(Arnolds Park)– The newly reorganized and downsized Iowa Great Lakes Maritime Museum Board met Friday in Arnolds Park.
Finances once again took center stage. The board voted unanimously to transfer 40-thousand dollars from its endowment fund to its checking account. They took the action after learning the checking account has a balance of 35-thousand dollars…not enough to meet upcoming payroll and other expenses of nearly 72-thousand dollars. The board was forced to take the action, not knowing yet if area banks will grant another 500-thousand dollar loan. Board member Al Maser, a member of the board’s Finance Committee, reported he has met with the bankers, but they aren’t going to take any action on the loan request until they see the park’s operating budget for the upcoming year. The board is expected to review the budget and take possible action on it at its December 5th meeting. Jim Frost, the Maritime Museum’s Executive Director, told the board he’ll put together a budget that will hold a tight line on expenses.
Finance Committee Chairman Bob Schneider said it’s imperative the park operations show a 200-thousand dollar turnaround in the upcoming year with a 100-thousand dollar bottom line on expenses. Frost said he’s confident he can put together a budget reflecting that.
