USS Saratoga Museum Foundation, Inc.
Home
Current Status
Site Map
Donations
Membership
Press Releases
Media Watch
Political Action
Mailing List
[------------]
Vision
   The Team
   The Park
   The Ship
   Site Plan
   Education
   Summary
Mission & Goals
[------------]
GUESTBOOK
[------------]
The FAQ
Saratoga Store
Saratoga Links
Photo Album
Saratoga Videos
What's New?
[------------]
Special Interest:

RUSSIAN SUB
Saratoga Press Release

FOR IMMEDIATE RELEASE
November 29, 2006

Contact:
      USS Saratoga Museum Foundation, Inc.
      Frank Lennon
      (401) 831-8696

SARATOGA PROJECT RECEIVES ANOTHER BIG FINANCIAL BOOST; ANONYMOUS DONOR CONTRIBUTES $500,000

This commitment, announced on the heels of the $6.5 million federal loan guarantee announced earlier this month, means the project has identified more than 90% of the funding it needs to proceed.
Providence - An anonymous benefactor has stepped up with a $500,000 gift to support the efforts to develop a family attraction, educational center and memorial at Quonset/Davisville featuring the retired aircraft carrier Saratoga as the centerpiece.

Earlier this month, Independence Bank of East Greenwich teamed up with the United States Department of Agriculture to provide the bulk of the funding still needed for the project: $6.5 million in financing guaranteed by USDA's Community Facilities Program.

"In order to qualify for that financing we had to raise an additional $4.5 in funds from other sources," said Frank Lennon, President of USS Saratoga Museum Foundation, Inc. "At the time of the loan announcement earlier this month, we could identify about $3.5 million, leaving us about a million short," he continued.

"Although insisting on anonymity, our benefactor has watched our progress closely over the years, and is now convinced this project can and will happen," Lennon added. "This $500,000 gift cuts our shortfall in half. And this is not a pledge; the funds are already in an account earmarked for our use."

Michael Hogan, a Vice President in Sovereign Bank's Wealth Management Division, confirmed the existence of this account. "At the request of the donor, we have opened a custody account for the benefit of the USS Saratoga Museum Foundation, Inc. That account has been fully funded with marketable securities valued in excess of $500,000," said Hogan.

Hogan further confirmed that the Foundation is able to draw on the interest and dividends generated by this account, "plus some of the growth, according to guidelines provided by the donor."

The principal will be made available as soon as the Navy officially transfers the aircraft carrier to the Foundation.

Neither Lennon nor Hogan would disclose any information about the donor. Both are bound by confidentiality agreements.

******

The USS Saratoga Museum Foundation, Inc., a 501 (c) (3) non-profit and an all-volunteer group, has worked for eight years to turn the vision described above into reality. Further information can be obtained at http://www.saratogamuseum.org

-30-



* * * * * * * * * * * * * * * * * * * * * * * * * * * *

Web page creation and site maintenance by West Bay Web.

Last Updated:
11/30/06