19-February 11, 2010 NOTEBOOK

MEETING OF THE OHIO CULTURAL FACILITIES COMMISSION
Thursday, February 11, 2010 – 10 a.m.

Commission Office – 20 East Broad Street, Columbus, Ohio
AGENDA
Time Tab Item Speaker
10:00 AM 1 CALL TO ORDER Otto M. Budig, Jr., Chairman

[10 min] • Approval of Minutes of November 17, 2009 Meeting
• Call for Public Comment
• Election of Officers
10:10 AM Executive Director's Comments Kathleen M. Fox, Executive

[15 min] • Delegated Project Approvals Director
• Legal Agreement Update
• Audit Recap Craig A. Marshall, Secretary-
Treasurer
10:25 AM 2 Irene Lawrence Fuller House Adaptive Reuse Tony Capaci, Project Manager
[15 min] Bay Village, Cuyahoga County
• Cultural Facility Project Approval BayArts
• R-10-01 John Jefferson, President of
Board
Peter Winzig, Vice President of
Board
Nancy Heaton, Executive
Director
YDesignGroup Architecture
Firm
Mark Yager, President
10:40 AM 3 Cozad-Bates House – Roof Restoration Amy Rice, Project Manager
[15 min] Cleveland, Cuyahoga County
• Cultural Facility Project Approval University Circle, Inc.
• R-10-03 Ndeda Letson, Assistant
Director of Real Estate
Development
10:55 AM 4 National Underground Railroad Freedom Center – Tony Capaci, Project Manager
[15 min] Memorandum of Understanding for Construction
Reimbursement National Underground Railroad
Cincinnati, Hamilton County Freedom Center
• Cultural Facility Project Approval Benjamin T. Reece, Financial
• R-10-04 Director and CPA
11:10 AM EXECUTIVE SESSION Otto M. Budig Jr., Chairman

[20 min]
11:30 AM ADJOURNMENT Otto M. Budig Jr., Chairman
Page 1 of 1
2/12/2010 10:01 AM

Project Analysis and Staff Recommendation
Irene Lawrence Fuller House Adaptive Reuse
Commission Assessment Team: Tony Capaci and Amy Rice, project managers
Irene Lawrence Fuller House Bay Village, Cuyahoga County

Project Sponsor Information
Sponsor: Baycrafters, dba BAYarts (the “Sponsor”)
Type: Ohio nonprofit corporation since 1962
Background: The Sponsor states, “The mission of BAYarts is to provide a welcoming lakeside
environment to stimulate, encourage and support professional and aspiring
artists of all ages through collaboration, education and exhibition.”
According to the Sponsor’s Web site, “BAYarts makes its home in the Huntington
Reservation, the western-most member of the Cleveland Metroparks, located in
Bay Village near the border of Cuyahoga and Lorain Counties. Nearly one million
visitors enjoy the Lake Erie shore and the beauty of its natural areas and park
settings annually. Until 1927 when the land was purchased by the Cleveland
Parks Department, the Huntington Reservation was the summer estate of John
Huntington, inventor, industrialist and key founder of the Cleveland Art Museum.
BAYarts campus is within walking distance of two other “gems” in the
Metroparks’ “Emerald Necklace”: Lake Erie Nature & Science Center and
Huntington Playhouse.”
BAYarts currently occupies what was once the John Huntington estate
caretaker’s house, named the BAYarts Gallery. The Irene Lawrence Fuller House
will be an extension of the programming offered at the BAYarts Gallery. BAYarts
will continue to occupy and provide programming in the BAYarts Gallery after the
Irene Lawrence Fuller House opens.
See Exhibit G for a Huntington Reservation site map.
Web Site: http://www.bayarts.net
Legal Agreements
Signatory: Peter Winzig, project supervisor
Ohio Cultural Facilities Commission Irene Lawrence Fuller House

1st Quarter 2010 Meeting Page 1 of 9
Reimbursement
Certification By: Peter Winzig, project supervisor
Legislative History:
Appropriation Bill Number Appropriation G.A. Appropriation Comments
Name Date Amount
Irene Lawrence Fuller Am. Sub. 6/24/2008 127 $250,000 Funding this project.
Historic House H.B. 562 No prior Commission actions.
Commission Actions This Meeting:

In resolution R-10-01, the Commission is asked to do the following: determine need; determine
substantial regional support; determine the construction administrator; determine the provision of
general building services; approve the project and authorize the expenditure of funds, pending certain
requirements; and authorize the execution of legal agreements.
Facility Information
Name: Irene Lawrence Fuller House (the “House” or the “Facility”)
Address: 28795 Lake Road

Bay Village, Ohio 44140
301 Central Parkway, Heath, Ohio 43056
Owner: The Sponsor owns the BAYarts Gallery and the Irene Lawrence Fuller House
and licenses the grounds from Cleveland Metroparks (the “Metroparks”).
Type: Art education center, gallery and gathering space
Culture Presented: Visual, musical, and dramatic arts and the provision of education in the arts. Art
education for children ages 3 and up, adults, seniors; gallery exhibitions
showcasing area artists; consignment shop featuring regional artists; open studio
time for professional artists; free summer concerts with regional musicians;
collaboration with other arts organizations and nonprofits on events and
programming; annual art (sale) festival, chalk festival and fall benefit.
See Exhibit A for event information.
Managed By: Sponsor
Description: In 1984, the three-story, Queen Anne-style Irene Lawrence Fuller House, built in
the late 1800s, was moved by Lake Erie barge to its current location and for 26
years stood vacant.
See Exhibit H for a photo of the House being moved.
Historic
Designations: Although the House is not listed on the National Register of Historic Places, the
Cleveland Restoration Society reviewed the Project and did not object to the
planned renovation.

Project Information
Scope: House interior and exterior improvements (the House is completely gutted and
awaiting renovation) encompass floor-to-ceiling window installation; porch
extension for additional outdoor classroom space and events; seasonal sculpture
garden installation for displaying art work; new HVAC, plumbing, and lighting;
ADA-compliant restroom installation; catering space installation; code-required
egress stairs installation, to provide access to the second floor, which features
additional restrooms, classrooms and storage spaces; and creation of office and
additional storage space on the third floor.
Stage: Bidding
Delivery Method: Design-bid-build
Schedule: Construction commences March 2010; construction completes September 2010
Cash Flow: The Sponsor demonstrates sufficient cash-on-hand to pay construction invoices,
until state reimbursement, throughout the construction period.
Budget:
Amount
Hard Costs
Construction $342,900
Contingency $17,145
Site Improvements $0
Fixtures/Furnishings/Equipment $0
Exhibits $0
Other $0
Total Hard Costs $360,045
Soft Costs
Architect/Engineering $31,500
Permits $2,500
Surveys and Reports $0
Utilities $0
Bonding $0
Insurance $0
Operation Equipment $0
Architectural Program/Program Consultant $0
Construction Manager/Project Manager $0
Owner's Representative $0
Accounting and Administrative $9,500
Legal $0
Title Work $0
Other $0
Total Soft Costs $43,500
Total Project Budget $403,545
See Exhibit B for the Sponsor’s submitted budget.
See Exhibit C for floor plans.

Budget Source: Mark Yager, Y Design Group. Based upon the Project scope and the Project
stage (bidding), a 5 percent contingency is sufficient.
Sponsor Team: Peter Winzig, project manager, BAYarts board member, is responsible for budget
and schedule adherence and will review and forward all change orders to the
board for approval prior to the commencement of additional work.
Design Team: Mark Yager, RA, president, Y Design Group. Y Design Group was selected using
a qualifications-based selection process. Y Design Group has a reputation for
completing galleries with limited budgets and similar building styles. The firm’s
completed community projects include the KPL Galleries, Tregoning Studios and
other projects in the Studios at 78th Street facility. Mr. Yager will assume
responsibility for contract administration and will assist in the change order
review process. Based upon previous public work experience, he is also
responsible for assuring prevailing wage compliance, as well as adherence to
local and state law.
The Sponsor is not seeking reimbursement for architectural, engineering or other

professional fees.
Construction
Team: Contractor selection via open bid February 2010
Each contractor will assure compliance with prevailing wage law and provide
proof of such with pay applications to the Sponsor.
Based on the experience of the Project team, Staff recommends the Sponsor provide construction
services for the Project as permitted by Section 3383.07 of the Ohio Revised Code (“ORC”).
See Exhibit D for the Project team’s resumes and architectural firm’s information.
Project Need
Financial Assessment
Commission staff analyzed the Sponsor’s financial statements, including the following:
• unaudited financial statements for year-to-date October 31, 2009 (“YTD10”);
• draft audited financial statements for fiscal-years-ending June 30, 2009, and 2008
("FYE09" and “FYE08”); and
• five-year pro forma.

Statement of Financial Position Summary
Increase Increase
YTD10 (Decrease) FYE09 (Decrease) FYE08
ASSETS:
Total Current Assets $ 36,550 $ (30,995) $ 67,545 $ 14,942 $ 52,603
Total Other Assets $ 16,800 $ - $ 16,800 $ (483) $ 17,283
Total Long-Term Assets $ 13,748 $ 19 $ 13,729 $ (2,089) $ 15,818
TOTAL ASSETS $ 67,098 $ (30,976) $ 98,074 $ 12,370 $ 85,704
LIABILITIES:
Total Current Liabilities $ 42,599 $ (2,003) $ 44,602 $ (6,528) $ 51,130
Total Long-Term Liabilities $ 6,757 $ 6,757 $ - $ - $ -
TOTAL LIABILITIES $ 49,356 $ 4,754 $ 44,602 $ (6,528) $ 51,130
NET ASSETS:
Unrestricted $ 17,742 $ (20,717) $ 38,459 $ 10,552 $ 27,907
Temporarily Restricted $ - $ (15,013) $ 15,013 $ 8,346 $ 6,667
TOTAL NET ASSETS $ 17,742 $ (35,730) $ 53,472 $ 18,898 $ 34,574
TOTAL LIABILITIES AND NET

ASSETS $ 67,098 $ (30,976) $ 98,074 $ 12,370 $ 85,704
Solvency:
An organization is solvent when assets are greater than liabilities. The Sponsor is solvent because net assets
are positive (YTD10 total assets are $67.8K; total liabilities are $49.3K).
Since the House was donated and is in need of repair to create usable space, the Sponsor’s auditor
recommended that the fixed assets account should not include the value of the building. In its current state,
the House is insured at $50K.
Although the organization is technically solvent, at YTD09, the ratio of total liabilities to total assets is very
high at $49K:$68K. This situation can be explained by the following:
• When assessing liquidity of the organization’s assets, Commission staff accounts for the marketability
of assets. Included in total assets is $14K of artwork and $5K of ‘website’ (an auditor’s financial
statement footnote indicates the artwork and website “…may not be readily marketable”);
• Total assets decreased due to a $36K operating loss funded primarily with cash (see operating
change in net assets for further discussion). According to the Sponsor, this is a cyclical situation since
the majority of revenues are generated during the spring and early summer. The YTD10 results are
inclusive of July to October 2009, the slowest revenue generating time of the year. Commission staff
reviewed a statement of activities comparing July through December 2008 (YTD09) to July through
December 2009 (YTD10) and the YTD10 results are 5 percent higher than the YTD09 results; and
• Concurrently, current liabilities include deferred revenues consisting of prepaid class fees. This is a
special type of current liability as cash is not required to satisfy this obligation; teaching the class
satisfies this obligation. In other words, as classes complete, the current liability decreases and earned
revenue increases. At YTD10, of the total current liabilities of over $42K, prepaid classes comprise
$38K of the total.
Another gauge of solvency is whether or not the institution has sufficient net assets to pay off long-term debt.
The viability ratio (unrestricted net assets minus capital assets minus restricted endowments plus long-term
debt divided by total debt) measures one of the most basic determinants of clear financial health: the
availability of expendable net assets to cover debt should the institution need to settle its obligations as of the
Statement of Financial Position date. A ratio in the range of 1.25 to 2.0 indicates a strong creditworthy
institution.
YTD10 FYE09 FYE08
Viability Ratio 1.59:1 N/A N/A

A FYE09 and FYE08 viability ratio is not calculated since there is no long-term debt.
Liquidity:
Liquidity relates to availability of, access to or convertibility to cash. A test of liquidity is current ratio (current
assets divided by current liabilities), which indicates how many times over the entity can pay its current
liabilities with its current assets. (Note: Restricted current assets were not used to calculate the current ratio
because they generally are not available to service current liabilities. Including restricted current assets in the
calculation could have the effect of artificially inflating the current ratio.) A current ratio of greater than 1:1 is
considered acceptable.
YTD10 FYE09 FYE08
Current Ratio 0.9:1 1.5:1 1.0:1
• At YTD10, the current ratio is low because cash (a current asset) is funding the year-to-date operating
loss.
Current liabilities include $38K of deferred revenue (prepaid classes). As these prepaid classes conclude, the
liability, deferred revenue, becomes earned revenue. If the YTD10 current ratio is calculated without this
liability (deferred revenue from prepaid classes), the resulting current ratio improves to 9.7:1.
The Sponsor’s YTD10 working capital is ($6,049). Again, prepaid classes skew this number, reflecting a
scenario where all prepaid classes are cancelled and students are paid back. In reality, at the conclusion of
these prepaid classes, the deferred revenue will become earned revenue. Working capital without the
prepaid classes is $32,793. Days of cash-on-hand (an indication of how many days an organization can pay
expenses if its revenue stream ceases) at 88, is higher than the 30-day norm.
Leverage:
Leverage is the degree to which a sponsor is borrowing money. A measure of leverage is debt ratio (debt
divided by total assets).
YTD10, the Sponsor’s total assets are $67,098 and total debts are $6,757. The debt ratio, which indicates
what proportion of debt an organization has relative to its assets, is 10 percent. This means that for every
$1.00 of assets, the Sponsor has $0.10 in debt.
YTD10 FYE09 FYE08

Debt Ratio 10% 0% 0%
The sponsor’s debt consists of:
• a $30,000 line of credit with Huntington National Bank for construction cash flow needs. Terms of
the line of credit include a variable interest rate, 3.25 percent at inception, and monthly principal
and interest payments. As of October 2009, the balance is $9K.
Change in Net Assets:

Change in net assets examines changes over several years to see where an entity is headed.

Change in Net Assets Summary
Increase Increase
Total Revenues (net of capital revenues) $ 15,906 $ (271,031) $ 286,937 $ 77,025 $ 209,912
Total Expenses (net of depreciation and
net of capital expenses) $ 50,952 $ (214,208) $ 265,160 $ (185,809) $ 185,809
CHANGES IN NET ASSETS (Pre-
Depreciation) $ (35,046) $ (56,823) $ 21,777 $ (2,326) $ 24,103
Depreciation $ (684) $ 2,195 $ (2,879) $ 826 $ (3,705)
CHANGES IN NET ASSETS (Post-
Depreciation) $ (35,730) $ (54,628) $ 18,898 $ (1,500) $ 20,398
Although the Sponsor is currently operating at a YTD10 loss, this scenario should reverse itself during
the strongest quarters of its cycle, spring and early summer. At FYE09, the Sponsor operated at a
post-depreciation surplus; however, the first two quarters ended with deficits. When comparing the
first two quarters of YTD10 to the first two quarters of YTD09, the YTD10 deficit is $8K less.
The last two-and-a-half quarters in the cycle are strongest because the holiday season accounts for
significant increases in shop revenue, and the spring and summer quarters account for substantial
increases in classroom and membership revenue. The actual YTD10 revenues compare to the same
FYE09 time period, with the exception of contributions and grants. Contributions and grants are down
$17K from the same period in FYE09 because a $12K grant was received in first half of 2009 and is
not due again until the second half of 2010.
Pro Forma Review:

A pro forma review is a projection showing anticipated expenses and revenues for the period.
Operating Pro Forma Summary
FYE10 FYE11 FYE12 FYE13 FYE14

Total Revenues $ 405,000 $ 457,500 $ 510,000 $ 562,500 $ 615,000
Total Expenses $ 393,497 $ 431,233 $ 468,969 $ 500,706 $ 532,442
Pre-Depreciation
Surplus (Deficit) $ 11,503 $ 26,267 $ 41,031 $ 61,794 $ 82,558
Depreciation $ 2,500 $ 2,500 $ 2,500 $ 2,500 $ 2,500
Post-Depreciation
Surplus (Deficit) $ 9,003 $ 23,767 $ 38,531 $ 59,294 $ 80,058
At first impression the Sponsor’s pro forma seems overly optimistic. Commission staff calculated $9K
in additional fixed expenses related to the House and FYE09 financial statements indicate enough
operating surplus to cover the new building’s additional fixed expenses. So, even if the House does
not generate any income, it appears the Sponsor can cover the House’s fixed expenses. Additional
classrooms enable more classroom revenue, the new gallery will allow for greater commissions on
artists’ sales, a new restaurant rental (located at the Station House, which is also on the Metroparks
property) should draw restaurant customers to shop at the gallery and gift shop, generating additional
revenues. The Sponsor must manage revenues and expenses due to the addition of classes. In other
words, the Sponsor cannot add classes that lose money without negatively affecting their finances.
The House opening, as a revenue generating unit, is part of an overall written, organizational,
strategic plan. The plan includes yearly 10 percent increases in adult education classes and
increases in the other student base by 10 percent. The Sponsor stated “we have grown our business
and membership to capacity in the last 4 years; our education programming alone has exceeded our
2008/2009 budget by 40 percent. The new spaces will enable BAYarts to provide programs that, up
to now, we have been unable to provide….” Bringing the House into production is an extension of the

Sponsor’s current mission, not a new business endeavor. The Sponsor has provided arts education
since 1962.
The Sponsor knows which classes traditionally fill up and are aware of specific courses that are
routinely requested from the students. The specific new and additional courses will be formalized
after marketing survey work that is currently underway is completed.
According to the Sponsor, “We've recently completed a review of our Membership List, and have
realized it's much larger than we thought, and our customers span a bigger footprint of NE Ohio,
reaching out by 20 miles in all directions - and we're undertaking a separate fundraising effort for
Fuller House - sponsorships, naming rights, teaching grants and endowments. We've elected a task
force from our Board and identifying prospects and revenue goals - to enhance the overall operating
income and not rely on class revenue alone. Two big corporations are soon to underwrite grants -
PNC Bank and PolyOne (formerly BFGoodrich).”
Commission staff believes the pro forma projections for FYE10 should mirror FYE09 results and
FYE11 should reflect FYE10 revenue and expense amounts, since the House is not scheduled to
open until late 2010. It is highly unlikely that the Sponsor will increase revenues by another 40
percent from FYE09 to FYE10, without the House opening, after a 40 percent increase from FYE08 to
FYE09.
A review of the Sponsor’s solvency, liquidity, leverage, change in net assets and pro forma indicates it is
likely the Sponsor will be able to operate the Facility and present culture to the public over a sustained period
of time in accordance with Section 3383.07 of the ORC.
See Exhibit E for a summary of the Sponsor’s financial statements.
Regional Support
Matching Resources
The Sponsor demonstrated a minimum of non-state matching resources equal to at least 50 percent of
the total state funding of $250,000 (a minimum of $125,000).
Source Amount Substantiation
Cash-On-Hand $0
Funds Already Expended on Project $0
Irrevocable Written Pledges $0
In-Kind Contributions (up to 50%) $54,260 Certification letter
Operating Endowment $0
Private Contributions $100,000 Grant award letter
County Government $0
City Government $0
Federal Government $0
Site Valuation $0
Other $0
Total Matching Resources $154,260
Minimum Match $125,000
See Exhibit F for substantiation of local match.

Funding Model
The Sponsor demonstrated that the Project is fully funded. Funds have been raised to pay for all hard
and soft costs.
State Funding $250,000
Cash-On-Hand $0
Private Contributions $100,000 Grant award letter
City Government $0
Other (landscaping - in-kind $54,260 Certification letter
contribution)
Total Funding Sources $404,260
Provision of General Building Services

The Sponsor demonstrates the financial capacity and the experience to continue providing general
building services at the Facility. Commission staff recommends the Sponsor continue to provide these
services as permitted by Section 3383.07 of the ORC.
Conditions of Approval
Recommendation: The materials submitted by the Sponsor were reviewed and analyzed, and the
Commission project analyst, project managers, assistant director for project services, and executive
director recommend approval of Resolution R-10-01.
Project Manger Project Manager
Assistant Director for Project Services Executive Director


EXHIBIT A
Executive Board
Ray Young
President
Jim Doughman
John Jefferson
BAYarts Vice-President
Kelly Kunze
Treasurer
Chalk Fest
celebrate CREATIVITY and build COMMUNITY
Trustee
David Bailey
Alice McGinty
Thomas Rankin
Mary Conway-Sullivan
Galen Schuerlein
Peter Winzig
Beth Curtis
David Tadych
Open to individuals, families & groups. Bob Aleksandrovic
Children 12 and under must be Eileen McTighe
accompanied by supervising adults. Staff
Nancy Heaton
(rain date August 16) Executive Director
Erin Stack
A large square and a 24-color box of chalk Education Director
$10 pre-reg/$15 day of the event Eileen Stockdale
Gallery Coordinator
Moira Beale
Ceramics Studio
august 15 from 10-3 pm Sarah Goldsberry
Office Manager
Karen Petkovic
Gallery Shop Manager
Advisory Board
Jim Schrantz
Julie Lavelle
Larry Gawthrop
Rich Bartsche
Virginia Cascarilla
Tracy O’Shea
Erika Gadomski
Susan Schrantz
Bonnie Hunt
John Begala
Llyndee Gribble
Heidi Langer
Steve Presley
Dave Semler
SummerSchedule
09
EXHIBIT A
Vento! An Italian Trattoria
Happiness and joy through, food, music and art. Nestled between BAYarts and
The Huntington Playhouse,Vento is a sophisticated, yet casual dining experience across from Lake Erie from
the owners of Tartine Bistro. Come by to try their coffees, beverages, sandwiches, pastries, and variety
of cuisine and wine that will delight the palate. And for those who wish to wander off to enjoy
the tranquility of the Metroparks or our beautiful Lake Erie beaches, boxed lunches
will become a favorite. A meeting place for lovers of art and theater, nature and friends.
Please check our website for menu and hours beginning in May! www.bayarts.net
COME HERE FOR THE DAY!

RIDE YOUR BIKE, WALK YOUR DOG OR PARK YOUR WHEELS: WE’VE GOT PLENTY OF FREE PARKING.
COME FOR MORNING COFFEE, STAY FOR THE SUNSET AND DINE AL FRESCO AT OUR NEW CAFÉ.
ALL WITHIN WALKING DISTANCE….BAYARTS GALLERY, HUNTINGTON PLAYHOUSE, LAKE ERIE NATURE SCIENCE
CENTER, VENTO! ITALIAN TRATTORIA, HUNTINGTON BEACH, HONEYHUT ICE CREAM
The mission of BAYarts is to provide a welcoming lakeside environment to stimulate, encourage and
support professional and aspiring artists of all ages through collaboration, education & exhibition.
BAYARTS MEMBERSHIPS WHAT’S INSIDE

KEEP US GOING, KEEP US GROWING
Kids Classes 3-6
Individual $25
High School Classes 6
Family $45
Adult Classes 7-8
Corporate $150
Teen & Adult Workshops 9 - 10
Contributing $200
Yoga 11
Supporting $500
Summer Events 12
BAYarts members help to keep our events free, are the first to hear
about events, first to register for classes, get discounts on classes and show
entries, show in our galleries and sell in our consignment shop.
You’ve watched us grow, become a part of the excitement.
BAYarts gratefully acknowledges the

Citizens of Cuyahoga County for their
support through Cuyahoga Arts & Culture.
We have a lot to Celebrate.Thanks to you and the following Patrons: Everything Tented, Hinkley Lighting, National City Bank, Tom & Sandy Sullivan,
West Shore Magazine, 21st Century Concrete, Henkel, Walter & Haverfield, LLP. , Who Does That?, EURO-USA, Highland, Consulting Assoc., Huntington Bank,
Lavelle/Semler Family, Oracle, Ray Zander, Orbit Industries, One Link Technical Services, Pat Catan’s, RPM, Weltman, Weinberg & Riese, Zachin & Rich, LPA,
Oaks Massotherapy and Botanical Spa, RE Jacobs, The McBride Family, Bay Village Kiwanis, Bay Village Early Childhood PTA,
Bay Village Junior Women’s Club, Gale’s Westlake Garden Center, The Bell Foundation, Rich Barsche and Cahoon Nursery, Four Boys Films, Jackson,
Dieken & Associates Insurance, JAM Foundation, Maple Leaf Landscaping, TJM Medical, Xerox Corporation,Vivid Jewelers, The Dillemuth Family, Leah Gary,
The Leonard Krieger Fund of The Cleveland Foundation and many more. A special thanks to Gary Baran and the Huntington Reservation team.
EXHIBIT A
w w w. b a ya r t s . n e t 2
gallery news
April June
Homemaker/Homefaker The Penninsula Art Academy presents
Liz Maugans & “The Best of The Fiber Café”
Heather Toivonen In collaboration with the Peninsula Art Academy’s fiber
new works inspired by group, this traveling juried show makes a stop at BAYarts.
domestic bliss June 12 - July 3
April 3 - 30th Opening reception June 12 from 7-9 pm
Opening reception with LIVE music by Cletus Black Revue
April 3 from 7-9 pm
July
Jeff Yost: Night, Sleep, Death and the Stars
May “This is thy hour O Soul, thy free
BAYarts Students Spring Show flight into the wordless,
Bi-annual Show featuring the work of BAYarts students Away from books, away from
May 3 - 10th art, the day erased, the lesson
Opening reception May 3 from 2-4 pm done,Thee fully forth emerging,
silent, grazing, pondering the
“Step into Art” Youth Art Show themes thou lovest best, Night,
sleep, death and the stars.”
Students K - 12 are invited to use any medium to
Walt Whitman
create works inspired by SHOES! One piece
July 11 - 31
per student. BAYarts Scholarships, refreshments,
Opening reception July 10 from
music. Entry forms available at area schools and BAYarts.
7 - 9 LIVE music by Back Bay.
May 17 - 24
Opening reception May 17 from 2-4 pm
August
Taste of Tuscany Mixed Mediations - Kari Sanford & Jen Craun
Conceived, created and August 7 - 31
curated by BAYarts Open reception August 7 from 7-9 pm
Ceramic Studio members. LIVE music by Becky Boyd.
A taste of Italian food,
music and more with a September
Tuscan flavor. Most items 48th Annual Juried Show. Call for entries.
available for purchase. Entry form online at bayarts.net
May 29 - June 9 September 11-30
Opening reception Opening Reception September 11 from 7-9 pm
May 29 from 7-9 pm
with LIVE music by
Peggy Coyle & Brad Bolton
put your best foot forward

Students Grade K - 12 Step into Art
BAYarts Annual Youth Scholarship Show May 17 - 24
Paint, draw, sculpt, create…with SHOES as the theme! BAYarts classes and cash prizes, Reception Sunday May 17th.
Ask your art teacher or stop by BAYarts for entry form. One entry per student.
EXHIBIT A
KIDS CLASSES
campART
member $85 non-member $95
June Camps July Camps

#1 Jun 15-18 OR #2 Jun 29-July 2 #1 July 6-9 OR #2 July 20-23
9:30-11:30 9:30-11:30
3-5 Draw, Paint, Print - Kate Holinek 3-5 Deep Sea Discoveries - Kate Holinek
Build your artistic vocabularies by working with Explore the underwater world of the sea while making
drawing materials, watercolor, tempera and acrylic watery plants and sea creatures from paint, paper,
paints, and by learning to create monotypes and pastels & embellishments.
multiple images.
6-8 Green Art - Debbie Sanson
6-8 Photography - Bridget Rehner Reduce, reuse and recycle! Creating both 2-D and
Learn the basics of photography as you shoot photos 3-D art, you will create art work that will make you
throughout the Huntington Reservation. Photos will proud and the earth thankful!
need to be developed by students midway through the
session so that we may discuss and create something 9 & up Master Landscapes - Erin Stack
with our printed images. Bring a digital camera. Work with different types of paint to explore, interpret
and represent the landscape in its many forms while
9 & up Drawing & Painting - Kathy Ruic studying the works of other artists.
Explore the fundamentals of drawing and painting
while recognizing your own individual style. Work on 12:30-2:30
traditional and non-traditional surfaces.
3-5 Maskmaking - Kathy Ruic
Construct, paint and embellish super cool masks!
12:30-2:30
3-5 Four Adventures in Four Days 6-8 Bookmaking: From Beginning to The End
Kathy Winzig Stacey Gepperth
Using a variety of media, explore a different theme Students will draw, collage, illustrate, and journal
each day as you visit outer space, the deep blue sea, their lives while exploring examples of bookbinding
the prehistoric earth and the BAYarts campus. techniques.
6-8 Art of Nature - Debbie Sanson 9 & up Art Outdoors-Dave Southerington

Capture summer in the beautiful Huntington Reserva- Experience the world around us! Create nature
tion. Draw and paint outdoors or bring nature inside prints, paint from life, and transform an outside space.
for collage and printing projects.
9 & up Photography - Bridget Rehner

Learn the basics of photography as you shoot photos June 27 & July 11
throughout the Huntington Reservation. Photos will Saturdays: Family Time in the Pottery Studio
need to be developed by students midway through the Work together to create a unique family
session so that we may discuss and create something portrait. mem $50* non-mem $65*
with our printed images. Bring a digital camera.
*WORKSHOP price includes 2 family members. $20 each add on.
EXHIBIT A
TODAY begins member registration

APRIL 25 begins open registration
August Camps
#1 Aug 3-6 OR #2 Aug 10-13
9:30-11:30
3-5 Story Art - Kate Holinek
Read books and look at pictures for inspiration of
how to make special drawings, sculptures, collages
and paintings of your own.
6-8 Creative Creatures - Kathy Ruic

Imagine a flying alligator with wings or a purple
polka-dotted cow. Use a variety of media to create
both 2-dimensional and 3-dimensional animals that
you have created out of your own imagination.
happy birthday to you!
7-9 Young Designers - Debbie Sanson
Let us plan the party of your dreams.
Enjoy creating fun & funky items to decorate and use We have a creative, beautiful environment
in your own bedroom or other areas of your home! for your child’s party. Call us for details.
9 & UP Felting - Tina Dujmovic 440.871.6543

Learn the entire process behind needle felting,
including Kool Aid dyeing the wool for a variety of
fun colors. Students will leave the course with an
appliquéd felted piece and an understanding of the
process behind wool felting.
BAYarts
12:30-2:30 Class Registration
3-5 Brush, Dab & Smear - Kathy Winzig Policies
Get up-close and personal with paint! Roll up your
sleeves and experiment with watercolors, tempera and Registration:
finger paint using a variety of different painting tools. A completed Registration form and Health
Release form (on the back of the registration
6-8 Painting Exploration - Stacey Gepperth form) must be brought with you at the time of
Explore watercolor, tempera, and acrylic paints. Work registration. No student is registered until
with a variety of painting tools on different types of tuition is paid and forms are completed.
surfaces. Class held both indoors and outdoors. Member Discount:
Members that sign-up for 2 or more classes
7-9 Inside a Box - Dave Southerington will receive $10 off each tuition after the
Combining multimedia collage, assemblage, painting, 1st class fee is paid. Workshops are not
drawing, printing & sculpture, students will create included in this special.
mysterious and whimsical worlds inside a box. Refunds:
Fees are only refunded if BAYarts is notified at least
9 & up Cartooning - Kelsey Lyon ONE WEEK prior to the start of class.
Learn how to make caricatures using 2-D and Missed Classes:
3-D materials. Fees are NOT refunded or pro-rated for missed classes.
EXHIBIT A
FUNKY FRIDAY WORKSHOP
Build a Live Fairy Garden

WORKSHOPS
10:00-12:00 Using live plants, whimsical embellishments a sprinkle
mem $20 non-mem $25/per class of fairy dust, build a garden that any fairy
would love to call home!
9:00-10:00 or 10:30-11:30 or 12:30-1:30

3-5 year olds with Miss Teece &
6 and older with Erin Stack
June 19 – This & That member $20 non-member $25
3-5 year olds All About Me
paint a self-portrait JUNE 12TH
6-8 year olds What a Relief
learn how to make relief prints
9 and up Beaded Bracelets
learn to crimp, cut, & create
9 and up Sculpey Caricatures
July 17 – Sculpt It!

3-5 year olds Pottery
make sculptural tiles
6-8 year olds Beach Art
meet at the beach for sand
sculptures & fun
9 and up Wrap it Up
bend, twist & wrap wire,
then embellish
with beads, stones, chain &
sea glass to create
one-of-a-kind jewelry
9 and up Heavy Metal
what can you build with
pop cans & wire?
Club Caboose -
Ages 3-5
August 21 – Green Art

3-5 year olds Egg Carton Creatures
Art on the Loose!
with Teece Lester
6-8 year olds Prints
from found objects & July 13 thru 16 9:00-10:00 or 10:30-11:30
packaging materials
9 and up Junk to Funk Let’s take our BAYarts Doodle Bags* on
scrabble tile and domino necklaces the grounds to sketch and paint among the trees!
Meet Miss Teece at the Red Caboose!
9 and up Applique
learn how to recycle *BAYarts doodle bag contains the following
your garments and create art art supplies for sketching on the go! Canvas bag, colored
in a simple textile process. pencils, crayons, markers & a sketch pad.
member $75 non-member $85
EXHIBIT A
ceramicART COLLEGE BOUND ARTISTS AND

HIGH SCHOOL STUDENTS
MAKE A DAY OF IT! contemporary approach to ART

Pottery students are welcome to register for both the
morning and afternoon classes and bring a brown bag lunch.
MEM $120 NON-MEM $135 PER CLASS MEM $85 NON-MEM $100 PER CLASS
June 15 - July 2
Mondays & Wednesdays : What an Animal!
ages 9 & up with Andrea Serafino
10:00-12:00 animal sculptures
12:30-2:30 – tea pots & platters with animal motifs
Tuesdays & Thursdays: Diving Deep
ages 6-8 with Diane Padrutt
10:00-12:00 – sculptures of ocean creatures
12:30-2:30 – birdbaths, vases & things that hold water
Expressive Figure Drawing
July 6 - July 23 WITH JOHN W. CARLSON
THIS COURSE WILL STRESS THE DYNAMIC AND
Mondays & Wednesdays: P is for Portrait ESSENTIAL INTERPLAY BETWEEN IMAGE AND
ages 9 & up with Andrea Serafino NEGATIVE SPACE, IN ORDER TO MAKE A FULLER
10:00-12:00 – sculptural portraits AND MORE AESTHETIC STATEMENT IN PENCIL,
CHARCOAL, PEN OR PAINT. AN EMPHASIS WILL
12:30-2:30 – painted portrait pots
BE PLACED ON LINE QUALITY, GESTURAL STUDIES
Tuesdays & Thursdays: Form to Function AND ARTISTIC INTERPRETATION. A NUDE MODEL
ages 6-8 with Diane Padrutt WILL BE USED IN THIS CLASS.
*SUPPLY LIST AVAILABLE AT REGISTRATION
10:00-12:00 – putting the FUNK in functional pieces
JUNE 9, 11, 23, 25 (11:00-1:00)
12:30-2:30 – whimsical birdhouses & flowerpots
Portfolio Preparation - TOM DENNY
July 27 - August 13 STUDENTS WILL BE ENCOURAGED TO USE THEIR
FOUNDATIONS TO EXPAND THEIR SKILL SET AND
Mondays & Wednesdays: Potters Wheel DEVELOP A ROUNDED BODY OF WORK.
ages 9 & up with Andrea Serafino LEARN HOW TO PUT TOGETHER AN ARTISTIC
10:00-12:00 – beginners (limit 8 students) PORTFOLIO. BASIC SUPPLIES WILL BE
12:30-2:30 – intermediate (limit 8 students) PROVIDED. ADDITIONAL SUPPLIES MAY

NEED TO BE PURCHASED BASED ON
Tuesdays & Thursdays: THE STUDENTS NEEDS.
Artistic by Nature JUNE 10, 12, 24, 26 (11:00-1:00)
ages 6-8 with Diane Padrutt
Beginning Oil Painting - JEFF YOST
10:00-12:00 – THIS COURSE IS AN INTRODUCTION TO OIL
stepping stones & garden sculpture
PAINTS, CANVAS PREPARATION, COLOR THEORY
12:30-2:30 – AND BRUSHWORK TECHNIQUES. WORK FROM
nature as inspiration PHOTO REFERENCE AND A STILL-LIFE.
*SUPPLY LIST AVAILABLE AT REGISTRATION.
JULY 13-16 (11:00-1:00)

EXHIBIT B
EXHIBIT B
EXHIBIT C
EXHIBIT C
EXHIBIT D
WELTMAN, WEINBERG & REIS CO., L.P.A.

Integrated approach. Recovery Solutions.
PETER J. WINZIG pwinzig@weltman.com
(216) 685-4307 T
(216) 363-4121 F
(216) 645-7908 M
Peter J. Winzig is the Director of Marketing & Corporate Development for the law firm of Weltman, Weinberg
& Reis Co., L.P.A (WWR). As Director of Marketing, Peter is responsible for overall marketing for the firm,
including strategic planning, national & regional marketing, brand management, internal and external
communications, public relations, product development, overseeing web-based initiatives, advertising and
event marketing. Peter brings to WWR over 25 years of experience in the professional communications and
advertising business, having spent time as SVP of Account Services at Wyse Advertising, where he managed
Fortune 500 brands including American Greetings, BFGoodrich, Stouffers, McDonald’s, Sherwin-Williams,
SieMatic and the Cleveland Cavaliers. During his time at Wyse, Peter was involved in the brand re-launch for
Stouffers and Renaissance Hotels. Peter has also served as National Director of Marketing for Arhaus
Furniture and as the Director of ignition Idea Group. Mr. Winzig received a BFA in Fine Arts and History from
the State University of New York at Geneseo (1979).
Peter’s professional memberships include the Advertising Club of Cleveland (Activities Coordinator), the Sales
& Marketing Association and the Legal Marketing Association (Cleveland chapter). He has been the recipient
of the Marketer of Year 2001 SMSE Award, the Excellence in Coaching BSC Award and a 2006 Legal Marketing
Association Your Honor Award. He has also received gold and silver medals for National and Regional ADDY
Awards and Legal Marketing Association of America. Peter’s community involvement includes the Bay Soccer
Club (Past President), the Bay Men’s Club (Past President), Fireland’s Soccer Referee Association (President)
also serving as a FIFA & OHSAA referee, St. Raphael’s Pre Cana Education Director, and Vice President of
BAYarts Education and Art Center at Cleveland Metroparks Huntington Beach location..
Weltman, Weinberg & Reis Co., L.P.A., celebrating 80 years of experience, provides comprehensive collection
and litigation services to creditors throughout the nation including major banks & financial institutions,
mortgage & lending companies, commercial creditors, government entities, insurance companies, credit
unions, service organizations, medical and utility companies. Practice areas include bankruptcy, collection
services, foreclosure/evictions/REO, legal action recovery, litigation & defense, probate, subrogation and
corporate & financial services. The firm has offices in Brooklyn Heights (OH), Chicago, Cincinnati, Cleveland,
Columbus, Detroit, Grove City (OH), Philadelphia and Pittsburgh.
Cincinnati • Cleveland • Columbus • Detroit • Pittsburgh • Westampton www.weltman.com

EXHIBIT D
Y Design Group dba

1305 WEST 80TH, SUITE 3A CLEVELAND, OH 44102
(216) 651 8355 FAX (216) 651 8356
ydesignmark@aol.com
Mark T. Yager, RA, dba Y Design Group, President
Registered Architect, NCARB, State of Ohio, 1990

Past Board Member, American Institute of Architects, Cleveland Chapter
Recipient President's Award, AIA Cleveland, 1993
Past Member- North Olmsted Expert Architect Planning and Design Committee
Past Member- North Olmsted Architectural Review Board
Past Member- Flats Oxbow Design Review (City of Cleveland)
Past Member- Bay Village Architectural Review Board
Look Up to Cleveland Project Coordinator, League of Women Voters
Bachelor of Architecture, University of Cincinnati 1985
Post-graduate Studies, Harvard University 1987
PROJECTS
APARTMENTS & CONDOMINIUMS
Bay Lofts, Bay Village

Dorn Lofts, Cleveland Ohio
Clifton Park/ House, Cleveland, Ohio
Embassy Suites, Beachwood, Ohio
Hunt Club, Copley,Ohio
Park East, Shaker Heights, Ohio
Royalton Greens, Strongsville, Ohio
Shaker House, Shaker Heights, Ohio
Sprague Road Development, Parma Ohio
Steelhead Bend, Rocky River Ohio
Sun Valley, Broadview Heights, Ohio
INDUSTRIAL
Acme Arsena Investments, Office/Warehouse, Twinsburg, Ohio Phase I, II, III

Avery Dennison Addition & Coordination, Painesville, Ohio
Berea Hardware, Berea, Ohio
Fish Furniture Warehouse, Bedford Hts., Ohio
KT Properties (Havsco), Bedford Hts., Ohio
Mr. Gasket, Cleveland, Ohio
Nissan Motor Corp., Avon Lake, Ohio
Northern Ohio Waste Systems, Oakwood Village, Ohio
Plotz Manufacturing, Cleveland, Ohio
PROFESSIONAL BUILDINGS
Biskind Tech Park, N. Olmsted, Ohio

Electronic Data Systems, Dayton, Ohio
Federal Reserve Bank, Cleveland, Ohio
Left Bank Building, Cleveland, Ohio
Morganstern, MacAdams & DeVito Law Offices, Cleveland, Ohio
NuWay Foundation, Awa, Nigeria
Ohio Savings, Feasibility Study
Vendors Exchange International, Brookpark, Ohio
EXHIBIT D
HEALTH CARE FACILITIES
Heatherbrook Home, N. Olmsted, Ohio

Kelly Eye Center, Bay Village, Ohio
Montefiore Home, Interior Renovations, Beachwood, Ohio
Saint Michael’s Hospital, Cleveland, Ohio
The Grace Center, Cleveland, Ohio
RECREATION/EVENT FACILITIES
Avalon Event Center, North Royalton, Ohio

Chagrin Valley Country Club, Moreland Hills, Ohio
Conca d'Oro Party/Event Center, Brunswick, Ohio
Days Inn, Willoughby, Ohio
Executive Caterers of Landerhaven, Mayfield Hts., Ohio
LA Centre, Westlake, Ohio
Thistledown Stable Renovations, North Randall, Ohio
Rock N’ Roll Hall of Fame Museum Addition, Cleveland, Ohio
RETAIL FACILITIES
Ace Hardware, Bay Village, Ohio

Bay Square Masterplan, Bay Village, Ohio
Brookgate Auto, Brookpark, Ohio
Conneaut Plaza, Conneaut, Ohio
Ceramic Tile Distributors, N. Canton, Ohio
Euclid Square Mall, Euclid, Ohio
Fish Furniture, N. Olmsted, Ohio
United Furniture, Cleveland, Ohio
EDUCATION FACILITIES
Horizon Science Academy, Cleveland, Ohio

Kaplan Enterprises, Brooklyn, Ohio
NuWay Foundation Awa Nigeria
Ohio Technical College, Cleveland Ohio
Total Technical Institute, Brookpark, Ohio
RELIGIOUS FACILITIES
Pentecostal Tabernacle, Cleveland, Ohio

Painesville Assembly of God, Painesville, Ohio
Windemere United Methodist, East Cleveland, Ohio
RESIDENTIAL
Bandwen Residence, Sharon Township, Ohio

Clifton Park, Lakewood, Ohio
Garson Residence, Orange Village, Ohio
Hess Residence, N. Olmsted, Ohio
Hunt Club, Fairlawn, Ohio
Kelly Residence, Bay Village, Ohio
MacAdams Residence, Bay Village, Ohio
Manrodt Residence, Bay Village, Ohio
Pinkie Residence, Vermillion, Ohio
Risman Residence, Halle Mansion, Shaker Heights, Ohio

EXHIBIT E
Baycrafters, Inc.
Utilizing unaudited financials for year-to-date October 31, 2009 ("YTD10") and draft audited financial statements for fiscal-years-ending June 30, 2009, and 2008
("FYE09" and "FYE08").
Statement of Financial Position Information:
YTD10 % Change FYE09 % Change FYE08

Assets
Current Assets:
Cash-Petty $ - 100.00% $ 110 -90.58% $ 1,168
Cash-Checking $ - 100.00% $ - -100.00% $ 986
Cash-Deposits $ 24,550 -50.41% $ 49,503 -0.85% $ 49,928
Cash-Operational $ 12,000 0.00% $ 12,000 0.00% $ -
Prepaid Expenses $ - -100.00% $ 5,932 1038.58% $ 521
Total Current Assets $ 36,550 -45.89% $ 67,545 28.41% $ 52,603
Property and Equipment

Furniture $ 2,115 0.00% $ 2,115 0.00% $ 2,115
Equipment $ 3,678 23.64% $ 2,975 36.16% $ 2,185
Art Equipment $ 3,370 0.00% $ 3,370 0.00% $ 3,370
Leasehold Improvements $ 19,093 0.00% $ 19,093 0.00% $ 19,093
Less: Accumulated Depreciation $ (14,508) 4.95% $ (13,824) 26.30% $ (10,945)
Net Property and Equipment $ 13,749 0.14% $ 13,729 -13.21% $ 15,818
Other Assets
Website $ 4,850 0.00% $ 4,850 21.25% $ 4,000
Artwork $ 13,950 0.00% $ 13,950 0.00% $ 13,950
Less: Amortization (See Note 1) $ (2,000) 0.00% $ (2,000) 199.85% $ (667)
Total Other Assets $ 16,800 0.00% $ 16,800 -2.79% $ 17,283
Total Assets $ 67,099 -31.58% $ 98,074 14.43% $ 85,704
Liabilities
Current Liabilities:
Accounts Payable $ 2,639 -38.96% $ 4,323 -57.98% $ 10,288
Deferred Class Revenue $ 29,846 0.00% $ 29,846 3.48% $ 28,842
Deferred Other Revenue $ 9,000 0.00% $ 9,000 -25.00% $ 12,000
Sales Tax Withheld $ 464 -40.73% $ 783 100.00% $ -
Security Deposit $ 651 0.15% $ 650 100.00% $ -
Total Current Liabilities $ 42,600 -4.49% $ 44,602 -12.77% $ 51,130
Long-Term Liabilities:
Bridge Loan $ 6,757 100.00% $ - 0.00% $ -
Total Long-Term Liabilities $ 6,757 100.00% $ - 0.00% $ -
Total Liabilities $ 49,357 10.66% $ 44,602 -12.77% $ 51,130
Net Assets
Unrestricted $ 17,742 -53.87% $ 38,459 37.81% 27,907
Temporarily Restricted $ - -100.00% $ 15,013 125.18% 6,667
Permanently Restricted $ - 0.00% $ - 0.00% -
Total Net Assets $ 17,742 -66.82% $ 53,472 54.66% $ 34,574
Total Liabilities and Net Assets $ 67,099 -31.58% $ 98,074 14.43% $ 85,704
Note: 1) 2010 amortization was estimated using 2009 amortization.
Exhibit E 1 of 2
EXHIBIT E
Statement of Activities Information:

Revenues
Revenues and Support:
Grants $ - -100.00% $ 39,655 137.74% $ 16,680
Contributions $ 718 -98.66% $ 53,465 51.64% $ 35,257
Gallery Sales $ - -100.00% $ 5,855 -19.72% $ 7,293
Membership Dues $ 1,025 -94.22% $ 17,730 1.55% $ 17,459
Store Sales $ 4,576 -83.77% $ 28,196 8.11% $ 26,082
Classes $ 6,552 -94.89% $ 128,133 45.80% $ 87,885
Music Series $ 740 403.40% $ 147 -92.69% $ 2,010
Miscellaneous $ - -100.00% $ 10,764 17.67% $ 9,148
Fundraising - General $ 2,295 -23.30% $ 2,992 -63.05% $ 8,098
Released $ - 0.00% $ - 0.00% $ -
Total Revenues and Support $ 15,906 -94.46% $ 286,937 36.69% $ 209,912
Expenses
Advertising $ 726 -97.65% $ 30,923 69.31% $ 18,264
Amortization $ - -100.00% $ 1,333 99.85% $ 667
Bank Charges $ 158 -74.57% $ 621 61.72% $ 384
Computer Expenses $ - -100.00% $ 900 -24.69% $ 1,195
Contract Labor $ 1,304 -97.77% $ 58,486 23.68% $ 47,289
Insurance $ 1,075 -79.13% $ 5,150 -3.43% $ 5,333
Maintenance $ 7,218 -36.51% $ 11,369 19.57% $ 9,508
Miscellaneous $ 5,031 -58.14% $ 12,020 -27.42% $ 16,562
Office Supplies $ 205 -94.96% $ 4,072 -61.24% $ 10,506
Payroll $ 9,776 -87.76% $ 79,847 128.58% $ 34,932
Postage $ 72 -96.99% $ 2,389 91.89% $ 1,245
Professional Fees $ 9,639 159.81% $ 3,710 -60.76% $ 9,455
Equipment Rental $ 405 -94.38% $ 7,202 -3.77% $ 7,484
Meetings $ - -100.00% $ 1,909 536.33% $ 300
Supplies $ 14,315 -42.18% $ 24,757 254.79% $ 6,978
Taxes-Payroll $ - -100.00% $ 6,857 263.00% $ 1,889
Trash Removal $ - -100.00% $ 1,125 -2.17% $ 1,150
Telephone $ - -100.00% $ 2,261 -19.54% $ 2,810
Utilities $ 1,027 -89.96% $ 10,229 3.76% $ 9,858
Depreciation $ 684 -76.24% $ 2,879 -22.29% $ 3,705
Depreciation (See Note 2) $ (684) -76.24% $ (2,879) -22.29% $ (3,705)
Total Expenses (net of depreciation) $ 50,952 -80.78% $ 265,160 42.71% $ 185,809
Change in Net Assets Pre-Depreciation $ (35,046) -260.93% $ 21,777 -9.65% $ 24,103

Depreciation $ (684) 0.00% $ (2,879) -22.29% $ (3,705)
Change in Net Assets Post-Depreciation $ (35,730) -289.07% $ 18,898 -7.35% $ 20,398
Net Assets at the Beginning of Year $ 53,472 54.66% $ 34,574 143.89% $ 14,176
Net Assets at the End of Year $ 17,742 -66.82% $ 53,472 54.66% $ 34,574
Note: 2) 2010 depreciation was estimated using 2009 depreciation.

Ratios
Current Ratio 0.9 -43.34% 1.5 47.20% 1.0

Working Capital $ (6,050) -126.37% $ 22,943 1457.57% $ 1,473
Days of Cash-On-Hand 88 4.03% 85 -17.10% 102
Debt Ratio 10% 100.00% 0% 0.00% 0%
Viability Ratio 1.59 100.00% n/a 0.00% n/a
Exhibit E 2 of 2
EXHIBIT F
EXHIBIT F

Project Registration Form
Project Detail Form
NOTE: The Project Application and related

materials have been prepared and
submitted by the Local Project
Sponsor to initiate the Commission
staff assessment of the project and
to aid the Commission in determining
the Need for the project.

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Resolution
Cozad-Bates House – Roof Restoration
Commission Assessment Team: Amy Rice and Tony Capaci, project managers
Cozad-Bates House Cleveland, Cuyahoga County

Sponsor: University Circle Inc. (the “UCI” or the “Sponsor”)
Type: Ohio nonprofit corporation since 1957
Background: The Sponsor states it is “the development, service, and advocacy organization
responsible for the growth of University Circle as a premier urban district and
world-class center of innovation in health care, education, and arts & culture.”
Since its inception in 1957, UCI has acquired and banked land for community
and institutional growth. As part of its five-year action plan to continue its
aggressive push to build a safe, clean and attractive neighborhood, today UCI
also develops land singularly and in partnership with other University Circle
institutions.
According to the Sponsor’s Web site, “as the second largest employment center
in the city of Cleveland, University Circle is an economic engine that is helping
shape Cleveland’s new economy and workforce.”
Please see Exhibit G for a map of the University Circle area.
Web Site: http://www.universitycircle.org
Legal Agreements
Signatory: President Chris Ronayne and Vice President Daniel Stahura, via board of
trustees’ resolution
Reimbursement
Certification By: Chris Ronayne, president, or Daniel Stahura, vice president
Ohio Cultural Facilities Commission Cozad-Bates House

Appropriation Bill Number Appropriation G.A. Appropriation Comments
Name Date Amount
Cozad-Bates House Am. Sub. 6/24/2008 127 $100,000 Funding this project.
Historic Project H.B. 562 No prior Commission actions.

In resolution R-10-03, the Commission is asked to do the following: determine need; determine
substantial regional support; determine the construction administrator; determine the provision of
general building services; approve the project and authorize the expenditure of funds, pending certain
requirements; and authorize the execution of legal agreements.
Name: Cozad-Bates House (the “Facility”); the Facility is located within the University
Circle area
Address: 11508 Mayfield Road

Cleveland, Ohio 44106
Owner: Sponsor
Type: Local historical facility
Culture Presented: According to the Sponsor, the Facility is not open to the public; however, as a
stop on UCI’s own “CircleWalk” tour, a stop on the Cleveland Metro Parks’
Underground Railroad tour, and a site for tours and presentations for local
schools, the Facility is an important contributor to Cleveland’s University Circle
area. Once preservation is complete and the building is accessible to the public,
the Cozad-Bates House will be used as an interpretative education center that
documents Cleveland’s role in the antislavery movement. In June 2008, the Ohio
Historical Society unveiled a state historical marker on the site.
See Exhibit A for a description of the historical background and significance of the
Facility.
Managed By: Sponsor
Description: According to the Sponsor, the Cozad-Bates House is the only pre-Civil War
residential structure remaining within the University Circle area of Cleveland.
Built around 1853, it is a surviving example of Italianate-influenced residential
architecture, including a hipped roof, curved bay windows, paired eave brackets,
and a prominent belvedere. The home was donated to UCI by University
Hospitals and saved from possible demolition by the Cleveland Restoration
Society, Restore Cleveland Hope Inc., and UCI in 2006.
Historic
Designations: The Cozad-Bates House was listed on the National Register of Historic Places in
1974, and the city of Cleveland designated the Facility as a historic landmark in
2006.
Project Information
Scope: The Cozad-Bates House rehabilitation project will be multi-phased. The initial
phase of the project consists of the complete restoration of the current slate roof
(the "Project”).
Stage: Construction

Delivery Method: Bid-install
Schedule: Restoration commences April 2010; restoration completes June 2010
Cash Flow: The Sponsor demonstrates sufficient cash-on-hand to pay construction invoices,
until state reimbursement, throughout the construction period.
Budget:
Amount
Hard Costs
Construction $162,500
Contingency $16,250
Site Improvements $0
Fixtures/Furnishings/Equipment $0
Exhibits $0
Other $0
Total Hard Costs $178,750
Soft Costs
Architect/Engineering $0
Permits $0
Surveys and Reports $1,050
Utilities $0
Bonding $0
Insurance $1,500
Operation Equipment $0
Architectural Program/Program Consultant $0
Construction Manager/Project Manager $0
Owner's Representative $0
Accounting and Administrative $4,000
Legal $1,000
Title Work $600
Other $0
Total Soft Costs $8,150
See Exhibit B for the Sponsor’s submitted budget.
See Exhibit C for roof replacement plan.
Budget Source: The Sponsor prepared the Project budget based upon contractor-submitted
quotes. Based upon the Project scope and the Project stage (installation), a 10
percent contingency is adequate.
Sponsor Team: Ndeda N. Letson, assistant director of real estate development, University Circle
Inc., will serve as project manager for the Sponsor. She is responsible for the
budget and schedule, and will review all change orders prior to the
commencement of additional work. Ms. Letson is familiar with prevailing wage
and will assure compliance with prevailing wage laws.
John Goddard, director of property management, University Circle Inc., will

assume responsibility for contract administration and will oversee day-to-day site
activities. Mr. Goddard has over 30 years’ experience in property management,

and during such time, he has assisted with renovation and property management
of approximately 126 historic residential units. He provides construction and
property management supervision and oversight to most of University Circle Inc.-
owned properties.
Construction
Team: Brian Stewart, The Tartan Group Inc. His primary responsibility is to provide on-
site leadership and project supervision and to assume direct responsibility for
day-to-day operations of the Project.
The Tartan Group Inc. was selected as roofing contractor via an open bid
process with an emphasis on historic slate-roof restoration. Historic roof
restoration projects previously completed by The Tartan Group Inc. include the
Sarah Benedict House (Cleveland Restoration Society), the Dr. Stephen Lacey
residence and the Simon residence, all located in the Cleveland area.
Based on the experience of the Project team, Commission staff recommends the Sponsor provide
construction services for the Project as permitted by Section 3383.07 of the Ohio Revised Code
(“ORC”).
See Exhibit D for the Project team’s resumes and contractor’s information.
Project Need
• draft audited consolidated financial statements for fiscal-year-ending June 30, 2009
("FYE09");
• audited consolidated financial statements for fiscal-years-ending June 30, 2008, and
2007 ("FYE08" and “FYE07”); and
• five-year pro forma.
Increase Increase
FYE09 (Decrease) FYE08 (Decrease) FYE07
ASSETS:
Current Assets
Unrestricted $ 17,003,135 $ (15,074,396) $ 32,077,531 $ 5,982,949 $ 26,094,582
Restricted $ 9,003,726 $ 9,003,726 $ - $ - $ -
Long-Term Assets $ 20,024,722 $ 1,856,300 $ 18,168,422 $ 164,237 $ 18,004,185
TOTAL ASSETS $ 46,031,583 $ (4,214,370) $ 50,245,953 $ 6,147,186 $ 44,098,767
LIABILITIES:
Total Current Liabilities $ 8,029,987 $ 5,870,113 $ 2,159,874 $ 192,517 $ 1,967,357
Total Long-Term Liabilities $ 4,567,436 $ (3,840,412) $ 8,407,848 $ (185,427) $ 8,593,275
TOTAL LIABILITIES $ 12,597,423 $ 2,029,701 $ 10,567,722 $ 7,090 $ 10,560,632
NET ASSETS:
Unrestricted $ 19,512,694 $ (2,642,626) $ 22,155,320 $ (511,519) $ 22,666,839
Restricted $ 13,921,466 $ (3,601,445) $ 17,522,911 $ 6,651,615 $ 10,871,296
TOTAL NET ASSETS $ 33,434,160 $ (6,244,071) $ 39,678,231 $ 6,140,096 $ 33,538,135

ASSETS $ 46,031,583 $ (4,214,370) $ 50,245,953 $ 6,147,186 $ 44,098,767
Solvency:
are positive (FYE09 total assets are $46.0M; total liabilities are $12.6M).
The viability ratio (net assets minus capital assets minus restricted endowments plus long-term debt divided

by total debt) measures one of the most basic determinants of clear financial health: the availability of
expendable net assets to cover debt should the institution need to settle its obligations as of the Statement of
Financial Position date. A ratio in the range of 1.25 to 2.0 indicates a strong creditworthy institution.
FYE09 FYE08 FYE07

Viability Ratio 1.34:1 2.16:1 1.53:1
Liquidity:
calculation could have the effect of artificially inflating the current ratio.) A current ratio of greater than one is
FYE09 FYE08 FYE07

Current Ratio 5.5:1 10.3:1 8.2:1
The Sponsor’s FYE09 working capital is $13.9M. Days of cash-on-hand (an indication of how many
days an organization can pay expenses if its revenue stream ceases) at 18, is lower than the 30-day
norm.
The Sponsor invests any excess cash, which explains why days of cash-on-hand is lower than the norm.
Leverage:
At FYE09, the Sponsor’s total assets are $46.0M and total debts are $10.4M. The debt ratio, which indicates
what proportion of debt an organization has relative to its assets, is 23 percent. This means that for every
$1.00 of assets, the Sponsor has $0.23 in debt.
FYE09 FYE08 FYE07


• At June 30, 2008, UCW (University Circle West, a 99.5% owned subsidiary of UCI) had a short-
term mortgage note agreement with a bank in the amount of $5,250,000. The note carried an
interest rate of the LIBOR rate (.32% - June 30, 2009; 2.46% - June 30, 2008) plus 3% and was
collateralized by the building, assignment of rents, and guaranteed by UCI. The note required
monthly payments of interest only. The loan matured during November 2008 and was
refinanced with a construction loan.
• For costs associated with Circle Place Apartments, during 2009, UCW entered into a
construction loan with a bank with available borrowings up to $7,250,000. The note carries an
interest rate of LIBOR plus 1.8%, and is collateralized by the building, assignment of rents, and
is guaranteed by UCI. As a condition to obtaining this loan, UCW was required to obtain the two
notes listed below and obtain grants from various sources in amounts totaling $366,534, of
which $62,600 was received in 2008. The loan requires monthly payments of interest only and
matures November 2010, or earlier if elected, subject to certain limitations. Upon maturity, the
note may be converted to a 36-month permanent loan and will be charged at a rate of LIBOR
plus 1.8%. Scheduled principal payments are due in accordance with a 30-year repayment
schedule for 35 months, with the remainder then due 36 months after conversion. In addition,
UCW is required to maintain an operating reserve of $1,250,000, unless certain financial
covenants are met. At June 30, 2009, UCW had $5,809,995 outstanding on this loan.
• For costs associated with Circle Place Apartments, during 2009, UCW entered into a note
payable with a nonprofit corporation, in the amount of $750,000. The note carries an interest
rate of 5% on amounts drawn and is collateralized by the building, and is subordinate to the

construction loan. The note requires interest-only payments for the first 24 months, with
principal and interest payments for the following 35 months in accordance with a 30-year
amortization schedule the remaining balance due. The note also requires a reserve amount in
cash of up to $250,000, which is to be funded by net cash flow from the building, as defined. At
June 30, 2009, $100,992 was drawn on this note and $46,451 was held in cash as reserve.
• For costs associated with Circle Place Apartments, during 2009, UCW entered into a note
payable with the city of Cleveland in the amount of $850,000. The note has no stated interest
rate, and is collateralized by the building, and is subordinate to both the construction loan and
note payable. The loan requires no monthly payments and matures in November 2015, with a
balloon payment of all principal due. Total draws on this note at June 30, 2009, amounted to
$498,070.
• UCW follows the policy of capitalizing interest as a component of the cost of property, plant, and
equipment constructed for its own use. In fiscal year 2009, total interest charged on the above
loans totaled $304,157, of which $61,113 was capitalized to construction in progress.
• For costs associated with the University East Building, long-term debt also includes a
promissory note, secured by real estate (University East Building), payable to National City
Bank, in monthly installments of $24,858, including interest at 5.88% commencing April 2005.
The note has a 10-year term from April 2005 to March 2015. At June 30, 2009, and 2008, the
company had $3,968,374 and $4,028,091, respectively, outstanding on this loan.
• Aggregate annual maturities of long-term debt for each of the years following June 30, 2009,
are:
2010 $ 67,341
2011 75,617
2012 134,358
2013 224,712
2014 188,808
Thereafter 9,686,595
$10,377,431
• Interest expense amounted to $481,605 and $571,947 in 2009 and 2008, respectively.
Debt Summary:
Total debt is $10.3M at FYE09, which consists of $6.4M to purchase and renovate the Circle Place
Apartment HUD project, a 114-unit residential property with retail space, and $4M for the renovation of the
University East Building, a five-story apartment building. Each building is set up as a separate Limited
Liability Corporation (LLC) and the related debt is paid from the cash flow of the corresponding LLC. Each
building acts as collateral for the corresponding debt, and the residential portions of the buildings are fully
rented with waiting lists. According to the Sponsor, University East Building is currently operating at a
positive cash flow and Circle Place Apartments, while the retail portion is under renovation, is currently
operating at a negative cash flow. The Sponsor anticipates the retail renovation portion of Circle Place
Apartments to be completed this spring and rented by fall of 2010, thereby creating a positive cash flow.
Currently, the Sponsor has several interested retail lessees.
The Sponsor’s FYE08 Dunn and Bradstreet report indicates strong creditworthiness (since FYE09 financials
are in draft form, a complete Dunn and Bradstreet report for FYE09 is not available). As testimony to its
creditworthiness, the Sponsor indicated it successfully secured debt and refinancing during the tumultuous
credit crunch of 2008-2009. The Cozad-Bates House does not serve as collateral on any debt.
Commission staff is not recommending the Commission require a credit enhancement because the following
factors mitigate the debt:
• the length (over 50 years) of UCI’s operating history;
• liquid net assets of $20M;
• total net assets in excess of $33M;
• the majority of the recorded deficit for FYE09 is primarily due to unrealized investment losses;
• the debt is secured by real estate other than the Cozad-Bates House;

• debt payment is, or will shortly, occur through the positive cash flow of the two apartment buildings;
• the pro forma projections appear achievable and result in a pre-depreciation operating surplus;
• the FYE09 23% debt ratio appears acceptable in light of the Sponsor’s strong viability ratio;
• at FYE08, Dunn and Bradstreet reported the Sponsor’s financial condition as “strong”;
• during a declining real estate market and constricting economy, the Sponsor’s operating income was
nearly unchanged from FYE08 to FYE09; and
• during a tumultuous credit market, the Sponsor secured substantial credit.

Change in net assets examines changes over several years to see where an entity is headed. In this case,
Commission staff did not break out capital revenues and expenses since the nature of the Sponsor’s
operations (real estate development) is capital-based.
Increase Increase
FYE09 (Decrease) FYE08 (Decrease) FYE07
Total Revenues* $ 7,129,236 $ (10,767,433) $ 17,896,669 $ 8,475,049 $ 9,421,620
Total Expenses (net of depreciation) $ 11,342,431 $ 647,494 $ 10,694,937 $ 912,082 $ 9,782,855
Change in Net Assets (Before Depreciation,

Realized/Unrealized Loss/Gain and
Investment Income on Investments) $ (4,213,195) $ (11,414,927) $ 7,201,732 $ 7,562,967 $ (361,235)
Net Realized/Unrealized Loss/Gain on
Unrestricted Investments $ (2,293,089) $ (551,824) $ (1,741,265) $ (2,208,260) $ 466,995
Investment Income $ 1,220,573 $ (391,188) $ 1,611,761 $ (234,731) $ 1,846,492
Depreciation $ (958,360) $ (26,228) $ (932,132) $ (25,621) $ (906,511)
Change in Net Assets (After Depreciation,

Realized/Unrealized Loss/Gain and
Investment Income on Investments) $ (6,244,071) $ (12,384,167) $ 6,140,096 $ 5,094,355 $ 1,045,741
*Total Revenues is net of changes in temporarily and permanently restricted net assets.
The $12.3M decline in total net assets from FYE08 to FYE09 is due to:
• $600K increase in unrealized loss on unrestricted investments;
• $1.0M unrealized loss on permanently restricted investments;
• $400K increase in revenue reduction due to net assets released from restrictions;
• $1.2M reduction in programming revenues, investment income and other income;
• $7.8M reduction in temporarily restricted contributions; and
• $1.2M reduction in permanently restricted contributions.
The financial results indicate continued and greater unrealized losses on investments, reductions in
programming revenues, investment income and other income, and $9.0M reduction in restricted
contribution income.
The $9.0M reduction in restricted contribution income is due to the Sponsor completing the fundraising for
the Euclid Gateway Improvement project in FYE08. The associated expenses for this project were incurred in
FYE09, contributing to the operating loss in FYE09. Commission staff considers this as a byproduct of the
nature of the Sponsor’s operations (real estate development). Capital fundraising (revenues) and expenses
will fluctuate from year to year as the Sponsor undertakes new capital projects.
The remaining reduction in net assets is generally due to the economic climate. As the market continues to
improve, unrealized losses should reverse and programming revenues and investment income should
improve.

Pro Forma Review:
Pro Forma Summary
FYE10 FYE11 FYE12 FYE13

Total Revenues $ 7,832,800 $ 7,951,306 $ 8,220,675 $ 8,499,838
Total Expenses $ 7,765,300 $ 7,820,049 $ 7,874,478 $ 7,929,599
Pre-Depreciation
Surplus (Deficit) $ 67,500 $ 131,257 $ 346,197 $ 570,239
Depreciation $ (557,400) $ (552,596) $ (548,944) $ (545,438)
Post-Depreciation
Surplus (Deficit) $ (489,900) $ (421,339) $ (202,747) $ 24,801
When the Euclid Gateway Improvement project contributions and expenses are deducted from the
actual financial performance, the pro forma projections appear reasonable. However, the pro forma
does not include any allowances for realized/unrealized losses on investments.
Depreciation expense is calculated for the parking garage and buildings. Since the Sponsor is, in
part, a development organization, it has substantial capital assets in real property. At FYE09, building
holdings totaled $13.2M (land holdings are not included in the total since land is not depreciable).
likely the Sponsor will be able to operate the Facility and present culture to the public over a sustained period
of time in accordance with Section 3383.07 of the ORC.
Regional Support
Matching Resources
the total state funding of $100,000 (a minimum of $50,000).
Cash-On-Hand $86,900 Certifying letter and resolution
In-Kind Contributions (up to 50%) $0
Private Contributions $0
City Government $0
Site Valuation $0
Other $0
Total Matching Resources $86,900
Minimum Match $50,000
See Exhibit F for substantiation of local match.
Funding Model
The Sponsor demonstrated that the Project is fully funded. Funds have been raised to pay for all hard
and soft costs.

State Funding $100,000
Cash-On-Hand $86,900 Certifying letter and resolution
Private Contributions $0
City Government $0
Other $0
Total Funding Sources $186,900

The Sponsor demonstrates the financial capacity and the experience to continue providing general
building services at the Facility. Commission staff recommends the Sponsor continue to provide these
services as permitted by Section 3383.07 of the ORC.
director recommend approval of Resolution R-10-03 with the following condition:
• the Sponsor provides evidence, to the satisfaction of the executive director of the
Commission, that the Ohio Historic Preservation Office or a certified local government
either:
o declined to review the Project; or
o reviewed the Project and confirmed the proposed actions meet the Secretary of the
Interior’s Standards for Treatment of Historic Properties


EXHIBIT A
EXHIBIT A
EXHIBIT A
EXHIBIT A
EXHIBIT A
EXHIBIT A
EXHIBIT B

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EXHIBIT C

EXHIBIT D
EXHIBIT D
EXHIBIT D

EXHIBIT E
Cozad-Bates (University Circle Inc.)

Utilizing draft audited consolidted financial statements for fical-year-ending June 30, 2009 ("FYE09") and audited consolidated financial statements for fiscal-years-
ending June 30, 2008, and 2007 ("FYE08" and "FYE07").
FYE09 % Change FYE08 % Change FYE07

Assets
Current Assets:
Cash and Cash Equivalents $ 567,677 -9.74% $ 628,956 82.11% $ 345,375
Prepaid Expenses and Others $ 76,851 8.43% $ 70,878 9.84% $ 64,528
Accounts Receivable $ 540,808 46.73% $ 368,567 -17.07% $ 444,437
Pledges Receivable $ 3,194,421 -32.02% $ 4,699,016 5142.10% $ 89,640
Notes Receivable $ 45,626 -33.31% $ 68,413 -24.56% $ 90,687
Unrestricted Endowment Investments $ 11,956,474 -26.03% $ 16,164,326 7.60% $ 15,023,297
Restricted Endowment Investments (See Note 1) $ 9,003,726 -9.05% $ 9,900,021 0.10% $ 9,890,319
Other Assets $ 621,278 250.30% $ 177,354 21.23% $ 146,299
Total Current Assets $ 26,006,861 -18.92% $ 32,077,531 22.93% $ 26,094,582
Long-Term Assets:
Property, Plant and Equipment (net accumulated depreciation) $ 20,024,722 10.22% $ 18,168,422 0.91% $ 18,004,185
Pledges Receivable - Capital Project $ - 0.00% $ - 0.00% $ -
Other Assets: $ - 0.00% $ - 0.00% $ -
Total Long-Term Assets $ 20,024,722 10.22% $ 18,168,422 0.91% $ 18,004,185
Total Assets $ 46,031,583 4.38% $ 50,245,953 13.94% $ 44,098,767
Liabilities
Accounts Payable $ 1,629,915 64.58% $ 1,148,454 15.96% $ 990,354
Wage Continuation $ - 0.00% $ - 0.00% $ -
Accrued Payroll & Payroll taxes $ - 0.00% $ - 0.00% $ -
Accrued Taxes $ - 0.00% $ - 0.00% $ -
Deferred Revenue $ - 0.00% $ - 0.00% $ -
Accrued Expenses $ - 0.00% $ - 0.00% $ -
Note Payable (current portion) $ 850,000 -2.33% $ 870,243 17.53% $ 740,450
Other Liabilities (insurance reserve) $ 590,077 317.97% $ 141,177 -40.32% $ 236,553
Total Current Liabilities $ 3,069,992 42.14% $ 2,159,874 9.79% $ 1,967,357
Long-Term Liabilities (net current portion):

Notes Payable $ 9,527,431 10.87% $ 8,407,848 -2.16% $ 8,593,275
Bond payable $ - 0.00% $ - 0.00% $ -
Total Long-Term Liabilities $ 9,527,431 13.32% $ 8,407,848 -53.26% $ 8,593,275
Total Liabilities $ 12,597,423 19.21% $ 10,567,722 -53.52% $ 10,560,632
Net Assets
Unrestricted $ 19,512,694 -11.93% $ 22,155,320 -2.26% 22,666,839
Permanently Restricted $ 9,153,014 -12.59% $ 10,471,743 5.90% 9,888,037
Temporarily Restricted $ 4,768,452 -32.37% $ 7,051,168 617.12% 983,259
Total Net Assets $ 33,434,160 -15.74% $ 39,678,231 18.31% $ 33,538,135
Total Liabilities and Net Assets $ 46,031,583 -8.39% $ 50,245,953 13.94% $ 44,098,767
Note: 1) Restricted endowment investments can be used for capital or operational purposes based on management discretion;
therefore, these investments are included in the viability ratio.
Financial Exhibit E 1 of 3
EXHIBIT E
Statement of Activity Information:

Revenues
Revenues and Support:
Program and Operating Income $ 6,809,196 -2.84% $ 7,008,144 6.74% $ 6,565,751
Unrestricted Contributions $ 830,901 -39.78% $ 1,379,710 17.38% $ 1,175,420
Investment Income $ 1,220,573 -24.27% $ 1,611,761 -12.71% $ 1,846,492
Unrealized Holding Gains/(Losses) on Investments $ (2,293,089) 31.69% $ (1,741,265) -472.87% $ 466,995
Gain on Sale of Property Held for Sale and Vehicles $ 600,307 -27.37% $ 826,578 340.61% $ 187,597
Other $ 214,898 2.38% $ 209,903 -6.50% $ 224,500
Satisfaction of Program Restrictions (net assets released from
restrictions) $ 2,275,379 24.97% $ 1,820,719 99.00% $ 914,941
Total Revenues and Support $ 9,658,165 -13.11% $ 11,115,550 -2.34% $ 11,381,696
Expenses
Program Services:
Program and Operating $ 10,384,377 6.17% $ 9,780,691 9.37% $ 8,942,680
Total Program Services $ 10,384,377 6.17% $ 9,780,691 9.37% $ 8,942,680
Supporting Services:
Management and General $ 618,745 1.82% $ 607,704 6.01% $ 573,253
Fundraising $ 339,309 10.69% $ 306,542 14.84% $ 266,922
Depreciation $ 958,360 2.81% $ 932,132 2.83% $ 906,511
Depreciation $ (958,360) 2.81% $ (932,132) 2.83% $ (906,511)
Total Supporting Services $ 958,054 4.79% $ 914,246 8.82% $ 840,175
Total Expenses (net of depreciation) $ 11,342,431 6.05% $ 10,694,937 9.32% $ 9,782,855
Total Increase (decrease) in Unrestricted Net Assets $ (1,684,266) -500.43% $ 420,613 -73.69% $ 1,598,841
Changes in Temporarily Restricted Net Assets:

Temporarily Restricted Contributions $ (18,232) -100.23% $ 7,829,980 847.43% $ 826,445
Investment Income (loss) $ - -100.00% $ (1,891) -139.88% $ 4,742
Other Income $ 10,895 -82.00% $ 60,539 100.00% $ -
Net Assets Released from Restrictions $ (2,275,379) 24.97% $ (1,820,719) 99.00% $ (914,941)
Total Increase (decrease) in Temporarily Restricted Net Assets $ (2,282,716) -137.62% $ 6,067,909 -7344.92% $ (83,754)
Changes in Permanently Restricted Net Assets:

Permanently Restricted Contributions $ 59,203 -95.20% $ 1,233,000 246500.00% $ 500
Net Investment Income $ (354,955) -210.94% $ 319,964 226.75% $ 97,924
Unrealized Holding Gains/(Losses) on Investments $ (1,022,977) 5.54% $ (969,258) -386.14% $ 338,741
Total Increase (decrease) in Temporarily Restricted Net Assets $ (1,318,729) -325.92% $ 583,706 33.52% $ 437,165
Change in Net Assets Pre-Depreciation $ (5,285,711) -174.74% $ 7,072,228 262.26% $ 1,952,252

Depreciation $ (958,360) 2.81% $ (932,132) 2.83% $ (906,511)
Change in Net Assets Post-Depreciation $ (6,244,071) -201.69% $ 6,140,096 487.15% $ 1,045,741
Net Assets at the Beginning of Year $ 39,678,231 18.31% $ 33,538,135 3.22% $ 32,492,394
Net Assets at the End of Year $ 33,434,160 -15.74% $ 39,678,231 18.31% $ 33,538,135
Note: Changes in Net Assets are not shown before Unrealized/Realized Gain/Loss on Investments because the Sponsor reports Unrealized/Realized Gain/Loss
separately for Unrestricted Net Assets, Temporarily Restricted Net Assets and Permanently Restricted Net Assets.
EXHIBIT E

Current Ratio 5.5 -46.06% 10.3 24.66% 8.2
Working Capital $ 13,933,143 -30.40% $ 20,017,636 40.60% $ 14,236,906
Days of Cash-On-Hand 18 -14.90% 21 66.58% 13
Debt Ratio 23% 22.09% 18% -12.76% 21%
Viability Ratio 1.34 -37.77% 2.16 41.45% 1.53
Financial Exhibit E 3 of 3

EXHIBIT F

Project Detail Form


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Resolution
National Underground Railroad Freedom Center- Memorandum of
Understanding for Construction Reimbursement
Commission Assessment Team: Tony Capaci, project manager
National Underground Railroad Freedom Center Cincinnati, Hamilton County

Sponsor: National Underground Railroad Freedom Center (“NURFC” or the “Sponsor”)
Type: Ohio nonprofit corporation since May 1995
Background: The Society states, “the mission of the National Underground Railroad Freedom
Center is to reveal stories about freedom's heroes, from the era of the
Underground Railroad to contemporary times, challenging and inspiring everyone
to take courageous steps for freedom today.”
Under NURFC’s current operating structure, sustainability is an issue.
NURFC is working with the federal government to establish a federal museum

and oversight commission to commemorate the ending of chattel slavery in the
United States. A discussion draft of this legislation was completed in October
2009. Preliminary terms include the “gifting” of the facility to the United States
government and the United States government, via an appointed board of
trustees, operating the facility in cooperation with the Secretary of the Interior and
other federal agencies. This legislation is not expected to be approved for at least
12 months.
According to NURFC officials, the plan would call for the existing bond debt to be
transferred to another yet-to-be established entity, unsecured, leaving the facility
debt-free (a condition of the federal transfer).
Ohio Cultural Facilities Commission National Underground Railroad Freedom Center

As this legislation progresses through the legislative process, Commission staff
will work with the Sponsor, bond counsel and our bond issuer to ensure the
state’s interests are protected. Because there are many details to be worked out,
Commission staff is recommending the Commission enter into a memorandum of
understanding with the Sponsor, which outlines the terms and conditions under
which the state capital funds would be paid, and that the Sponsor appear at a
future Commission meeting when the conditions are met.
At this time, the Commission is being asked to approve a Memorandum of

Understanding that will outline the conditions under which the current
appropriation of $850,000 would be paid out in the future.
Web Site: http://www.freedomcenter.org
Legal Agreements
Signatory: Donald Murphy, CEO
Reimbursement
Certification By: Benjamin Reece, CPA, finance director
Appropriation Bill Appropriation G.A. Appropriation Comments

Name Number Date Amount
National Am. Sub. 6/24/2008 127 $850,000 Funding this project.
Underground H.B. 562
Railroad Freedom
Center
National Am. Sub. 12/28/2006 126 $2,000,000 Funded construction of the
Underground H.B. 699 freedom center.
Railroad Freedom
Center
NURFC H.B. 16 5/4/2005 126 $4,150,000 Funded construction of the
freedom center.
National H.B. 675 12/13/2002 124 $4,000,000 Funded construction of the
Underground freedom center.
Railroad Freedom
Center
National Am. Sub. 6/15/2000 123 $3,500,000 Funded construction of the
Railroad Freedom
Center
National Am. Sub. 3/18/1999 122 $500,000 Funded construction of the
Railroad Freedom
Center
Cincinnati Riverfront Am. H.B. 9/17/1996 121 $166,668 Architectural fees and
Development 748 continuing development
work on the freedom
center.
Cincinnati Riverfront Am. H.B. 9/17/1996 121 $333,332 Funded construction of the
Development 748 freedom center.
Total $15,500,000

In resolution R-10-04, the Commission is asked to do the following: conditionally confirm the need for
the project, substantial regional support, and general building services; confirm the construction
administrator; conditionally approve the project and authorize expenditure of funds, pending certain
requirements; authorize the execution of a memorandum of understanding; and conditionally authorize
execution of other legal agreements.
Name: National Underground Railroad Freedom Center (the “Center” or the “Facility”)
Address: 50 E. Freedom Way

Cincinnati, Ohio 45202
Owner: Sponsor
Type: Special interest museum
Culture Presented: Preservation and presentation of features of historical interest or significance
Managed By: Sponsor
Description: The Center consists of a 160,000-square-foot facility located on the Cincinnati

riverfront. Features of the facility include a museum, interactive story theaters,
computer networking to other Underground Railroad sites, arts and education
facilities, and a public forum space.
Historic
Designations: None
Project Information
Scope: The Freedom Center is a $117.7 million project, opened in August 2004, and
features three pavilions celebrating courage, cooperation, and perseverance.
The current appropriation will reimburse the Sponsor for construction expenses
previously incurred but not yet reimbursed (the “Project”).
Project Need
• internally generated financial statements for year-to-date July 31, 2009 (“YTD09”);
• audited financial statements for fiscal-years-ending December 31, 2008, and 2007
("FYE08" and “FYE07”);
• five-year pro forma; and
• internally generated statements through October 31, 2009 (used solely to observe
whether the organization’s financial trends have changed; they have not).

Increase Increase
ASSETS:
Total Current Assets $ 4,431,282 $ (3,287,603) $ 7,718,885 $ (6,599,903) $ 14,318,788
Total Other Assets $ 6,522,591 $ (18,090,270) $ 24,612,861 $ (2,061,470) $ 26,674,331
Total Long-Term Assets $ 76,070,093 $ (2,413,368) $ 78,483,461 $ (4,233,014) $ 82,716,475
TOTAL ASSETS $ 87,023,966 $ (23,791,241) $ 110,815,207 $ (12,894,387) $ 123,709,594
LIABILITIES:
Total Current Liabilities $ 408,635 $ (667,621) $ 1,076,256 $ (308,808) $ 1,385,064
Total Long-Term Liabilities $ 27,000,000 $ (19,000,000) $ 46,000,000 $ (3,000,000) $ 49,000,000
TOTAL LIABILITIES $ 27,408,635 $ (19,667,621) $ 47,076,256 $ (3,308,808) $ 50,385,064
NET ASSETS:
Unrestricted $ 58,772,883 $ (3,790,355) $ 62,563,238 $ (9,142,202) $ 71,705,440
Temporarily Restricted $ 822,448 $ (333,265) $ 1,155,713 $ (443,377) $ 1,599,090
Permanently Restricted $ 20,000 $ - $ 20,000 $ - $ 20,000
TOTAL NET ASSETS $ 59,615,331 $ (4,103,620) $ 63,718,951 $ (9,585,579) $ 73,304,530

ASSETS $ 87,023,966 $ (23,771,241) $ 110,795,207 $ (12,894,387) $ 123,689,594
Solvency:
are positive (YTD10 total assets are $87M; total liabilities are $27.4M).
The viability ratio (unrestricted net assets minus capital assets minus restricted endowments plus long-term
debt divided by total debt) measures one of the most basic determinants of clear financial health: the
availability of expendable net assets to cover debt should the institution need to settle its obligations as of the
Statement of Financial Position date. A ratio in the range of 1.25 to 2.0 indicates a strong creditworthy
institution.
YTD09 FYE08 FYE07
Viability Ratio 0.34:1 0.65:1 0.77:1
The viability ratio is below what is considered creditworthy due to $27M in bond debt and only $10M
in liquid assets (the book value of the building is $76M of total assets of $87M).
During YTD09 the sponsor liquidated $18M in investments and paid off $19M in bonds as part of a
negotiated settlement when the Sponsor failed to meet bank covenants (see the following Leverage section).
Liquidity:
calculation could have the effect of artificially inflating the current ratio.) A current ratio of greater than 1:1 is
YTD09 FYE08 FYE07
Current Ratio 10.8:1 7.2:1 10.3:1
The current ratio is high due to nearly $3.7M in pledges receivable which, per the Sponsor, are not restricted
and are available for operations once collected.
The Sponsor’s YTD09 working capital is $4M. Days of cash-on-hand (an indication of how many days an
organization can pay expenses if its revenue stream ceases) at 12, is significantly lower than the 30-day
norm.

The YTD09 cash balance is only $252K while current liabilities are $408K, causing a potential operational
cash flow problem.
Leverage:
YTD09, the Sponsor’s total assets are $87M and total debts are $27M. The debt ratio, which indicates what
proportion of debt an organization has relative to its assets, is 31 percent. This means that for every $1.00 of
assets, the Sponsor has $0.31 in debt.
YTD09 FYE08 FYE07

YTD09
Debt Ratio without building 271%
value included

• Bonds payable of $27M – adjusted rate demand revenue bonds, require sinking fund payments of
$10M per year from 2034-2038 (bear interest at variable market rate ranging from 0.2% to .7% in
2009).
Reimbursement agreements related to the letter of credit no longer require the Sponsor to make annual
principal reductions until the bond sinking fund payments start or the letter of credit agreements are
amended.
NURFC did not meet ongoing bank covenant requirements at either measurement (June 30 or December 31,
2008) and rather than call the letter of credit, the bank required the Sponsor to pay off $19M in local bond
debt by liquidating investments, and then the bank extended a revised letter of credit. The letter of credit
currently extends to July 2010, with prior instances of noncompliance waived.

Change in net assets examines changes over several years to see where an entity is headed.
Increase Increase
Total Revenues $ 2,707,111 $ (5,078,615) $ 7,785,726 $ (11,831,340) $ 11,831,340
Total Expenses (net of depreciation) $ 4,642,718 $ (5,942,104) $ 10,584,822 $ (12,190,830) $ 12,190,830

CHANGES IN NET ASSETS (Pre-Depreciation) $ (1,935,607) $ 863,489 $ (2,799,096) $ 359,490 $ (359,490)
Depreciation $ (2,463,200) $ 1,875,737 $ (4,338,937) $ 4,555,891 $ (4,555,891)
Realized/Unrealized Loss/Gain on Investments $ 275,189 $ 2,722,735 $ (2,447,546) $ (567,285) $ 567,285
CHANGES IN NET ASSETS (Post-Depreciation) $ (4,123,618) $ 5,461,961 $ (9,585,579) $ 4,348,096 $ (4,348,096)
A decline in revenues from FYE08 to FYE09 is due to decreases in government grants and admissions.
Average monthly grants and admissions at FYE08 was $649K; YTD09 average monthly grants and
admissions is $178K.

Significant unrealized losses in FYE08 ($2.4M) occurred. However, the prognostics for investment markets
are now more favorable and recouping a portion of the past unrealized losses is probable going forward. The
Sponsor is operating at pre- and post-depreciation losses. Individual contributions are down by over $1.2M.
Pro Forma Review:

Operating Pro Forma Summary
FYE09 FYE10 FYE11 FYE12 FYE13

Total Revenues $ 4,581,000 $ 4,555,000 $ 8,400,000 $ 8,543,000 $ 8,547,000
Total Expenses $ 6,298,000 $ 6,400,000 $ 7,880,000 $ 7,929,000 $ 7,978,000
Pre-Depreciation
Surplus (Deficit) $ (1,717,000) $ (1,845,000) $ 520,000 $ 614,000 $ 569,000
Investment Income $ (258,000) $ (86,800) $ (45,000) $ (64,000) $ (79,000)
Interest Expense $ 1,008,000 $ 937,000 $ 222,000 $ 217,000 $ 212,000
Post-Depreciation
Surplus (Deficit) $ (2,467,000) $ (2,695,200) $ 343,000 $ 461,000 $ 436,000
The Sponsor’s submitted pro forma assumes enactment of the proposed federal legislation to transfer title of
the facility to the federal government, as well as transferring the bulk of the bonds payable to a second entity.
The proposal calls for the bonds to be unsecured. In FYE11, revenues increase $4M to $8.4M due to
operating subsidies by the federal government, and interest expense decreases to $222K because bonds
payable have been transferred. The result is a projected pre-depreciation surplus in FYE11 and beyond. It is
clear that without the federal transfer and subsidies, the organization is not sustainable.
Although the Commission approved the Determination of Need on October 9, 2001, in resolution R-
01-26, the Sponsor’s financial condition has changed significantly for the worse since then. Prior to
the expenditure of these new state capital funds, the Sponsor must demonstrate a viable business
model. The Sponsor has indicated it plans to do so through federalization of the facility.
unlikely the Sponsor will be able to operate the Facility and present culture to the public over a sustained
period of time in accordance with Section 3383.07 of the ORC unless the proposed arrangement with the
federal government is put in place.
Regional Support
Matching Resources
the total state funding of $15,500,000 (a minimum of $7,750,000). Matching resources were
substantiated in November 2008. On October 9, 2001, Substantial Regional Support was confirmed by
the Commission in resolution R-01-26. The following table is provided for informational purposes.

Source Amount
Cash-on-Hand $0
In-Kind Contributions (up to 50%) $0
Private Contributions $34,000,000
City Government $4,500,000
Federal Government $12,000,000
Site Valuation $0
Other $0
Total Matching Resources $50,500,000
Minimum Match $7,750,000
Funding Model
Although on October 9, 2001, the Commission confirmed Substantial Regional Support in resolution
R-01-26, the Project is no longer Fully Funded. In order for the new state capital funds to be paid out,
the Sponsor must demonstrate that the Project is Fully Funded. Since the Sponsor did not meet bank
covenants in 2008, the bank required the Sponsor to sell $19M in investments to pay down the local
bond balance. The $7.75M unsubstantiated funds listed in the table below were the projected
investment income from these $19M in investments that were sold.

State Funding $15,500,000
Cash-On-Hand $0
Private Contributions $63,000,000
City Government $6,000,000
Federal Government $22,200,000
Other (future investment $11,650,000 $7,750,000 not substantiated
income)
Total Funding Sources $106,700,000
Total Project Budget $117,744,000

Although experienced in the provision of general building services at the Facility, the Sponsor has
marginal financial capacity to continue providing general building services at the Facility. In
anticipation of the Sponsor completing the proposed Facility transfer to the federal government,
Commission staff conditionally confirms the Sponsor continue to provide these services as permitted
by section 3383.07 of the ORC.
director recommend approval of Resolution R-10-04 with the following conditions:
• Federal legislation is enacted that provides for the federal government to be

responsible for the Facility and to provide sufficient operating subsidies to ensure

future operations of the Facility, satisfactory to the executive director of the
Commission in her sole discretion;
• The Sponsor provides to the Ohio Public Facilities Commission (the “OPFC”), the
Treasurer of State and the Commission an opinion of nationally recognized bond
counsel, acceptable to the Treasurer of State, and addressed to the OPFC, the
Treasurer of State and the Commission, stating that the financing structure, ownership
and/or operational/management structure will not a) adversely affect the validity of the
state-issued tax-exempt bonds; and b) will not adversely affect the exclusion of the
interest on the state-issued tax-exempt bonds from the gross income of the holders of
the state-issued tax-exempt bonds for federal income tax purposes;
• The new financing structure, ownership and/or operational/management structure for

the project and sponsor organization is acceptable to the Commission executive
director, in her sole discretion;
• In recognition that the Project is no longer Fully Funded, the escrow funds on deposit
in the Commission’s capital donations fund will remain in escrow until the state bonds
are retired. “Fully Funded” means that funds have been raised for the total costs of the
Project including all hard costs, soft costs and start-up costs and, the operating
endowment for the Project. “Raised” means receipt of written pledges from
creditworthy entities, written funding commitments from governmental entities, written
guarantees from creditworthy entities (in a form approved by the Ohio Attorney
General’s Office), cash receipts or any combination of the foregoing, all as determined
in the sole discretion of the executive director of the Commission; and
• The Sponsor provides the Commission with status reports each calendar quarter,
within thirty days of the quarter ending, beginning the second quarter of 2010, until
such time as the federal legislation is enacted. Depending on the contents of these
reports, the Commission may reconsider its approval should the financing structure,
ownership and/or operational management structures prove unacceptable to the
OPFC, the Treasurer of State and/or the Commission.

EXHIBIT E
National Underground Railroad Freedom Center, Inc.

Internally generated financial statements for year-to-date July 31, 2009 ("YTD09") and audited financial statements for fiscal-years-ending December 31,
2008, and 2007 ("FYE08" and "FYE07").

Assets
Current Assets:
Cash and Cash Equivalents $ 252,551 -89.43% $ 2,389,945 -51.31% $ 4,908,058
Government Receivable $ - -100.00% $ 488,424 -76.11% $ 2,044,673
Accounts Receivable $ 223,643 179.92% $ 79,896 70.19% $ 46,945
Pledges Receivable $ 3,765,191 -17.39% $ 4,557,580 -35.46% $ 7,062,155
Gift Shop Inventories $ 122,588 -9.68% $ 135,731 -20.35% $ 170,402
Prepaid Expenses (See Note 1 ) $ 67,309 0.00% $ 67,309 -22.24% $ 86,555
Total Current Assets $ 4,431,282 -42.59% $ 7,718,885 -46.09% $ 14,318,788
Other Assets
Other Assets $ 603,096 7.49% $ 561,074 -4.92% $ 590,119
Investments $ 5,919,495 -74.89% $ 23,577,212 -9.54% $ 26,064,212
Assets Limited As To Use (restricted) $ - -100.00% $ 474,575 2272.88% $ 20,000
Total Other Assets $ 6,522,591 -73.50% $ 24,612,861 -7.73% $ 26,674,331
Long-Term Assets:
Museum Facility. Net $ 76,070,093 -3.08% $ 78,483,461 -5.12% $ 82,716,475
Historical Collections $ - 0.00% $ - 0.00% $ -
Total Long-Term Assets: $ 76,070,093 -3.08% $ 78,483,461 -5.12% $ 82,716,475
Total Assets $ 87,023,966 -21.47% $ 110,815,207 -10.42% $ 123,709,594
Liabilities
Accounts Payable $ 140,212 -39.43% $ 231,472 -33.96% $ 350,516
Accrued Liabilities $ 137,545 -48.87% $ 269,017 20.02% $ 224,150
Interest Payable $ 67,856 -80.69% $ 351,400 -10.40% $ 392,201
Deferred Revenue $ 63,022 -71.91% $ 224,367 -46.35% $ 418,197
Total Current Liabilities $ 408,635 -62.03% $ 1,076,256 -22.30% $ 1,385,064
Long-Term Liabilities
Tax Exempt Bonds Payable $ 27,000,000 -41.30% $ 46,000,000 -6.12% $ 49,000,000
Total Long-Term Liabilities $ 27,000,000 -41.30% $ 46,000,000 -6.12% $ 49,000,000
Total Liabilities $ 27,408,635 -41.78% $ 47,076,256 -6.57% $ 50,385,064
Net Assets
Unrestricted $ 58,772,883 -6.06% $ 62,563,238 -12.75% 71,705,440
Temporarily Restricted $ 822,448 -28.84% $ 1,155,713 -27.73% 1,599,090
Permanently Restricted $ 20,000 0.00% $ 20,000 0.00% 20,000
Total Net Assets $ 59,615,331 -6.47% $ 63,738,951 -13.07% $ 73,324,530
Total Liabilities and Net Assets $ 87,023,966 -21.47% $ 110,815,207 -10.42% $ 123,709,594
Note: 1) Prepaid expenses 2009 amount estimated using 2008 for purposes of determining the "Other Assets" amount where prepaid expenses were includ
Exhibit E 1 of 2
EXHIBIT E
Statement of Activity Information:

Revenues
Contributions
Foundations and Organizations $ 1,250,860 -41.87% $ 2,152,000 7.93% $ 1,993,820
Individuals $ 16,406 -99.23% $ 2,131,065 -20.00% $ 2,663,671
Corporations $ 45,207 -87.05% $ 348,993 -60.05% $ 873,500
Time Discounts $ 112,653 161.98% $ 43,000 -74.71% $ 170,000
Allowance for Doubtful Accounts $ - -100.00% $ 33,600 -772.00% $ (5,000)
Government Grants $ 552,815 -61.74% $ 1,444,708 -57.26% $ 3,380,035
Admissions $ 352,043 -46.95% $ 663,544 -21.41% $ 844,286
Earned Revenues $ 238,129 -59.27% $ 584,642 -10.64% $ 654,263
Donated Services and In-Kind Gifts $ 123,938 -64.48% $ 348,890 646.99% $ 46,706
Special Events $ 9,363 -51.07% $ 19,136 -98.11% $ 1,011,651
Other Income $ 5,697 -64.72% $ 16,148 -91.86% $ 198,408
Net Assets Released From Restrictions $ - 0.00% $ - 0.00% $ -
Total Revenues and Support $ 2,707,111 -65.23% $ 7,785,726 -34.19% $ 11,831,340
Expenses
Museum Programs $ 866,428 -72.11% $ 3,107,028 -27.48% $ 4,284,281
Administrative and General $ 1,641,589 -30.24% $ 2,353,061 35.92% $ 1,731,222
Fundraising, Developments, and Communications $ 1,169,619 -17.20% $ 1,412,517 -49.58% $ 2,801,597
Other Programs $ 142,012 -89.01% $ 1,292,082 53.05% $ 844,231
Interest Expense $ 729,132 -66.03% $ 2,146,243 -13.56% $ 2,482,793
In-Kind Expenses $ 93,938 -65.70% $ 273,891 486.42% $ 46,706
Depreciation $ 2,463,200 -43.23% $ 4,338,937 -4.76% $ 4,555,891
Depreciation $ (2,463,200) -43.23% $ (4,338,937) -4.76% $ (4,555,891)
Total Expenses (net of depreciation) $ 4,642,718 -56.14% $ 10,584,822 -13.17% $ 12,190,830
Change in Net Assets Pre-Depreciation & Pre-

Realized/Unrealized Gain/Loss $ (1,935,607) -30.85% $ (2,799,096) 678.63% $ (359,490)
Depreciation $ (2,463,200) -43.23% $ (4,338,937) -4.76% $ (4,555,891)
Realized/Unrealized Loss/Gain on Investments $ 275,189 -111.24% $ (2,447,546) -531.45% $ 567,285
Change in Net Assets Post-Depreciation & Post-
Realized/Unrealized Gain/Loss $ (4,123,618) -56.98% $ (9,585,579) 120.45% $ (4,348,096)
Net Assets at the Beginning of Year $ 63,738,951 -13.07% $ 73,324,530 -5.60% $ 77,672,626
Net Assets at the End of Year $ 59,615,333 -6.47% $ 63,738,951 -13.07% $ 73,324,530
Ratios
Current Ratio 10.8 51.20% 7.2 -30.63% 10.3
Working Capital $ 4,022,647 -39.44% $ 6,642,629 -48.64% $ 12,933,724
Days of Cash-On-Hand 12 -86.01% 82 -43.92% 147
Debt Ratio 31% -25.26% 42% 4.80% 40%
Viability Ratio 0.34 -47.78% 0.65 -15.72% 0.77
Exhibit E 2 of 2
Project Detail Form


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Resolution

19-February 11, 2010 NOTEBOOK

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MEETING OF THE OHIO CULTURAL FACILITIES COMMISSION

Thursday, February 11, 2010 – 10 a.m.

10:00 AM 1 CALL TO ORDER Otto M. Budig, Jr., Chairman

10:10 AM Executive Director's Comments Kathleen M. Fox, Executive

11:10 AM EXECUTIVE SESSION Otto M. Budig Jr., Chairman

Irene Lawrence Fuller House Bay Village, Cuyahoga County

Type: Ohio nonprofit corporation since 1962

Web Site: http://www.bayarts.net

Ohio Cultural Facilities Commission Irene Lawrence Fuller House

Commission Actions This Meeting:

Address: 28795 Lake Road

See Exhibit A for event information.

Managed By: Sponsor

See Exhibit H for a photo of the House being moved.

Ohio Cultural Facilities Commission Irene Lawrence Fuller House

Delivery Method: Design-bid-build

Schedule: Construction commences March 2010; construction completes September 2010

Ohio Cultural Facilities Commission Irene Lawrence Fuller House

The Sponsor is not seeking reimbursement for architectural, engineering or other

Ohio Cultural Facilities Commission Irene Lawrence Fuller House

TOTAL LIABILITIES AND NET

Ohio Cultural Facilities Commission Irene Lawrence Fuller House

YTD10 FYE09 FYE08

The sponsor’s debt consists of:

Change in Net Assets:

Ohio Cultural Facilities Commission Irene Lawrence Fuller House

Pro Forma Review:

Operating Pro Forma Summary

FYE10 FYE11 FYE12 FYE13 FYE14

Ohio Cultural Facilities Commission Irene Lawrence Fuller House

Ohio Cultural Facilities Commission Irene Lawrence Fuller House

Provision of General Building Services

Project Manger Project Manager

Assistant Director for Project Services Executive Director

Ohio Cultural Facilities Commission Irene Lawrence Fuller House

Vento! An Italian Trattoria

COME HERE FOR THE DAY!

BAYARTS MEMBERSHIPS WHAT’S INSIDE

BAYarts gratefully acknowledges the

put your best foot forward

June Camps July Camps

6-8 Art of Nature - Debbie Sanson 9 & up Art Outdoors-Dave Southerington

9 & up Photography - Bridget Rehner

TODAY begins member registration

6-8 Creative Creatures - Kathy Ruic

9 & UP Felting - Tina Dujmovic 440.871.6543

FUNKY FRIDAY WORKSHOP

Build a Live Fairy Garden

9:00-10:00 or 10:30-11:30 or 12:30-1:30

July 17 – Sculpt It!

August 21 – Green Art

ceramicART COLLEGE BOUND ARTISTS AND

MAKE A DAY OF IT! contemporary approach to ART

12:30-2:30 – intermediate (limit 8 students) PROVIDED. ADDITIONAL SUPPLIES MAY

WELTMAN, WEINBERG & REIS CO., L.P.A.

PETER J. WINZIG pwinzig@weltman.com

Cincinnati • Cleveland • Columbus • Detroit • Pittsburgh • Westampton www.weltman.com

Y Design Group dba

Mark T. Yager, RA, dba Y Design Group, President

Registered Architect, NCARB, State of Ohio, 1990

Bay Lofts, Bay Village

Acme Arsena Investments, Office/Warehouse, Twinsburg, Ohio Phase I, II, III

Biskind Tech Park, N. Olmsted, Ohio

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