February 13, 2002
CW Annual Report highlights long-term record donations and institutional investments
Colonial Williamsburg’s 2000 Annual Report highlights the foundation’s educational program and infrastructure enhancements; substantial long-term investments in facilities, programs and staff; and the year’s unprecedented fund-raising success. The report was released in advance of the September launch of the Campaign for Colonial Williamsburg, the foundation’s first comprehensive fund-raising campaign.
Colonial Williamsburg undertook a number of major institutional initiatives in 2000, including the reorganization of the Historic Area, expansion of educational outreach and increased focus on Colonial Williamsburg’s museums. Work began on the new 300-room Woodlands Hotel & Suites, renovation of the Williamsburg Inn and expansion and renovation of the Visitor Center. At the same time, Colonial Williamsburg maintained its commitment to provide work for staff displaced by closings and to improve employee compensation levels.
Revenues from ticket sales, hotels, restaurants and retail stores were reduced as a result of the construction disruption, a fire at the old Woodlands Hotel in late 1999 that destroyed 30 rooms and a 2000 ticket structure that had the unintended effect of encouraging visitors to purchase lower-priced, one-day tickets. Total admissions for 2000 were 929,000, a 6 percent drop from the previous year, while total revenue from ticket sales was nearly $23 million, down 5 percent.
However, Colonial Williamsburg’s total revenues in 2000 were $194 million, compared with $187 million the previous year. Total expenses were $204 million, a $14 million increase over the prior year. As expected, the annual operating deficit increased in 2000 to just under $11 million. As a result of successful fund raising and investment performance, total net assets of the foundation were $785 million in 2000, a $16 million increase over 1999.
"We anticipated in our planning that Colonial Williamsburg’s major investments in facilities, staff and programs would put substantial pressure on the budget in 2000 and would continue to do so for several years. However, these investments, together with the organizational changes and the addition of new senior leadership, position the foundation well for exciting years ahead," said Colin G. Campbell, chairman, president and chief executive officer of the Colonial Williamsburg Foundation.
"Our challenge is to maximize the major facilities investments while refining and sharpening the scope of our educational programs, and to strengthen our asset base by capitalizing on investment return and by continuing to receive philanthropic support from friends of Colonial Williamsburg," Campbell said.
Colonial Williamsburg’s receipt of $47 million in total gifts and grants represented a 44 percent increase over 1999 and was the most successful year for total gifts since the foundation began its formal fund-raising program in 1976. Gifts to Colonial Williamsburg’s annual fund totaled nearly $10 million, surpassing by more than 15 percent the previous record of $8 million, set in 1999.