$1.3M Capital Campaign - Keep WSAC Open for Future Generations

Dave Anderson

Schroeder Capital Campaign - Goal $1.3M

 

Asking for Your Support Two Ways:

 


If you are considering a larger gift know that your gift will be recognized with a similar donor board like the one that hangs in the lobby that lists the gifts from the 2008 Save the Pool Campaign.

If you are interested in spreading your gift over 3 - 5 years that is definitely an option.

Contact Dave Anderson anytime!  414 364 0275   danderson@wsacltd.org

 

Summary

 

Retire the debt, replenish the endowment, establish and fund a capital and an operating reserve

 

1. Retire the Debt - $500,000

 

2. Replenish the Endowment  - $300,000

 

3. Establish and Fund an Operations Reserve ($250,000) and Capital Reserve ($250,000) or $500,000 total or about ⅓ of annual operations

 

The Walter Schroeder Aquatic Center, Ltd (WSAC) is a 501(c) (3) non-profit with the mission of maintaining and preserving the region’s most unique and important aquatic facility.  The WSAC, Ltd non-profit was established in 2008 to save the pool after the YMCA of Metropolitan Milwaukee had planned to redevelop its Brown Deer site and eliminate the Aquatic Center.   While the WSAC and YMCA have maintained a cooperative relationship, the WSAC has been a financially separate organization after 2008.

 

Since 2008, the WSAC has managed to remain fiscally viable but has been unable to bring in enough revenue to cover annual depreciation expense which is $85,000 annually (Depreciation is the amount of money assigned to cover the costs of long term maintenance as the building ages).  Since 2008, we have not missed a payment for our mortgage or a payroll and we have been able to make it financially each of the last 11 years by watching our cash flow like a hawk. However we are just not bringing in enough revenue. The table below is representative.


 

Fiscal Year

Revenue

Expense

Net

2016

$1,096M

$1,273M

-$177,000

2017

$1,320M

$1,412M

-$92,000

2018

$1,288M

$1,390M

-$102,000

 

While the trend in 2019 is better than previous years, the facility was required to complete repairs to the outside of the building, replacing failing sections of the wall high up below the roofline to maintain the facility’s liability insurance coverage.  The cost of the repair and installation of new metal siding is about $300,000.  

 


 




 

In April / May we tried to secure a loan from our bank - US Bank- to cover the cost of the construction and were turned down.  We approached a local bank - Park Bank and were turned down. We are currently working with a bank that specializes in non-profits - IFF Bank - but we are a ways away from a deal if one should come.

We have raised $150,000 around the immediate need of the exterior repairs or about half of the project costs and we are continuing the fundraising efforts.  

 

We have met with local and state representatives to seek funding and solutions from both.  Knight Public Affairs has been working consistently with: the Village of Brown Deer, Representative Dan Knodl, Senator Alberta Darling, the Wisconsin Economic Development Corporation - lots of very good contacts but nothing that can really help in the short term.

 

Capital Campaign

A two phase capital campaign has begun.  

The first phase is to raise enough dollars to offset the cost of the repairs to the exterior of the WSAC.  Slightly more than half of the cost of the project has been committed or received or about $147,000. An additional amount is needed to offset the remaining cost of the repairs which are projected to finish in November.

The second phase is to raise enough money to retire the remaining debt held by US Bank ($500,000 of an initial note of $1.2M), replenish the endowment which stands at about $700,000 with the goal to fund the endowment at $1.0M, and establish two reserves for capital and operational expense of about $500,000.  The total for the second phase of the capital campaign is $1.3M

Since 2008, the Walter Schroeder Aquatic Center has received about $3M in contributions.  The Walter Schroeder Aquatic Center is unique in that it is not financially supported by a larger entity.  Most pools and most major facilities across the United States are supported by school districts, universities, YMCAs or municipalities.  The Schroeder facility is a stand-alone facility.


Significance and Continued Relevance of the WSAC

The Schroeder pool is an important facility for both current and future generations of swimmers..  About 20% of all of Wisconsin Swimming’s times in the SWIMS database are done at Schroeder each year. 

You know well that Schroeder swimmers, divers and adult masters swimmers participate in high quality programs that deeply affect their lives beyond the physical realm.   Our coaches use competitive aquatics as a vehicle to develop young people to be successful in college and in life.

The Schroeder Pool’s Future

We will make it beyond 2019 and into 2020 with near certainty.  However another unforecasted problem could arise at anytime. The now 40 year old WSAC facility needs consistent and predictable maintenance but there are always unplanned events that put the WSAC future in immediate peril like this current repair. 

Embracing this campaign is essential to guaranteeing Schroeder’s future.  

The reality is, if we cannot increase our revenue so that it outstrips our expense by enough that we can start to build reserves for predicted and unpredicted losses and expense it is only a matter of time until the pool will have to close.  WSAC can continue on for a while but without fundamentally changing the annual operating financial formula the pool will close when we run out of reserves. The $1.3M capital campaign virtually guarantees a very long life span for the pool.

 

Asking for Your Support Two Ways:

1. Contribute to the Capital Campaign to help to match the $150,000 in gifts already pledged

2. Share this with others who know the significance of the Walter Schroeder Aquatic Center and its programs and if you think they can help please let Dave Anderson know.


If you are considering a larger gift know that your gift will be recognized with a similar donor board like the one that hangs in the lobby that lists the gifts from the 2008 Save the Pool Campaign.

If you are interested in spreading your gift over 3 - 5 years that is definitely an option.

Contact Dave Anderson anytime!  414 364 0275   danderson@wsacltd.org
 

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