CLIENT CASE STUDIES
Museum of Arts and Design
The Museum of Arts and Design, formerly known as the American Craft Museum, was selected by the City of New York to redevelop the site of the Huntington Hartford Museum at 2 Columbus Circle. This coveted location is directly across from the new Time Warner Center and is near major cultural attractions like Carnegie Hall, Lincoln Center, among many others.
To assist with cash flow issues relating to renovation and construction, the Museum hired JPMorgan Chase to underwrite a tax-exempt bond issue. Since this would have been the Museum’s first public debt offering, WolfBrown was engaged to conduct a study to provide an independent assessment of the viability of the Museum’s financial projections for operations at the new venue.
The consultants reviewed museum operations and conducted interviews with key staff members. This review included examining the Museum’s assumptions for visitation, admissions pricing, retail sales, and other earned income streams. A review of estimates of contributed income was also undertaken and operating expense projections were examined as well. Based on this review, the consultants expressed confidence in Museum projections and made recommendations in several areas.