St W 72 St W 81 St W 86 St W 97 St Central Park West

W. 100th St. Playground & Landscape Pool Oak Bridge Bank Rock Lake Bay

Heckscher Ballfields Ramble Shoreline & The Island Bow Bridge Heckscher Playground Building

Bethesda Landscape The Point & Shoreline Reservoir

Central Park South Central Park Landscape North Central Park East of Mall

The Fort Pond Landscape Harlem

E. 96th St. Playground East Meadow & The Arboretum Landscape Meer & Landscape Ancient Reservoir East Landscape Playground Fifth Avenue E 65 St E 72 St E 79 St E 85 St E 97 St

CAMPAIGN PROGRESS - FISCAL YEAR 2008

RESTORED Restored Prior to 2008

LONG TERM MANAGEMENT/ REPLACEMENT IN KIND Long-Term Management/Replacement-in-Kind COMPLETED IN FYO8 Completed in FY08 IN CONSTRUCTION FY08 In Construction FY08 IN PLANNING AND DESIGN FY08 In Planning and Design FY08 11 Craftsmanship The Lake: Bank Rock Bay, the Island, and the Cave This year the Conservancy is proud to have completed several complex restoration projects at the Lake: Bank Rock Bay (bottom), the Island (left), and the Cave. The reclamation of the silted coves at Bank Rock Bay, the Cave, and the mouth of the Gill — the man-made stream that bisects the Ramble — included sediment removal, shoreline reconstruction, and the reintroduction of important views that had been lost for half a century. The crumbling infrastructure was replaced with comprehensive storm drainage and irrigation systems. Thousands of new plantings, such as spicebush and Virginia rose, provide ecological health and a proper habitat for the many birds that visit Central Park each year. The plantings also provide enjoyment for the thousands of birders from around the world who visit Central Park to marvel at the 240 species of birds that flock to the Park during spring and fall migration.

In addition to the Conservancy friends listed below, the Lake project is supported by the New York City Department of Parks & Recreation. The restoration of Bank Rock Bay and replacement of its existing footbridge with a reproduction of the original, commonly known as Oak Bridge, to be completed in the coming months, has been funded by: Elizabeth H. Atwood; Butler Conservation Fund; Richard Gilder and Lois Chiles; Mary Jane Harris; and Robert Wilson. Leni and Peter May funded the reconstruction and planting of the Lake’s island. 13 Craftsmanship The Lake Shoreline The Lake shoreline from the Gill to Bow Bridge (opposite top) has been restored with a gift from Sarah Peter. On the south side of the Lake, restoration of the shoreline landscape and pathway from the Loeb Boathouse to Bethesda Terrace (bottom left) has been funded by Angela and Wade Thompson. The landscape from Bethesda Terrace to Bow Bridge (bottom right) has been restored with a gift from Charles Bronfman in memory of his wife, Andrea (Andy) Bronfman.

Bethesda Plantings A new irrigation system and plantings have been installed at Bethesda Terrace, thanks to support from the family of the late Bradley Collins. Merle and Barry Ginsburg also provided funding for enhanced plantings and ongoing care in the area.

East Mall Pathway In addition to the Lake projects, the East Mall pathway (opposite bottom), one of the most well-used walkways in the Park, was restored, with funding provided by Oscar and Didi Schafer. 15 Craftsmanship Bow Bridge Urns In the Park’s first photographic book, The Central Park, written in 1864, author Fred B. Perkins describes the urns, or flower vases, on the Park’s first cast-iron bridge as “…a singularly elegant finish is added [to the bridge] by the four great shapely vases upon the parapet at either end, crowned with luxuriant wreath-growths of flowers and vines….It should be called the Flower Bridge.” Calvert Vaux and Jacob Wrey Mould, who designed the bridge, instead named the Park’s most iconic landmark Bow Bridge, for its graceful shape, which resembles either the bow of an archer or violinist.

Sadly, by the early 1920s the urns had disappeared. The Board of Directors of the Women’s Committee of the Central Park Conservancy took up the challenge to restore the eight urns to their rightful place of honor. With funding efforts spearheaded by former President Nancy Paduano, Vice President Liz Peek, and with leadership gifts from Women’s Committee Board members Sheila Labrecque and Margaret Smith, along with her husband, Ian, the urns were re-created and installed by the Conservancy’s expert historic preservation and conservation staff. The bridge was also repainted. 17 Craftsmanship The Dene Summer House The landscape along the east perimeter of the Park from 66th to 72nd Streets is known as the Dene. The 19th-century Park featured several picturesque rustic summer houses, such as the one overlooking Fifth Avenue at 67th Street in the Dene. Frequently positioned on the crest of a high rock outcrop, visitors receive cooling morning breezes in summer and welcome shelter in a sudden rain storm or shade in the heat of afternoon. Park visitors today continue to enjoy the Dene’s charming rustic structure (left). The Conservancy’s talented historic preservation and conservation crew rebuilt the summer house. Improvements to the landscape surrounding the structure were also made. Additional enhancements to the landscape will continue north to the East 69th Street entrance. The restoration of the Dene Summer House and East 69th Street entrance landscapes was made possible through leadership gifts from an anonymous donor in honor of the National Foundation for Advancement in the Arts and youngARTS, the Garden Club of America, and David and Evi Batten.

The Heckscher Building In its goal to provide Central Park’s children and their caregivers with an attractive, safe, and well- maintained playground, such as Heckscher Playground, at the southwest end of the Park, the Conservancy has also completed the restoration and expansion of the Heckscher Building at the playground (below). Some of the features of the project were re-establishing the breezeway through the building as the main playground entrance and construction of modern restroom facilities. The building restoration was made possible with support provided by Patti and Ray Chambers and Barry Diller and Diane von Furstenberg. 19 Stewardship Operations

Endowing a Zone In its 150-year history, Central Park has never been better managed than it is today, as a result of the Conservancy’s crucial and innovative commitment to stewardship, which ensures both the present and future health and vitality of the Park’s restored landscapes. To that goal, this has been one of the most exciting years, thanks to three generous endowments for the perpetual maintenance of three Park zones: the Dene landscape, from East 66th to East 72nd Streets, funded by Mr. and Mrs. Jonathan Rosen; Conservatory Water area, from East 72nd to East 76th Streets, funded by Mr. and Mrs. Oliver K. Stanton; and the North Woods/Blockhouse area, north of West 108th Street, funded by Judith-Ann Corrente and William Kooyker.

Conservancy zone gardeners and their staff perform various maintenance and horticultural duties within their areas on a daily or seasonal basis. In the Dene, for example, one of Angel Corbett’s responsibilities is cleaning the sand daily in the Billy Johnson Playground (left). At Conservatory Water, John Hiser does routine pruning of the flower bed at Kerbs Boathouse (below left). Yarw Peprah cares for the landscape in front of the Blockhouse (below right). 21 Stewardship Operations

Global Positioning System The Conservancy has begun the first phase of a comprehensive Parkwide tree survey, which utilizes the Global Positioning System. Arborists recorded information about the Park’s more than 24,000 trees over six inches in diameter. The system allows Conservancy staff, such as Director of Horticulture Russell Fredericks (below) to better record, track, maintain, and plan for the Park’s most important horticultural collection, which includes the groves of magnificent flowering cherry trees that bring joy to Park visitors in all four seasons (left).

Environmental Stewardship The Conservancy’s Environmental Stewardship Committee expanded our recycling program on our ballfields, which began last year at the Great Lawn, to include the North Meadow and Heckscher ballfields. An anonymous donor is funding our recycling program. The familiar and pleasurable sound of autumn leaves being raked has replaced the noise of hand-held leaf blowers in the Park, not only to offer peace and quiet to visitors, but also to reduce fuel emissions in the Park. Our environmental stewardship also includes use of organic products on the majority of Central Park’s lawns.

Comfort Stations The Conservancy is concerned with providing the highest quality for every aspect of a visit to Central Park. This year, through an endowment fund for repairs, improvement, and ongoing care of Park comfort stations provided by the generosity of Irwin and Roberta Schneiderman, interior and exterior repairs of many of the Park’s comfort stations have greatly improved these important facilities; in addition, hand dryers as well as artwork have been installed in 13 comfort stations. The endowment also provides for seasonal facility maintenance workers during peak hours at four of the Park’s most used comfort stations: Charles A. Dana Discovery Center, Conservatory Garden, Bethesda Terrace, and Mineral Springs. 23 Stewardship

Education This year the Conservancy launched its Urban Horticulture and Ecology Certificate Training Program in partnership with the Cornell University Cooperative Extension of New York City. The certification program graduated a class of 35 parks professionals (consisting of Conservancy staff and volunteers and Department of Parks & Recreation staff from other parks throughout the boroughs), equipping them with the latest horticultural knowledge and techniques. Classes included such diverse topics as Central Park geology, composting, insects, plant diseases, turf management, Central Park ecosystems and wildlife, and plant identification, such as the class on plant identification in Shakespeare Garden, taught by horticultural expert Bill Berliner, the Conservancy’s Associate Vice President of Horticulture (bottom right). The program was made possible, in part, through the generous support of JPMorgan Chase & Co.

In addition, the Conservancy provides many education programs for children and educators, as well as youth development programs, which are generously supported, in part, by the Altman Foundation; Time Warner Inc.; Youth Development Institute; William E. Weiss Foundation, Inc./Daryl Brown Uber; New York Community Trust-Wallace Special Projects Fund; The Lucius N. Littauer Foundation Inc.; Barker Welfare Foundation; The Pumpkin Foundation/Joe & Carol Reich; W.P. Carey Foundation Inc.; the Samuel & Rae Eckman Charitable Foundation; Mae Goffe; Levin/Goffe Family Foundation of the Jewish Communal Fund; Alan & Katherine Stroock Fund; and the Oceanic Heritage Foundation.

Public Programs This year the Conservancy celebrated noteworthy anniversaries in two of our most popular public programs. One was the 10th anniversary of the Conservancy’s free, year-round tour program, which are led by trained volunteer guides who conduct tours about the history, design, and natural features of the Park (bottom left). All volunteer programs are generously funded by Ernst & Young LLP.

Summer 2008 marked the 15th anniversary of the free Harlem Meer Performance Festival, highlighted by an accompanying exhibit in the Charles A. Dana Discovery Center, Music on the Meer: Celebrating 15 Years of the Harlem Meer Performance Festival. The Festival, funded by JPMorgan Chase & Co., runs annually from Memorial Day in May through September on the plaza of the Dana Discovery Center, and features the best in local emerging and established Latin, Jazz, World, and Gospel artists, such as the celebrated group Lynnard Williams and His Gospel Troupe (top), and reaches over 14,000 Park visitors, who come from the local community as well as other New Yorkers and tourists from around the world. 25 Friendship

Events & Programs 1. Junior Advisory Committee’s Evening in the Garden 8. Tour Program 10th Anniversary 1 2 2. Alex Ross Salon at the Home of 9. Frederick Law Olmsted Luncheon, Co-Chairs Jonathan and Jeannette Rosen 10. Bow Bridge Urns Dedication 3. Halloween Ball 11. Central Park Scholars 4. Playground Partners and Patrons Party 12. Daffodil Day Bulb Planting 5. Tree Trust Breakfast 13. Plaza Reception for Tom Kempner 6. Greensward Anniversary Press Conference 14. Rackow Family Dedication 7. Oscar and Didi Schafer Dedication 15. Taste of Summer

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Central Park Conservancy, Inc. Balance Sheets Financial Statements and Schedule June 30, 2008 and 2007 June 30, 2008 and 2007 (Dollars in thousands)

Independent Auditors’ Report

The Board of Trustees Central Park Conservancy, Inc.:

We have audited the accompanying balance sheets of Central Park Conservancy, Inc. (the Conservancy) as of Assets 2008 2007 June 30, 2008 and 2007, and the related statements of activities and cash flows for the years then ended. These Cash $ 2,497 $ 1,760 financial statements are the responsibility of the Conservancy’s management. Our responsibility is to express an Short-term investments (note 3) 35,369 27,354 opinion on these financial statements based on our audits. Accounts receivable (note 11) 7,153 6,214 Prepaid expenses and other assets 235 197 We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Inventory 126 115 Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the Contributions receivable, net (note 4) 17,906 22,550 financial statements are free of material misstatement. An audit includes consideration of internal control over Other investments (note 3) 152,112 141,551 financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for Investments held under split-interest agreements 639 557 the purpose of expressing an opinion on the effectiveness of the Conservancy’s internal control over financial 457(b) deferred compensation plan (note 9) 195 75 reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence Fixed assets, net (note 5) 698 638 supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and Total assets $ 216,930 $ 201,011 significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. Liabilities and Net Assets Liabilities: In our opinion, the financial statements referred to above present fairly, in all material respects, the financial Accounts payable and accrued expenses (note 10) $ 5,720 $ 3,568 position of Central Park Conservancy, Inc. as of June 30, 2008 and 2007, and the changes in its net assets and its Deferred revenue — 270 cash flows for the years then ended in conformity with U.S. generally accepted accounting principles. Liabilities under split-interest agreements 378 321 457(b) deferred compensation plan liability (note 9) 195 75 Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. Total liabilities 6,293 4,234 The supplementary information included in Schedule 1 is presented for purposes of additional analysis and is not Net assets a required part of the basic financial statements. Such information has been subjected to the auditing procedures Unrestricted: applied in the audit of the 2008 basic financial statements and, in our opinion, is fairly stated in all material Available for operations 13,753 12,805 respects in relation to the 2008 basic financial statements taken as a whole. Board designated (note 6) 64,333 61,311 Total unrestricted 78,086 74,116 Temporarily restricted (note 6) 61,818 61,345 Permanently restricted (note 6) 70,733 61,316

Total net assets 210,637 196,777 November 12, 2008 Total liabilities and net assets $ 216,930 $ 201,011

See accompanying notes to financial statements. 28 29

Statement of Activities Year ended June 30, 2008 (With comparative totals for 2007) (Dollars in thousands)

Unrestricted Board Total Temporarily Permanently Totals Operations designated unrestricted restricted restricted 2008 2007 Revenues, gains, and other support: Contributions $ 9,517 $ 5,010 $ 14,527 $ 7,332 $ 9,175 $ 31,034 $ 26,237 Revenue from the City of New York: Contract revenue (note 11) 4,786 — 4,786 — — 4,786 4,579 Project revenue (note 11) — 4,085 4,085 — — 4,085 3,035 Special events revenue 4,045 — 4,045 — — 4,045 3,700 Less expenses incurred for special events (756) — (756) — — (756) (809) 3,289 — 3,289 — — 3,289 2,891 Interest and dividends, net of investment expenses of $1,446 827 255 1,082 566 60 1,708 1,995 Net gain on sale of investments 9 6,570 6,579 14,609 1,504 22,692 14,411 Change in unrealized (loss) gain on investments (15) (4,627) (4,642) (10,655) (1,322) (16,619) 12,121 Change in value of split-interest agreements — (31) (31) — — (31) 13 Other (note 8) 2,150 — 2,150 352 — 2,502 2,280 Total revenues, gains, and losses 20,563 11,262 31,825 12,204 9,417 53,446 67,562 Net assets released from restrictions: Contributions, other revenues, and gains (losses) 20,243 (10,920) 9,323 (9,323) — — — Administrative cost recovery 2,408 — 2,408 (2,408) — — — Total net assets released from restrictions 22,651 (10,920) 11,731 (11,731) — — — Total revenues, gains, and other support 43,214 342 43,556 473 9,417 53,446 67,562 Expenses: Program services: Design and construction 13,836 — 13,836 — — 13,836 12,934 Horticulture, maintenance, and operations 13,718 — 13,718 — — 13,718 13,465 Visitor services 3,580 — 3,580 — — 3,580 3,162 Total program services 31,134 — 31,134 — — 31,134 29,561 Supporting services: Fund-raising 4,955 — 4,955 — — 4,955 4,627 Management and general 3,497 — 3,497 — — 3,497 3,522 Total supporting services 8,452 — 8,452 — — 8,452 8,149 Total expenses 39,586 — 39,586 — — 39,586 37,710 Increase in net assets before transfers 3,628 342 3,970 473 9,417 13,860 29,852 Transfers (2,680) 2,680 — — — — — Increase in net assets 948 3,022 3,970 473 9,417 13,860 29,852 Net assets at beginning of year 12,805 61,311 74,116 61,345 61,316 196,777 166,925 Net assets at end of year $ 13,753 $ 64,333 $ 78,086 $ 61,818 $ 70,733 $ 210,637 $ 196,777

See accompanying notes to financial statements. 30 31

Statement of Activities Year ended June 30, 2007 (Dollars in thousands)

Unrestricted Board Total Temporarily Permanently Operations designated unrestricted restricted restricted Totals Revenues, gains, and other support: Contributions $ 7,381 $ 7,546 $ 14,927 $ 5,759 $ 5,551 $ 26,237 Revenue from the City of New York: Contract revenue (note 11) 4,579 — 4,579 — — 4,579 Project revenue (note 11) — 2,748 2,748 287 — 3,035 Special events revenue 3,700 — 3,700 — — 3,700 Less expenses incurred for special events (809) — (809) — — (809) 2,891 — 2,891 — — 2,891 Interest and dividends, net of investment expenses of $1,145 1,150 282 1,432 551 12 1,995 Net gain on sale of investments 30 4,100 4,130 9,559 722 14,411 Change in unrealized gain on investments — 3,345 3,345 7,845 931 12,121 Change in value of split-interest agreements — 13 13 — — 13 Other (note 8) 1,993 — 1,993 287 — 2,280 Total revenues, gains, and losses 18,024 18,034 36,058 24,288 7,216 67,562 Net assets released from restrictions: Contributions, other revenues, and gains (losses) 19,755 (7,575) 12,180 (12,180) — — Administrative cost recovery 2,403 — 2,403 (2,403) — — Total net assets released from restrictions 22,158 (7,575) 14,583 (14,583) — — Total revenues, gains, and other support 40,182 10,459 50,641 9,705 7,216 67,562 Expenses: Program services: Design and construction 12,934 — 12,934 — — 12,934 Horticulture, maintenance, and operations 13,465 — 13,465 — — 13,465 Visitor services 3,162 — 3,162 — — 3,162 Total program services 29,561 — 29,561 — — 29,561 Supporting services: Fund-raising 4,627 — 4,627 — — 4,627 Management and general 3,522 — 3,522 — — 3,522 Total supporting services 8,149 — 8,149 — — 8,149 Total expenses 37,710 — 37,710 — — 37,710 Increase in net assets before transfers 2,472 10,459 12,931 9,705 7,216 29,852 Transfers 3,598 (3,598) — — — — Increase in net assets 6,070 6,861 12,931 9,705 7,216 29,852 Net assets at beginning of year 6,735 54,450 61,185 51,640 54,100 166,925 Net assets at end of year $ 12,805 $ 61,311 $ 74,116 $ 61,345 $ 61,316 $ 196,777

See accompanying notes to financial statements. 32 33

Statements of Cash Flows Central Park Conservancy, Inc. Years ended June 30, 2008 and 2007 Notes to Financial Statements (Dollars in thousands) June 30, 2008 and 2007 (Dollars in thousands)

1. Organization Central Park Conservancy, Inc. (the Conservancy) is a not for profit organization incorporated under the laws of 2008 2007 New York State and is a tax exempt organization under the Internal Revenue Code. Cash flows from operating activities: Increase in net assets $ 13,860 $ 29,852 The Conservancy is funded primarily from contributions made by individuals, corporations, and foundations Adjustments to reconcile increase in net assets to within the metropolitan area, as well as project and contract revenue from the City of New York/Department of net cash provided by (used in) operating activities: Parks and Recreation. These amounts are used to fund major capital improvements, provide horticultural care and Depreciation and amortization 284 249 maintenance, and offer programs for volunteers and visitors of Central Park. The major capital improvements are Change in unrealized loss (gain) on investments 16,619 (12,121) not capitalized assets of the Conservancy but are assets of the City of New York. Net gain on sale of investments (22,692) (14,411) Change in value of split-interest agreements 31 (13) 2. Summary of Significant Accounting Policies Permanently restricted contributions and earnings a. Basis of Accounting classified as financing activities (9,417) (7,216) The accompanying financial statements have been prepared on the accrual basis. Changes in operating assets and liabilities: Increase in accounts receivable (939) (4,401) b. Basis of Presentation Increase in prepaid expenses and other assets (38) (80) Net assets and revenues, expenses, gains, and losses are classified based on the existence or absence of donor- Increase in inventory (11) (2) imposed restrictions. Accordingly, the net assets of the Conservancy and changes therein are classified and Decrease in contributions receivable reported as follows: net of amounts classified as financing activities 5,457 31 Unrestricted Net Assets – Net assets that are not subject to donor-imposed restrictions. However, the board Increase (decrease) in accounts payable and of trustees may choose to designate such funds for particular uses. accrued expenses 2,152 (1,099) Temporarily Restricted Net Assets – Net assets subject to donor-imposed restrictions that will be met either Decrease in deferred revenue (270) (30) by actions of the Conservancy and/or the passage of time. Net cash provided by (used in) operating activities 5,036 (9,241) Permanently Restricted Net Assets – Net assets subject to donor-imposed restrictions that the Conservancy Cash flows from investing activities: maintains permanently. Generally, the donors of these assets permit the Conservancy to use all or part of Proceeds from sale of investments 246,553 93,201 the income earned on related investments for general or specific purposes. Purchases of investments (259,056) (90,014) Acquisition of fixed assets (344) (374) Revenues, gains, and other support are reported as increases in unrestricted net assets unless their use is limited by Net cash (used in) provided by investing activities (12,847) 2,813 explicit donor-imposed restrictions or by law. Expenses are reported as decreases in unrestricted net assets. Gains and Cash flows from financing activities: losses on investments and other assets or liabilities are reported as increases or decreases in unrestricted net assets Permanently restricted contributions and earnings 9,417 7,216 unless their use is restricted by explicit donor stipulation or by law. Expirations of temporary restrictions on net Increase in permanently restricted contributions receivable (813) (873) assets (i.e., the donor imposed stipulated purpose has been fulfilled and/or the stipulated time period has elapsed) are Net change in split-interest agreements (56) (3) reported as net assets released from restrictions. Net cash provided by financing activities 8,548 6,340 Net increase (decrease) in cash 737 (88) c. Contributions Cash at beginning of year 1,760 1,848 Contributions, which include unconditional promises to give (pledges), are recognized as revenues in the period Cash at end of year $ 2,497 $ 1,760 in which the pledge or cash is received. Unconditional promises to give that are expected to be collected in future years are recorded at the present value of their estimated future cash flows, net of allowances. Conditional See accompanying notes to financial statements. promises to give are not recognized until they become unconditional, that is, when the future and uncertain event on which they depend has occurred. 34 35

d. Investments is at least reasonably possible that changes in the values of investment securities will occur in the near term and Investments are carried at fair value. Fair value is based on published market prices for marketable securities. that such changes could materially affect the amounts reported in the balance sheets. The fair values of the hedge funds are reported by the fund managers. The Conservancy reviews and evaluates the values provided by the external fund managers and agrees with the valuation methods and assumptions k. Recent Accounting Pronouncements used in determining the fair value of the funds. Donated securities are measured at fair value at the date of the In June 2006, the Financial Accounting Standards Board (FASB) issued FASB Interpretation No. 48, Accounting contribution. for Uncertainty in Income Taxes, an interpretation of FASB Statement No. 109 (FIN 48). FIN 48 addresses the accounting for uncertainties in income taxes recognized in an organization’s financial statements and prescribes e. Fixed Assets a threshold of more-than-likely-than-not for recognition and de-recognition of tax positions taken or expected Fixed assets are recorded at cost. Furniture and equipment are depreciated using the straight-line method over to be taken in a tax return. FIN 48 also provides related guidance on measurement, classification, interest their estimated useful lives. Leasehold improvements are amortized over the term of the lease or life of the asset, and penalties, and disclosures. FIN 48 is expected to be effective for the Conservancy’s fiscal year 2009. The whichever is shorter. Conservancy does not expect the adoption of FIN 48 to have a significant impact to the financial statements.

f. Split-Interest Agreements In September 2006, the FASB issued Statement of Financial Accounting Standard (SFAS) No. 157, Fair Value The Conservancy’s split interest agreements with donors consist primarily of charitable gift annuities and Measurements (SFAS 157). SFAS 157 defines fair value, establishes a framework for measuring fair value, and irrevocable charitable remainder trusts for which the Conservancy serves as trustee. Assets are invested and requires expanded disclosures about fair value measurements. SFAS 157 is effective for reporting periods payments are made to donors and/or other beneficiaries in accordance with the respective agreements. beginning after November 15, 2007. The adoption of SFAS 157 will require additional disclosures regarding the inputs used to develop the fair value measurements, and the impacts of certain measurements on the statement Contribution revenue for charitable gift annuities and charitable remainder trusts is recognized at the of activities. The Conservancy does not expect the adoption of SFAS 157 to have a significant impact to the date the agreement is established, net of the liability recorded for the present value of the estimated future financial statements. payments to be made to the respective donors and/or other beneficiaries. l. Reclassifications The present value of payments to beneficiaries of charitable gift annuities and charitable remainder trusts Certain amounts in the 2007 financial statements have been reclassified to conform to the 2008 presentation. is calculated using discount rates, which represent the risk-free rates in existence at the date of the gift. Gains or losses resulting from changes in actuarial assumptions and accretions of the discount are recorded as 3. Investments increases or decreases in the respective net asset class in the accompanying statements of activities. A summary of investments at June 30, 2008 and 2007 is as follows: Fair value g. Cash and Cash Equivalents 2008 2007 For the purpose of the statement of cash flows, the Conservancy considers highly liquid investments purchased Short-term investments: with an original maturity of three months or less, other than those held in the investment portfolio, to be Cash equivalents $ 35,369 $ 27,354 cash equivalents. Other investments: h. Use of Estimates Money market and mutual funds 8,027 31,735 The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires Common stocks 90,126 103,355 management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure US Treasury bond and other notes 51,427 — of contingencies at the date of the financial statements and the reported amounts of revenues and expenses during the Hedge funds 2,532 6,461 reporting period. Actual results could differ from those estimates. $ 152,112 $ 141,551

i. Functional Allocation of Expenses The fair value of investments at November 12, 2008 is approximately $112,453. The costs of providing the various programs and other activities of the Conservancy have been summarized on a functional basis in the accompanying statements of activities. Accordingly, certain costs have been allocated The Conservancy maintains an investment pool that consists of the “other investments” described in the summary among the programs and supporting services benefited. above. The Conservancy’s board of trustees has authorized a policy designed to preserve the value of these pooled investments in real terms (after inflation) and provide a predictable flow of funds to support operations. The j. Risks and Uncertainties Conservancy’s investment pool includes contributions, interest, dividends, and realized and unrealized gains and The Conservancy invests in various investment securities. Investment securities are exposed to various risks such losses, net of investment management fees. The policy permits the use of a spending rate of up to a maximum of as interest rate, market, and credit risks. Due to the level of risk associated with certain investment securities, it 6% applied to a moving average of the value of the investment pool as of December 31 of the three previous years. In fiscal 2008 and 2007, the Conservancy utilized a rate of 4% of the total investment pool. In fiscal 2008 and 2007 the related amounts that were used to support operations were $4,536 and $4,109, respectively. 36 37

Permanently Restricted Net Assets 4. Contributions Receivable Permanently restricted net assets are restricted to investment in perpetuity, the income from which is expendable Contributions receivable at June 30, 2008 and 2007 are due to be collected as follows: to support the following purposes at June 30, 2008 and 2007:

2008 2007 2008 2007 Less than one year $ 7,773 $ 9,290 Horticulture, maintenance, and operations $ 62,887 $ 53,518 One to five years 10,602 13,356 Visitor services 3,943 3,943 Five years and thereafter 1,050 1,900 General purposes 3,903 3,855 19,425 24,546 $ 70,733 $ 61,316 Less allowance (347) (347) Less discount to present value The Campaign for Central Park (at rates ranging from 2.5% – 6.2%) (1,172) (1,649) The Conservancy recorded $16,258 and $13,930 in campaign contributions in all net asset classifications for the Contributions receivable, net $ 17,906 $ 22,550 years ended June 30, 2008 and 2007, respectively.

5. Fixed Assets Donor and board designated net assets for the Campaign for Central Park included in unrestricted, temporarily A summary of fixed assets at June 30, 2008 and 2007 is as follows: restricted, and permanently restricted net assets at June 30, 2008 and 2007 are as follows: Estimated 2008 2007 useful lives 2008 2007 Furniture and fixtures $ 461 $ 431 5 to 10 years Net asset class: $ $ Office and field equipment 3,577 3,280 3 years Unrestricted – board designated 14,646 14,936 Leasehold improvements 429 412 10 years Temporarily restricted 13,108 12,865 4,467 4,123 Permanently restricted 13,071 6,803 Less accumulated depreciation $ 40,825 $ 34,604 and amortization (3,769) (3,485) $ 698 $ 638 7. Line of Credit The Conservancy has a $1,000 line of credit available from JPMorgan Chase Bank (the Bank). 6. Net Assets Unrestricted – Board designated The line of credit is available for renewable one-year periods unless terminated by the Bank or the Conservancy. Unrestricted – board designated net assets are available for the following purposes at June 30, 2008 and 2007: Interest will accrue at either the Bank’s prime rate or at a fixed rate (based on money market rate) quoted by the Bank for 30, 60, or 90 days, at the Conservancy’s option at the time of borrowing. No amounts were outstanding 2008 2007 under this line of credit at June 30, 2008 and 2007. Design and construction $ 22,814 $ 22,194 Horticulture, maintenance, and operations 18,112 17,501 8. Other Revenue, Contributed Services, and Facilities Visitor services 118 116 A summary of other revenue at June 30, 2008 and 2007 is as follows: General purposes 23,289 21,500 $ 64,333 $ 61,311 2008 2007 Merchandise sales, program revenue, and fees $ 1,543 $ 1,455 Temporarily Restricted Net Assets Contributed services and facilities 959 825 Temporarily restricted net assets are available for the following purposes at June 30, 2008 and 2007: $ 2,502 $ 2,280

2008 2007 Design and construction $ 12,122 $ 12,006 The Conservancy receives contributed legal advice, office space, and utilities. The value of these services is recorded Horticulture, maintenance, and operations 43,142 42,954 in the Conservancy’s financial statements and is included as other revenue and allocated to functional expenses in Visitor services 6,059 5,900 the statements of activities. General purposes 495 485 $ 61,818 $ 61,345 In addition, many individuals have volunteered their time to the Conservancy. The value of these services is not included in the accompanying financial statements. 38 39

9. Retirement Plan 11. Contract Revenue The Conservancy has a defined contribution retirement plan (the Plan) under Section 403(b) of the Internal Revenue In April 2006, the Conservancy renewed its eight-year management contract with the City of New York and the Code in which all employees, as defined, are eligible to participate. Participants may make voluntary contributions, Department of Parks and Recreation, retroactive to July 1, 2005. Commencing on July 1, 2005, in order to be subject to plan limitations, to be applied toward the purchase of retirement annuities. The Conservancy is obligated entitled to payments from the Department of Parks and Recreation, the Conservancy must raise and expend annually to contribute 5% of the employee’s base compensation, for all eligible employees, as defined. The Conservancy is a minimum of $5,000 for maintenance and repairs, public programs, landscaping and rehabilitation, or repair of also obligated to match employee contributions up to a maximum of 1% of the employee’s base compensation, for existing facilities, subject to certain exclusions. In exchange for meeting those requirements, the Department of all eligible employees, as defined. For the years ended June 30, 2008 and 2007, the Conservancy contributed $852 Parks and Recreation will pay the Conservancy a minimum of $1,000, which is required by contract to be expended and $736, respectively, to the Plan on behalf of its employees. All contributions vest immediately. for specific services. This minimum payment can be increased up to a maximum of $2,000 by formula, based on the amount by which the Conservancy exceeds its $5,000 threshold in any one year. In fiscal 2007, the Conservancy implemented a deferred compensation plan (the Plan) under Section 457(b) of the Internal Revenue Code in which the Conservancy will contribute $15 per annum for each officer of the Under this contract, the Conservancy is also entitled to a payment equal to a portion of concession revenue earned Conservancy, as defined. For the year ended June 30, 2008 and 2007, the Conservancy contributed $135 and $75, in Central Park. The Conservancy receives an amount equal to 50% of concession revenue earned in excess of respectively, to the Plan. $6,000, measured as of the prior fiscal year. Additional revenue received by the Conservancy for fiscal 2008 and 2007 was $2,786 and $1,981, respectively. The contractual arrangement may only be terminated under specific 10. Commitments and Contingencies conditions outlined in the agreement. Lease The Conservancy has a lease agreement for office space in New York City expiring in 2013. Annual lease payments The Conservancy recognizes revenue in connection with this contract as expenditures are made for specific services. include minimum base rent subject to escalation charges and a proportionate share of any increase in real estate In fiscal 2008 and 2007, the Conservancy recognized as revenue and expended $4,786 and $4,579 respectively, taxes. The Conservancy received rent abatement for the first four months of the lease. Rent expense each year is related to the contract. At June 30, 2008 and 2007, the related receivable was $1,595 and $1,427, respectively. based on the total lease commitment recognized over the life of the lease on a straight-line basis. A deferred rent obligation, $59 in 2008 and $16 in 2007, included in accounts payable and accrued expenses, has been established Project Revenue for the cumulative difference between rent expense recognized and the amounts paid on the lease. In March 2007, the Conservancy entered into a contract for capital projects for the Campaign for Central Park with the City of New York and the Department of Parks and Recreation, retroactive to July 1, 2006. Payment is on Future minimum lease payments are as follows: a reimbursement basis for eligible expenses incurred by the Conservancy, with the funds made available at a rate of up to $3,571 annually for seven years beginning in fiscal year 2007. Year ending June 30: Amount 2009 $ 579 The Conservancy recognizes revenue in connection with this contract as expenditures are made. In fiscal 2008 and 2010 579 2007, the Conservancy recognized $4,085 and $2,748, respectively, for project revenue under the campaign. 2011 582 2012 582 2013 388 $ 2,710

Rent expense for the years ended June 30, 2008 and 2007 was $367 and $324, respectively.

Other The Conservancy is involved in various claims and legal actions arising in the ordinary course of business. In the opinion of the Conservancy’s management, the ultimate disposition of these matters will not have a material adverse effect on the Conservancy’s financial condition. 40 41

Schedule of Functional Expenses Schedule 1 Year ended June 30, 2008 (With comparative totals for 2007) (Dollars in thousands) Program services Supporting services Total Expenses Horticulture, Design and maintenance, Visitor Management construction and operations services Total Fund-raising and general Total 2008 2007

Salaries $ 1,508 $ 8,074 $ 1,916 $ 11,498 $ 1,922 $ 1,866 $ 3,788 $ 15,286 $ 14,279 Payroll taxes and employee benefits 386 1,975 414 2,775 521 507 1,028 3,803 3,650 Total salaries and related expenses 1,894 10,049 2,330 14,273 2,443 2,373 4,816 19,089 17,929

Contracted services: Construction and design 10,051 290 — 10,341 — — — 10,341 8,472 Landscape — 447 — 447 — — — 447 616 Consulting 181 161 347 689 224 321 545 1,234 880 Mailings — — — — 509 — 509 509 591 Other — 370 36 406 318 109 427 833 871 Total contracted services 10,232 1,268 383 11,883 1,051 430 1,481 13,364 11,430

Materials, equipment, and supplies 821 1,452 334 2,607 51 35 86 2,693 3,757 Printing and publications 43 17 66 126 197 108 305 431 400 Conferences, conventions, and meetings 2 11 36 49 41 41 82 131 141 Postage, shipping, and messenger 8 30 3 41 284 15 299 340 344 Travel 2 1 7 10 5 1 6 16 14 Equipment maintenance and rentals 478 241 102 821 86 37 123 944 930 Insurance 144 142 35 321 55 34 89 410 519 Occupancy 16 56 41 113 244 221 465 578 492 Advertising — 1 1 2 27 16 43 45 77 Miscellaneous 4 52 22 78 49 91 140 218 503 Bad debts 6 78 — 84 — — — 84 100 Contributed services 171 187 186 544 357 58 415 959 825 1,695 2,268 833 4,796 1,396 657 2,053 6,849 8,102 Total expenses* before depreciation and amortization 13,821 13,585 3,546 30,952 4,890 3,460 8,350 39,302 37,461

Depreciation and amortization 15 133 34 182 65 37 102 284 249 Total expenses* – 2008 $ 13,836 $ 13,718 $ 3,580 $ 31,134 $ 4,955 $ 3,497 $ 8,452 $ 39,586 Total expenses* – 2007 $ 12,934 $ 13,465 $ 3,162 $ 29,561 $ 4,627 $ 3,522 $ 8,149 $ 37,710 *Exclusive of special event and investment expenses.

See accompanying notes to financial statements. 42 43

Board of Trustees Jane R. Heller Barbara E. Smith-Gasby (On October 15, 2008) Senior Vice President Chief Executive Officer Bank of America B. Smith Enterprises Leadership Chairman Thomas L. Kempner, Jr. Sheila C. Labrecque Michael A. Steinberg Executive Managing Member President Davidson Kempner Capital Management Evelyn H. Lauder Steinberg Asset Management Co., Inc. Honoring A.J.C. Smith Senior Corporate Vice President Chairman of the Board of Trustees, 1999-2007 Treasurer The Estée Lauder Companies Inc. John Steinhardt Michael Grobstein Managing Partner Retired Vice Chairman William M. Lewis, Jr. KLS Diversified Asset Management Ernst & Young Co-Chairman of Investment Banking For the past eight years, the Conservancy has been Playground and Heckscher Playground, and the Lazard Frères & Co. LLC Erana M. Stennett Secretary and General Counsel Bloomberg honored to have A.J.C. (Ian) Smith as its Chairman creation of The Peter Jay Sharp Children’s Glade, Kenneth H. Heitner, Esq. Jay P. Mandelbaum Partner Executive Vice President John Stossel of the Board of Trustees. Under Ian’s leadership, a new venue for innovative and exciting family Weil, Gotshal & Manges LLP JPMorgan Chase & Co. Co-Anchor ABC News Central Park has benefited from a period of programming. Especially noteworthy is Ian’s Judy Hart Angelo Leni May Songwriter Hon. Scott Stringer tremendous growth and rebirth. In 2003, he led the undertaking of the most ambitious and complex Betsy Messerschmitt Manhattan Borough President celebrations for the 150th anniversary of the Park’s historic preservation project in Central Park’s history Jane Bayard President, Women’s Committee Executive Vice President Central Park Conservancy Stuart Subotnick inception in 1853 and, in — restoration of the Minton tile Warburg Realty Partnership Ltd. Partner & Chief Operating Officer Lynden B. Miller Metromedia Company 2005, the 25th anniversary of ceiling at Bethesda Terrace. Hon. Adrian Benepe Lynden B. Miller Public Garden Design Commissioner Patsy C. Tarr the Conservancy. Ian launched NYC, Department of Parks & Recreation E. Blake Moore, Jr. the highly successful Campaign Thanks largely to Ian’s efforts, Chief Executive Officer Elizabeth R. Varet Candice Bergen Allianz Global Investors Fund Management LLC Chairman for Central Park in 2005, which the foundation has been set to Allianz Global Solutions American Securities, L.P. Douglas Blonsky has met its goal of raising secure the future of the Park, President, Central Park Conservancy Madeleine Moore Mary Wallach and Central Park Administrator $120 million, and he was through the endowment, which Kenneth S. Olshan Strauss Zelnick responsible for overseeing Peter L. Briger, Jr. Partner has more than doubled during President Joe L. Roby ZelnickMedia Corporation the eight-year renewal of the Fortress Investment Group Chairman Emeritus his chairmanship, growing from Credit Suisse Securities (USA) LLC management agreement with $64 million in 1999 to over Estrellita Brodsky Life Trustees Eric Rudin the City in 2006. $150 million in 2007. Judy Carson Executive Vice President William S. Beinecke Rudin Management Co. Antaeus Enterprises, Inc. Richard M. Cashin The Conservancy invested Managing Partner Michele Sacconaghi Lewis W. Bernard Fortunately, Ian’s vision and One Equity Partners Vice President for Corporate Citizenship Chairman Time Warner Classroom, Inc. nearly $550 million in the Park since its founding wise counsel will continue as a valued Trustee, Howard L. Clark, Jr. in 1980, and more than $240 million of it was and together with his wife, Margaret — herself an Vice Chairman Irwin Schneiderman James H. Evans Barclays Capital Senior Counsel expended in the eight years of Ian’s tenure. During active member of the Women’s Committee Board Investment Banking Division Cahill Gordon & Reindel LLP Henry R. Kravis Founding Partner this period, the Pond and the Mall, two of the Park’s of Directors — the Conservancy looks forward Jean Clark Donna Schwartz Kohlberg Kravis Roberts & Co. most cherished landscapes, were restored to their to many more years of their combined passion, Suzanne Cochran Rae Paige Schwarz Ira Millstein, Esq. Senior Partner former glory, and a replica of the historic fence wisdom, and inspiration. Norma Dana Norman C. Selby Weil, Gotshal & Manges LLP surrounding the Reservoir was installed. Ian has Senior Managing Director Gordon J. Davis, Esq Perseus LLC Marguerite H. Purnell also overseen restoration of important features for Partner Dewey & LeBoeuf LLP A.J.C. Smith Elizabeth Barlow Rogers children and their families — West 110th Street President Richard Gilder Donald G. Smith Foundation for Landscape Studies Partner President & Chief Investment Officer Gilder, Gagnon, Howe & Co. LLC Donald Smith & Co. E. John Rosenwald, Jr. Vice Chairman Emeritus William R. Harrison, Jr. Raymond W. Smith JP Morgan Former Chairman & CEO Chairman JPMorgan Chase & Co. Rothschild, Inc. Joan C. Schwartz 44 45

Women’s Committee Advisory Board Andrew Konopka Diane Schaub Anthony Pontillo John A. Martinez Jose Lopez + Bill Selezniov Brian T. Purcell Claire McClafferty (On October 15, 2008) Mrs. Rand V. Araskog Mrs. Neil P. Benedict Sara Cedar Miller Paul Serra William Quansah Thomas McEntee Mrs. Livio M. Borghese Cornelio Mora Than Soun John Reddick Donovan A. Mitchell Founders and Former Presidents Emiliano Morales + Phen Suy Matthew C. Reiley Gabriel Mitchell Mrs. Howard L. Clark Dr. Joyce F. Brown Steven Norton Bryan Swan + Goodson Sem Gulab Mohammad Ayaz Mrs. Charles A. Dana, Jr. Mrs. Raymond G Chambers Charles Obery Juan Valentin Stacy Sit Paula A. Morehouse Mrs. Richard I. Purnell Ms. Allison Cowles Dominic Quaglia + Dario Veraldi Reginald Tart Sr. Mrs. Phyllis Cerf Wagner* Mrs. Walter J. Curley Andre Morgan Rafael Quinones + Derrick Woodbury Trung Truong Kristina Nelson Mrs. Walter G. Dunnington, Jr. Jose Rodriguez Zully Zurheide + David H. Turner Board of Directors Mrs. Anne Ford Linda Newman Darren Rogers Richard Van Valkenburg Tee C. Ngiam President Mrs. Charles F. Fortgang Louis Urruttia-Orme 5 to 9 Years Douglas Weller Steven J. Oppedal Betsy Messerschmitt Mrs. Lee M. Gammill, Jr. Daniel S. Wallace Lane N. Addonizio Wallace Wentink Julie Palumbo Mrs. Robert M. Gardiner Louis Young + Gideon D. Ahadzi Robert Whearty Kathryn Papacosma Past Presidents Mrs. Louis V. Gerstner, Jr. Gladstone Younger + Melanie Alfonso Maryann Williams Mrs. Robert Cochran Diana Reinhardt Paradis Mrs. S. Parker Gilbert Eric Anderson Herman Paul Mrs. Thomas G. Labrecque Mrs. Alan C. Greenberg 15 to 19 Years Alice Baer 1 to 4 Years Mrs. Richard S. LeFrak Anthony Pickett Mrs. Peter S. Gregory Alicia Alvenda-Paez Stephen M. Baldonado Alan Anderson Gloria Plata Mrs. Joseph V. Missett III Mrs. Ridgely Harrison Lydia Bonet + Larry Baskerville Oscar Ayaquica Mrs. Daniel P. Paduano Jill Price Mrs. Richard Mishaan Kea Chea Robert Bennett David Baker Jennifer Prout Mrs. Charles D. Peebler, Jr. Mrs. Fernanda Niven Kathleen Cregg Jairam Bisessar Blossom Beason Mrs. Wilbur L. Ross, Jr. Daniel Ransom Deborah Norville Andrea Hill Vyacheslava Bovtko + Thomas Behrendt Mrs. Jack Rudin Michael Richardson Mrs. Patricia S. Patterson Louis Johnson Jill Bristow Larry Boes Byron A. Roberts Mrs. George H. Shattuck, Jr. Vanthon Keo Matthew I. Brown Steven Bopp Mohanlal Roopnarine Executive Vice President Yean Khiev Kelly Carrol Julie Buzzeo Mrs. Sylvester F. Miniter IV Mrs. Lawrence D. Sperling Michael Rosario Mrs. George H. Tilghman Kenneth Love + Teresa Carta Adelle Caravanos Heather Rubenstein Mrs. Grant Winthrop Christopher Nolan Altagracia Cartagena Anna Carey Rupert Russell Vice Presidents Vi Ong Lois E. Cassidy John-Paul Catusco Mrs. H. Joseph Witte Gary C. Saunders Mrs. Michael Kennedy Pedro Peralta Brian Conaty Angie Chien Mrs. Jeffrey M. Peek Diane B. Schoenthal Central Park Conservancy Jose Rivera + Matthew T. Cook Vern Clarke Valentine Ruiz + Terri L. Coppersmith Thomas Cogswell Katherine Sheleg Secretary Management and Staff Hanna Ryan + Angel Corbett Anderson Conserve Cornell Simmons Mrs. Jonathan Churchill (On October 1, 2008) Christine Seita Victor Corporan Pablo R. Cruz Rachel M. Stephenson Linton Smith Christopher C. Cousino Daniel Daly Silvia Tamayo Assistant Secretary + New York City Department of Khol Sok Matthew C. D’Amico Curtis Dann-Messier Raymond M. Verrey Mrs. M. Anthony May Parks & Recreation Employees Norma Soto Gary R. Dearborn George A. Davis Marie R. Warsh Stephen Spinelli Lawrence J. Decker Raymond Davy Eric Whitaker Treasurer President, Central Park Conservancy Edward Valarezo + Quezon Dela Cruz Robert Diaz Stephen Wilkinson Mrs. Wendy N. Carduner and Central Park Administrator Juan C. Vargas Stephen DeLuise + Lisa Doughty Crystal Williams Douglas Blonsky Samuel Vargas John P. Dillon Mark Douglas Steven Willis Mrs. Robin Bell-Stevens Mario Vaughan Vanessa A. Francisco Marie-Anne Dreher Krystal Wilson Mr. Douglas Blonsky, ex officio Vice President for Operations Mario Zafarana Laura Frank Deborah L. Drucker Lakema Wilson Susan Calhoun Neil Calvanese Hector O. Gamboa Agata Dziemianczyk Jennifer K. Wong Mrs. David I. Foley 10 to 14 Years Sparks Grassly Audra M. Eaglen Lloyd E. Woodcock III Mrs. William B. Harrison, Jr Vice President for Development Regina V. Alvarez Margarita Haas Lindsay J. Empric Mrs. James Herring and External Affairs Pedro Augusto Nereida Hernandez Michael T. Evans Less Than 1 Year Mrs. John Hilson Terri Coppersmith Ed Benson Alan N. Herskowitz Kira Finney Miguel A. Ayala Mrs. Ara Hovnanian Martin Calzadilla Annamarie Hessman Shadai L. Franklin Omar Berroa Mrs. William H. Ingram Vice President for Capital Projects Ronise Cox Rochelle Hines Steven Fusco Marissa N. Block Mrs. Carlisle Jones Christopher Nolan William Crespo + Rith Hun Joshua Galiley Kevin Brown Mrs. Kenneth Joseph Keith Dore + Randolph Joseph Kimberly A. Greenland Melinda L. Bush Mrs. Memrie M. Lewis Vice President of Development Raymond Duggan Sheila Kendall Pavlo Gusev Donna Capossela Mrs. Dan Lufkin John Felicies + Jamaal L. King Laura Hall Sara J. Dobbins Mrs. Donald K. Miller and Capital Campaign Diane Schoenthal Wendy Fortune Eric Kohler John Harrigan Alexander Feleppa Mrs. Elaine Murray Russell Fredericks Daisy Le’Gare Abigail D. Healy Collette Franco Mrs. William M. Pope, Jr. CFO and Vice President for Finance Beth Haskell Alice Lichtenstein Julio R. Hernandez Brian Gerald Mrs. Bambi Putnam Maria Hernandez Francisco Luna Tsay Huang D’Andre C. Gray Mrs. John S. Pyne and Administration Stephen Spinelli Linda Heyward Nicholas P. Marotta William Jamison Kathryn A. Hibschman Mrs. Julian H. Robertson, Jr. John Hiser Derrick McElveen Dwight Knowles + Mrs. Spencer Robertson Employees D. Scott Johnson 20 or More Years Wayne Lighty George W. McPherson Jr. John Y. Kyte Edward M. Juda Hon. Allison Whipple Rockefeller Keiron C. Lindsay Earl P. Munroe Orlando M. Lanza Elizabeth Barlow Rogers William Berliner Alan S. Karpman Douglas Blonsky Suntov Ly Cheryl Neldon Peter Lecointe Bobbi Kravis Mrs. Benjamin M. Rosen Joseph McBain Emma Nelson Kathleen Lessard Mrs. Alexia Hamm Ryan Neil Calvanese Jimmy Molina Gary Drennon + Giovanni Mosquera Antonio Nieves Richard Lombardi Paul C. Okarmus Mrs. Jennifer Saul Nelson Nicholas + Khen Ong Cruz Lopez Mrs. H. Virgil Sherrill James M. Eggleston Hannah M. Parker Milton Evora Mauricio A. Perdomo Kathryn Ortiz Julio Lopez Gregory Rossi Mrs. Mark L. Shifke Joaquim Pereira Florence O’Shaughnessy Sabrina Lutchman Mrs. A. J. C. Smith Marvin Ferguson Richard Sepulveda Jose Figueroa Sergio A. Ricano Chantha Pang Carrie Majette Rebecca R. Sullivan Elizabeth F. Stribling Micheal Ryan + Catherine Parry Linda Malley Ms. Samantha S. Topping James Fleming Jonathan G. Taub Sotha Kang Ronald Sanders Yarw M. Peprah Melissa Marion-Burford Kris Verma Miss Thorunn Wathne * deceased 46 47

Michael W. Zemola 5 to 9 Years David Westcott Duane Grant Patricia Momigliano Bryan Schneider Justin Abelow Web Wheelock Josephine Greiner Kathy Mundy Arnold Schoenfeld New York City Department of Genevive Alexander Ann Whyte Mimi Haggin Christopher Murphy Linda Schott Parks & Recreation Rose Applebaum Robert Wolkow Jerry Harawitz Jessica Murphy Eleanor Shakin Norma Baum Vicki Wilkins Deborah Harley Nina Faia Mutlu Kay Sheehan Deputy Chief of Operations Diane Fung Benson Anna Zagoloff Elizabeth Harper Babette Nadelman Irene Shrier Nelson Nicholas Sarah Bessey Harry Harwood Niclas Nagler Carol Sidley Ruth Bernstein Up to 5 Years Linda Heller Mary Ann Napolitano Cybil Sidney Park Supervisors Harriet Blacker Regina Alsis Isabel Henelley Carol Nemo Walter Francis Siebecker Stephen De Luise Linda Blum * Margaret Alerson Erik Hively Robert Nemo Brian Silvestry Micheal Ryan Marty Birnbaum Rachel Alzubi Anne Holderness Doug Nielsen Audrey Slater Zully Zurheide Donna Bolkcom Joann Amparan-Close Tedric Holdsworth Jennifer Novik Judith Smith Dion Brennan Lucimar Araujo Julie Holoway Sharon O’Connell Marni Sommer Central Park Volunteers Jane Breakstone Susie Armitage Daniel Homan Anthony O’Connor Uni Son Pauline Brooks Georgia Avery Charles Honig Tom Olzenski Liz Sorg 20 or More Years John Bryan Signe Baird Cindy Ippoliti Sandra Ospina Bob Stanley Margery Bloom Susan Chagrin Derek Balcom Odette Janavel Daniel Passantino Phil Stein Abdul El-Amin Richard Dahlia Kristi Bambridge Ximena Jordan Marion Pearce Peter Szabaga Elinor Fine Janet David Annette Bamundo Nancy Kahn Deborah Pelosi Ronnie Taffet Richard Hooper Bob Edmondson Lauren Baum Harold Kaplan Ian Perry Jan Tannen Louise Kruger Bayla Falber Sy Baum Greg Kaufmann Kristine Petrucione Barbara Tracey Louise Ransom Kate Feldman Mary Barknecht Robin Kassimir Daniel Pinkus Brent Tucker Doria Tenca Patricia Flamm Stuart Benick Mary-Louise Kearns Barbara Priest Paul Viani Fern Stolper Cris Gleicher Carol Bergman Julian Korn Theresa Rachelle Cynthia Villani Lucille Gordon Karen Bichard Jane Kutnick Christa Rassman Peggy Vishnupad 15 to 19 Years Anthony Gosse Fred Blattberg Saul Laniado Bernice Ravitz Marissa Volshteyn Maureen Antizzo Christel Haesicke Edwin Bobrow Mary Lou Lee John Richards Andrew Waters Lee Barash Sara Truslow Hardin Meta Bodewes Fernando Leon Zoe Richardson John Waters Susan Baxter Gloria Hegy Linda Brazda Patricia Leuthard Orrin Riley Diana Wayburn Berton Chernizer Clay Herrick Jessica Brooks Edward Levine* Ken Rogers Gloria Weiss Frank Comiskey Malcolm Holderness Wendy Byrne Roy Levit Dina Rosen Judy Weller Abe Denowitz Noel Holland Rita Callahan Laurie Lewis Kerry Rubenstein Bernard Wides Rita Denowitz Yvonne Holland Dorothy Camporeale Suzanne Lorio Michael Samuels Jay Wilson Phyllis Giarro Kathy Jennings Samuel Carlisle William Mari Luis Santos Janice Williams Virginia Glover David Karabell Joy Carol Tracie Masek Jean Saremsky Barbara Withers Phyllis Hollander Judy Katz James Carragher Norma McMillan Leonard Saremsky Roberta Wolf Jacqueline Jeffrey Mike W. Keenan Tris Carson Dan Meyer Ann Saydlowski Jane Wu Judith Landrigan Lorraine Klein-Nelson Hans Christensen Hillary Miller Elaine Schechter E. Bingo Wyer Marjorie Naughton Blanche Kaplan Sheri Chubbuck Elizabeth Mindlin Iris Schickerling-Georgia Mary Yerkes Frank Kaplan Gina Clemente Anni Newbeck * deceased Marie Reno * Herman Kroshinsky Amy Cole Nancy Warfield Paul Lenner Irene Conway Linda Lewenson Susan Cooper 10 to 14 Years Brigitt Lewis-Diederich David Cobb Craig Lois Beadle Jerome Maisel Gwen Danzig Kelly Belford Karen McDonald Lorna Darmour * Arthur Bitterman Camilla McFadden Simeon David Brigid Buchanan Susan Miller Carol Degener Bill Dodds Simona Morini Maureen Dillon Mary Edmondson Hartmut Munker Robert Eber Thomas Griffing Flo O’Shaughnessy Sally Emery Mary Habstritt Andrea Raskin Ray Finkelstein Lillian Hansen Francine Riley Donald Florman Maggie Heimann * Lars Rosager Joyce Flynn Steven Huppert Joe Sandford Linda Frank Gloria Ilic Valerie Sarris Harriet Frankel Edna Konoff Richard Schad Michael French Raymond Knowles Feola Scharf Catherine Fredman Margery Laird Aaron Schechter Robert Frye Suzi Leiter Barbara Schimansky Claudia Fugalli Charlotte Levine Karl Schuman Barbara Geller Susan Lowry Barbara Schwimmer Wendy Gebb Jean May Richard Sonet Glenn Gertler Nancy Meiselas-Berner Billy Squier Mae Goffe James Neff James Tegan Jose (J J) Gonzalez Ann Raymond Nancy Tollefson David Gould Judith Som Jay Townsend Gerd Grace Ida Crawford Stewart Barbara Tracey Michael Graff Gayle Welling Donald Wagoner Patricia Grew Connie Welch Marjorie Graham * deceased Operations, Night and Weekend Crew. Ways to Help the Park:

Adopt a Bench Collect Art of Endow a Endow a Tree the Park Playground

Give a Legacy Gift Endow a Take a Custom Become a Member Park Zone Van Tour and Volunteer

For more information, please visit www.centralparknyc.org, call 212-310-6600, or write us at 14 East 60th Street, New York, NY 10022.