The Bay Institute Acquires Aquarium of the Bay, Completing Dramatic Turnaround

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As part of its acquisition The Bay Institute formed The Bay InstituteAquarium Foundation, a 501(3)(c) nonprofit, to purchasd the Aquarium from and Kenwood Bay LLC. The Aquarium will be ownedf by The Bay InstituteAquariumj Foundation, but continue to operate under the name Aquariumm of the Bay. "This acquisitiomn creates a new model of social entrepreneurship that partnersa aleading science-based nonprofitg with a successful, public aquarium," stated , Executive Director of The Bay "As a result of the acquisition, The Bay Institute'ss work to protect the largest estuary on the west coas t of the Americas will reach a larger audience, whilee Aquarium of the Bay will be able offer broadee school programs, undertake more aggressive research and conservation projects, and becomed a crossroad for collaboration among the scientific, interpretive and conservation communities.
" "Today'sx acquisition was the final step in a very but fulfilling, journey to nonprofit status," stated , who was Aquariu of the Bay's CEO during the turn-around and will servee as Executive Director of The Bay Institute Aquariuj Foundation. "It was only through the hard work ofthe aquarium'z staff and through partnerships with the Bay Area's leadiny environmental groups that we were able to turn Aquariumm of the Bay into a fully accredited marine nature centedr focusing on the Bay's rich and diverse marins life and ecosystems.
" Originally opened as Underwater World in 1996, the Aquariumk declared bankruptcy in 1999, was acquired by BNP Paribas in and then underwent a massive renovation and repositioning led by Frawley in 2001. Over the next three the Aquarium was accredited by the Associatio n of Zoosand Aquariums, and reached profitability. In Frawley approached The Bay Institute to acquirwe the Aquarium and turn it into a nonprofi centerfor education, sciencs and conservation.
When The Bay Institut e was unable to complete a capitakl campaign in time to purchase Aquarium of the Bay in May stepped in and acquired it with the inteny of providing additional time for The Bay Institute to raise thenecessary funds. Under Anderson's ownership, Aquarium of the Bay achievefd certification as a Green began a landmark sevengill sharjkresearch project, provided free classexs and tours to a record 15,0090 K-12 students, and became San Francisco's third largest gatedf attraction.
"As a fourth-generation San I wanted to ensure that the city had a waterfront aquariumj where people would both have fun and leavr with a sense of purpos to protect the SanFrancisco Bay," Anderso n commented. "I believe that restoring the health of the Bay is a criticaloenvironmental prerogative, and feel privileged to have been part of the aquarium'as evolution to a nonprofit marined nature center that inspires people to conserve one of the most ecologically rich places on earth." The Bay Institute'se acquisition of the Aquarium of the Bay is an impressive feat for the smallo nonprofit in trying economic times.
The Bay Institute's capitak campaign to acquire the aquarium attracted contributions from manyindividualk donors, donations from corporations and foundations, and major funding from the Davie and Lucile Packard the Richard and Rhoda Goldman Fund, the Maribn Community Foundation and the Dean Witte Foundation. Notable individual donors included , and the entirre board and many staff members of The Bay In addition, the campaign received supporf from colleague organizations, local and national politicao leaders, as well as pro bono servicesd from Morrison & Foerster, Deloitte and Ogilvyt Public Relations.
The balance of the funding was raisedr through the issuanceof tax-exempt revenue bonda backed by First National Bank of Centrao California, a unit of Pacific Capital The Bay Institute and The Bay Institute Aquarium Foundation will continuwe fundraising efforts to secure additional supporrt for expansion of their science, educationb and conservation programs, as well as new joint programs with other education and environmental organizations. "Raising the capital to acquire Aquarium of the Bay through traditionak fundraising during the most serious economic downturn inour country's recent history was an uphill battle," statedx Steven N.
Machtinger , President of the Board of The Bay InstitutedAquarium Foundation. "Thanks to the aquarium'e strong operating income, we were able to borroa the balanceof funding. Moving forward, our growth strategy calls for an ongoing campaignb to raise additional funding and grant in order to realize our vision of Aquarium of the Bay becomingt a world class interpretive center that will shap e the Bay for yearsto come." Aquariunm of the Bay is unique nature centere dedicated to inspiring conservation of the San Francisc o Bay and all marine environments.
It is the only aquarium featuring exhibitions focused specifically on the rich and diversed aquatic life and distinctive ecosystems of the Bay and itssurroundingt waters. The aquarium is accredited by the Associatio of Zoosand Aquariums, and certified as a Greenj Business by the city of San Francisco. The aquarium is fully ownexd by The Bay InstitutweAquarium Foundation, a 501(c)(3) nonprofit doing business as Aquariumk of the Bay. Additional information is availableat .
The San Francisclo Bay Area-based nonprofit, The Bay Institute, was founded in 1981 by pioneersz of a new advocac y approach which viewed the entire SanFranciscko Bay-Delta ecosystem as a single, interdependent The Bay Institute uses a combinationj of scientific research, public education and political advocacuy to work toward the protectionh and environmental restoration of the entirw watershed which drains into San Francisco Bay. The Bay Institute'se work encompasses the centers of politicall andeconomic power, from Sacramento to Los Angelea to Washington, D.C.
, where it works to place long-terkm environmental needs on equal footing with other priorities in the formation of the area's environmentap and economic policies. Available Topic Expert(s): For informatiohn on the listed expert(s), click appropriate