Further Information regarding Civil Action 03-4573
The following information addresses some of the misleading information circulated by the self-described "Save the Athenaeum Association" that is suing the Athenaeum. For further information see other links in the news section of this website or contact the Athenaeum.
- The Athenaeum is aware that some plaintiffs named in the lawsuit were misled by the self-described "Save the Athenaeum Association" and have asked to be removed as plaintiffs.
- The plaintiffs claim that they are donors to the Athenaeum.
- In fact, none of the plaintiffs are members of the Athenaeum’s major donor group, the 1753 Society.
- Of the 55 plaintiffs, only 27 gave any donations to the Athenaeum’s annual fundraising appeal between 1998 and 2002, accounting for less than 3% of the total during this period.
- In 2002 (a record-breaking fundraising year) only 11 plaintiffs supported the library during the annual appeal, accounting for less than 1.5% of the total giving.
- In contrast, in 2002 Athenaeum staff members alone donated almost 3x more than the plaintiffs to the annual appeal.
- The self-described "Save the Athenaeum Association" consists of non-members of the Athenaeum and a small percentage of the Athenaeum's total membership. An overwhelming majority of the membership stands with the Board in its decision to sell the Audubon folio.
- The self-described "Save the Athenaeum Association" now claims that six Board members have resigned. In fact, no Board members have resigned in opposition to the decision to sell the Audubon folio and Board members remain in their ongoing support for the decision that was taken for the greater good of the institution.
- The 2002 audit, performed by specialists at the highly respected MontiCPA/Not-for-Profit division of Kahn, Litwin, Renza & Co., Ltd. (KLR), was a "clean audit." This important designation means that after the auditors reviewed the accounts they determined that the financial position of the Providence Athenaeum is in conformity with generally accepted accounting principles in the United States.
- There are no "shareholders" at the Athenaeum. When you join the library
you become a member. In 1974 the Athenaeum became a 501(c)3 non-profit
corporation, meaning that donations are tax deductible and that the library
can apply for a much wider range of grants. This decision, enacted under the
Board presidency of plaintiff Edward O. Handy Jr. and duly approved at a
meeting of the then shareholders, ended the proprietary rights of
shareholders of the Athenaeum. The term "shareholder" was subsequently
changed to "member" to clarify the situation.
- In response to the current lawsuit the Board, after discussions with Christie's, decided that it was prudent to delay the sale of the Audubon until spring, 2004. The last thing the Board wants is for the Audubon not to achieve the best price possible and the recent actions of the self-described "Save the Athenaeum Association" likely would have had a negative effect on the sale - at least until the lawsuit is completed. The Superior Court's temporary restriction on the sale is supported by the Athenaeum.
- The self-described "Save the Athenaeum Association" falsely implies that the Providence Athenaeum is a museum. This is not the case. The Athenaeum is a library.
- Under the current Board and Administration costs have been reduced significantly and annual appeal income is at an all-time high (up 80% from 2001 to 2002.)
- The self-described "Save the Athenaeum Association" cites incorrect and misleading financial figures in the lawsuit.
- The Athenaeum is confident that it will receive a favorable ruling on the plaintiff's lawsuit and that the sale will proceed as soon as possible.
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Providence Athenauem - 251 Benefit Street - Providence, RI 02903
www.providenceathenaeum.org