Feb. 5, 2002
LEXINGTON, Ky. – The University of Kentucky Basketball Museum, which has been heavily burdened in debt since it opened in 1999, released encouraging numbers Tuesday indicating it is moving toward financial stability.
The museum, which opened with a $2.2-million debt service, has begun to show improvement in revenue thanks to creative fund-raising efforts combined with cutbacks in operating expenses. The UK Athletics Association began supporting the Museum financially in June 2000 and Athletics Director Larry Ivy hired Van Florence, then a successful fundraiser with United Way, to manage the operation.
After finishing one year on the job in September, Florence completed the 2001 calendar year by eliminating the $210,000 in past-due accounts payable while building Museum reserves from no funds to approximately $435,000. He also slashed payroll by 61% after eliminating 27 of the 32 positions.
While attendance has remained nearly identical the past two years (16,786 patrons in 2000, 16,798 in 2001), admission revenue has grown 86.1% — from $76,000 to $143,000 thanks to the newly implemented Rupp Arena tours, increased private functions and an enhanced gift shop.
Even more encouraging, the Museum has used no financial support from UKAA in either January or February of this year. Current fundraising efforts that include Wildcat Madness, the Maker’s Mark/Keeneland bottle, etc., should garner an additional $850,000 by the end of calendar year 2002.
“Through continued awareness and support from the community, the debt service should be under $1 million by year-end 2002,” Florence said. “That will allow us to continue negotiations with the banks involved to absolve the remaining debt. The bottom line is this: the museum can and will survive.”
Autograph Sessions
The UK Basketball Museum has scheduled two autograph sessions for Big Blue fans.
On Feb. 9 at the Civic Center Shops in Lexington Center, more than 100 artists who participated in Wildcat Madness, will be on hand to sign the book which contains color photos of all 144 Wildcat sculptures. The session runs from 10 a.m. to 4 p.m.
On Feb. 24 at the Central Bank & Trust location in Palomar Centre, Tubby and Donna Smith, Guy and Jackie Morriss, Larry and Dorene Ivy and Bill “Mr. Wildcat” Keightley. The session runs from 2-4 p.m. and the guests will be signing the book Wildcat Madness.
— Go Cats —
