0.7 Chapter five: new initiatives and economic shocks, 1982-1987  (Page 6/18)

The possibility that real estate development would solve the Society's finan­cial problems was dead, even though Goelet attempted to work with Quinlan and others to revive it. After three years, the agreement with Quinlan was allowed to expire and Quinlan gave the Society his plans and architectural drawings in lieu of the payments that had been scheduled into the contract.

Growing deficits and a preoccupation with consultants and self-study, 1984-1986

With the prospects for a windfall from real estate development gone, the Society was forced to reexamine its revenue opportunities. It had no contingency plan. After a nine-month study, George Trescher, the Society's fundraising consultant, presented his findings to the board in January 1984. Trescher's report identified several initiatives that he thought the Society ought to pursue:

• Direct mail. The Society must continue to send out mass appeals in an effort to increase its membership.
• Fundraising benefits. The Society should consider sponsoring a major fundrais­ing benefit.
• Board leadership. The Society must have leadership from the board in terms of donations. It was also suggested that a development committee be established.
• Corporate membership. The Society should aggressively pursue corporate mem­bership and sponsorship opportunities.

In response to Trescher's recommendations, the Society initiated plans for a celebration to be held in October in honor of its 180th birthday. In addition, more aggressive efforts were undertaken to have Bell work with key members of the board of trustees to encourage friends and associates to contribute funds, especially from corporations. Finally, the board changed its committee structure. A new committee on development was established, as was a committee on plan­ning and policy. Together, these committees were to address all aspects of the Society's difficult financial circumstances, including "the possibility of dispos­ing of a portion of the library's or museum's collections or to explore finding a new home for the entire collection." Because of the seriousness of the task these committees faced and the extra effort that they would require, Goelet recom­mended that the museum committee and the library committee be abolished, and they were.

The adverse publicity surrounding the failed real estate proposal, combined with the Society's gloomy financial prospects, seemed to create discord among members of the board. During deliberations on negotiations with developers, there is evidence that the Society's trustees were not kept fully informed on all mat­ters. After Hugh Hardy, the architect of the proposed residential tower, presented detailed and finished plans to the board, Harmon Goldstone noted that it was "the first time he had heard in a systematic manner the details of the proposed pro­ject." He added that he had many questions about the project but that the board should proceed with the various administrative steps required for the building. Margaret Platten also voiced reservations, noting for the record that "financial details regarding the project have not been discussed and those matters must be explored carefully."