Budget

The Peale Center launched its $4.5 million capital campaign in 2014. Previously, $40,000 was raised: a $20,000 Baltimore National Heritage Area grant, plus matching funds. These came from Constellation Energy, The France Merrick Foundation, the William Donald Schaefer Civic Fund, and from non-profit organizations and individuals. This money was used to pay for architectural and program plans and for a brochure.

In 2014, the Peale Center raised ca. $700,000 towards the restoration of the Peale Museum building: $250,000 in Baltimore City bond money; $200,000 in private foundation funds (Middendorf); $100,000 in board member pledges (capital campaign); plus the equivalent cost of a new roof ($100 – 150,000) that the City has agreed to install.

RESTORATION AND OPERATING COSTS
$3 million  Renovation, repairs, improvements
$1.5 million  Pledges of operating support
$4.5 million  Grand Total                                              

CAPITAL BUDGET
Peale Museum Building Renovation/Restoration

(The following figures will shortly be adjusted)

$250,000  Elevator/Lobbies
$250,000  Exterior repairs
$35,000  Exterior fire stair
$75,000  Garden/Landscaping
$200,000  Peale Café
$140,000  Bathrooms
$200,000  HVAC upgrades
$150,000  Plumbing upgrades
$50,000  Electrical upgrades
$40,000  Technology upgrades
$150,000  Sprinkler system
$120,000  Plaster repair/painting
$80,000  Millwork/trim
$50,000  Demolition/cleanup
$225,000  Exhibits
$200,000  Contingency
$117,000  Design/permits (5%)
= $3,000,000 (rounded)  TOTAL                                

Operating Budget  (Stabilized Year)
Support and Revenue

$100,000  Contributions and grants
$15,000  Annual giving (members and friends)
$10,000  Board of Directors contributions (20 members)
$10,500  Peale Center membership program (300 members @ $35 each)
$10,000  Visitor Donations at the door  (Free admission; 4,000 visitors/year, half paying the suggested $5 donation)
$20,000  Annual fundraiser

Earned Revenue
$12,000  Peale Café (operator rental)
$10,000  Gift shop
$12,000  Peale Center Rentals  (six events/year @ $2,000 per event)
$4,800  BAF, third floor rental
= $204,300  Total

Expenses
$80,000  Personnel
$51,200   Professional services: development, marketing, security, accounting, design and printing, website
$39,000  Building: utilities, maintenance, telephone/DSL
$6,000  Gift shop inventory and sales tax
$2,000  Postage
$3,000  Office equipment and supplies
$7,000  Insurance (D&O Gen’l liability, exhibits)
$2,500  Smithsonian Inst. Affiliation
$10,000  Event expenses
= $200,900  Total