Tanks a million! Gift helps aquarium
Up to $1M to come from foundation
By Allyson Bird
A foundation set up in memory of a New York woman who became an Italian countess and a Charleston philanthropist continues to help keep the South Carolina Aquarium afloat.
The aquarium's board of directors announced at its quarterly meeting Thursday that the Spaulding Paolozzi Foundation, named for the late Countess Alicia Spaulding Paolozzi, would give up to $1 million to the attraction in matching funds.
The biggest part of the gift would provide up to $850,000 for debt repayment. The foundation will contribute $2 for every $1 the aquarium raises on its own, said Kevin Mills, president and chief executive officer of the aquarium.
"This really leverages the debt," Mills said. "It brings an end in sight."
The aquarium has roughly $3.2 million remaining debt. If it can raise the $425,000 in matching funds, the balance could drop as low as $325,000.
First, the foundation gift, including the aquarium's contribution, would cut the existing debt to $1.925 million. On top of that, a group of banks would pay off another $1.6 million if the aquarium can match that amount by February 2010 under a previous restructuring of the debt.
The remaining $150,000 of the gift will go toward establishing the aquarium's endowment. Mills said the Spaulding Paolozzi Foundation will contribute $1 for every $2 the aquarium raises toward the endowment.
The aquarium applied for the funding in the spring and received word that it was approved last week, Mills said.
The money comes at a particularly tough time for the aquarium — which posted a $225,886 loss last year — and for tourist attractions in general. Attendance was less than forecast for most of the spring and summer, dipping especially low when gas prices rose. Numbers rebounded in August, largely thanks to the aquarium's "Pay Like a Kid, Play Like a Kid" promotion, in which all state residents were charged the admission rate for a child.
The aquarium will bring a warm-weather penguin exhibit in spring 2009 with hopes of recouping visitors.
The Spaulding Paolozzi Foundation previously awarded a $500,000 grant to the aquarium, which was also applied toward its debt. The attraction's changing exhibit gallery, currently home to "Camp Carolina," is named for the countess.
Recognized as one of the local Spoleto Festival's founders, Paolozzi was also a member of the 1958 winning women's team of the automotive Tour de France. She died in 2002.
Reach Allyson Bird at 937-5594 or abird@postandcourier.com.
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Reader (anonymous) says...
The money in that trust is being GROSSLY misused. Check out the terms of the trust, and you will be shocked. The money is supposed to be spent on promoting agriculture or something like that. How, you might ask, does a donation to the SC Aquarium relate to that? Well, most importantly, Joe Riley is one of the trustees of the trust.
September 26, 2008 at 2:13 a.m. ( permalink | suggest removal )
Neponset (anonymous) says...
Reader
I agree, except that I think the foundation was set up to fund womens issues.
I find it interesting that this article is buried in the business section, rather than in the local news section.
If anyone else finds this article and is interested in aquarium issues, check out charlestonwatch.com.
September 26, 2008 at 7:44 a.m. ( permalink | suggest removal )
icbmman (anonymous) says...
Bottomline, if there is a constant problem with the aquarium making money, these financial gifts only encourage additional mismanagement of money and preposterous prices for admission.
Good night, the people who run the facility just don't get it. When they reduced their prices for that promotion, MORE PEOPLE ATTENDED...uuuuhhhh, maybe they need to stick with that!! Adult admission to the Riverbanks Zoo in Columbia, a far larger attraction with more to see and with its OWN aquarium exhibit(!!!), is only $9.75. People come from many parts of the state to see it, especially since it is a family friendly attraction. I think the aquarium people need to get a freaking clue and consider dropping prices similarly if they want to ensure the attraction's future for many years.
September 26, 2008 at 9:50 a.m. ( permalink | suggest removal )
hardshell (anonymous) says...
"GROSSLY misused ... supposed to be spent on promoting agriculture or something like that"? Clearly, "Reader" is misinformed. The Foundation was created to provide for the environment, agriculture, issues on aging, and women. The Aquarium clearly qualifies in the environmental category, with its programs on conservation and education. The Countess who established the foundation was herself a founding board member for the Aquarium. This is EXACTLY what the funds were intended for. Why would anyone construe this as negative?
September 26, 2008 at 9:52 a.m. ( permalink | suggest removal )
Neponset (anonymous) says...
hardshell
I do a little profiling and your comment raises red flags - ie you registered today with only one comment - did joe tell/hire you to write this comment?
September 26, 2008 at 10:43 a.m. ( permalink | suggest removal )
Neponset (anonymous) says...
Newt
"conservation"
You are right - joe is conserned with the conservation of his butt, if this dream of his falls flat and the city (ie tax payers) have to pick up these expensive pieces.
I agree with ICBM MAN - reduce ticket prices and maybe more folks, including me, will buy a ticket.
September 26, 2008 at 11:14 a.m. ( permalink | suggest removal )
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