Financials

2015 Annual Report:

In 2015 Pittsburgh’s Old Strong Tavern Friend’s Trust, Inc. has continued work to identify possible partners in a purchase, and examine every possible funding opportunity. To date we have not found any group of parties interested in the properties as a group, nor were we able to locate a professional fund raiser that will partner with us.

In addition to trying to locate for private buyers, mostly driven by our President Paul Sentner, we have also been advocating in the public sector through talks with Charmian Kevin Aklin of the Pittsburgh’s Urban Redevelopment Authority (URA), our District2  City Council representative Theresa Kail-Smith, and the newly formed District 2 “South West Pittsburgh Community Development Corporation (SWPCDC)” headed by Richard Butler in coordination with Theresa Kail-Smith.

Our Directors have also continued to work to educate the community about the Tavern, most substantially though large efforts by our Secretary Norene Beatty who has spoken at a number of other group gatherings, and published a detailed history identifying 70 tavern visitors that were participants in the Whiskey Rebellion, 47 involved in the American Revolution, and 16 who served in the War of 1812. These efforts were augmented as all solicited letters of support, Francie Brentzel published a Press Release and POST Gazette Op Ed, Norene shared a number of press appearances with John McNulty, and we continued an active online presence with twitter and website maintained by Anup Aryal and Cris Mooney.

Without yet being able to put together a plan to secure ownership of the property, we continue to maintain good relations with the owner and solicit letters of support, all without pushing hard to raise substantial funds until we have a viable plan in the works.

Our comprehensive financials covering 01/01/2014 to 12/31/2015 remain extremely modest:

Revenue
– Donations: $3,085.00
– Dues: $370.00
Total Revenue: $3,455.00

Expenses
– Incorporation: $850.00 (application fee)
– Operations: $240.20 (checks, public meetings, minor paypal fees)
Total Expenses: $1,090.20

Current Account Balance: $2,364.80

As we enter 2016 we continue to advocate for the Tavern: educating the public about the Tavern history, looking for possible partners in a purchase, soliciting letters of recommendation, examining any possible funding opportunity, and trying to locate a professional fund raiser that will partner with us.

Note: our bylaws ARTICLE X “RECORDS AND REPORTS”, Section 4.B “ANNUAL REPORT” does not require an annual report be provided if revenue is under $5,000. However, this trim report is provided in good faith to confirm that our financial operational financials have been modest to date.

 


 

2014 Annual Report:

After formalizing the Pittsburgh Old Stone Tavern Friends Trust, Inc. with a code of ethics and bylaws, we elected a formal Board of Directors and Officers Apr 1, 2014. On May 13, 2014 we submitted our 501(c)(3) application to the Federal Internal Revenue Service, and on Sept 10, 2014 we were granted 501(c)(3) status retroactive to Dec 30, 2013.

The Pittsburgh Old Stone Tavern Friends Trust, Inc. opened a bank account in Feb 19, 2014 as our first financial transaction. Two of the three registered signatories, which are the current President, Secretary and Treasurer, are required to sign for any payment. Our one expense prior to that, our Pennsylvania Department of State Nonprofit Incorporation, which was granted Dec 2013, was paid directly by a meeting attendee of the informal group.

The rest of 2014 was spent gathering information about the property, communication with the property owner, investigating options, formalizing the organization and agreeing on direction. As a result, there was no significant financial activity.

Financial Statement For Period Covering 01/01/2014 to 12/31/2014

Revenue
– Donations: $2,465.00
– Dues: $110.00
Total Revenue: $2,575.00

Expenses
– Incorporation: $850.00 (application fee)
– Operations: $158.79 (checks, and public meeting cost)
Total Expenses: $1,008.79

Current Account Balance $1,566.21

In 2014 we also educated the public on tavern related history. We created an informational brochure, which is published on our website. Our brochure was also distributed at events, most notably at a half dozen pubic walks by Venture Outdoors, and well as through a few large community meetings like our special public meeting July 28th 2014 for which we also enlisted a local tavern historian to share its history.

By the end of 2014 we confirmed that the property owner will only sell the Old Stone Tavern as one of five properties, resulting in total purchase cost from 10-20 times the value of the Tavern itself. The owner uses all these properties, including the Tavern, to run an active business. Losing ownership of the Tavern space will require moving the entire business, and thus the wholesale requirement. As independent confirmation, we engaged the Pittsburgh History and Landmarks Foundation to meet with the owner independently and propose purchasing the Tavern separately. However, they were also unsuccessful in their attempt.

Two of the properties, an office building and a warehouse, have substantial value that is not part of the Pittsburgh Old Stone Tavern Friends Trust, Inc. mission. However, we will be required to engage these properties to have any hope of saving the Tavern.

As we enter 2015 our efforts are being spent to find possible partners in a purchase, and examine every possible funding opportunity. To date we have found one party interested in the warehouse and we are looking for others, as well as trying to locate a professional fund raiser that will partner with us. We are also soliciting letters of recommendation, and examining any possible opportunities for grants.

Note: our bylaws ARTICLE X RECORDS AND REPORTS Section 4.B ANNUAL REPORT does not require an annual report be provided if revenue is under $5,000. However, this trim report is provided in good faith anyway.