At the Annual Meeting of The Washington Sq. Association on June 18, 2003, we reported to our members on the status of our efforts to raise $5 million from private sources for the revitalization of Washington Sq. Park. The Parks Department has estimated the total project will cost $10 million.
A tax-exempt organization called The Fund for Washington Sq. Park was formed, to which the Friends of Washington Sq. Park made a $10,000 contribution. In addition, a small group from the board of The Washington Sq. Association was formed to work on the project. It was determined that it would be necessary to raise a substantial sum at the outset to employ a professional fundraiser because The Washington Sq. Association does not have a staff and its board is composed solely of volunteers. New York University has pledged to provide office space and equipment for the fundraiser.
Accordingly, a Village institution and private foundation were approached for a substantial initial grant. A formal request for a grant was developed and submitted to the foundation. Many meetings were held with both. To our disappointment, neither of the potential funding sources was willing to be the first to make a substantial donation.
We have reluctantly concluded that The Washington Sq. Association should not be the leading Village organization to exclusively pursue the fundraising effort because it lacks the resources that are required to get the project underway.
Our board remains committed to the project and will cooperate in every possible way with the organization selected to lead the effort. Because the project is so important to the community, and should be pursued as soon as possible, we believe it is in the best interests of all if another organization is now given the leadership role.
Anne-Marie W. Sumner
President
