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Project Plan
Finland Center Foundation (FCF) is the meeting point of Finnish and American culture, commerce and community. FCF supports the activities of Finnish-American organizations in the greater New York area, and Finnish values globally, in the present and for generations to come.
Need
Approximately 3000 first and second generation Finns live in the greater New York area; another 20.000 or so in the tristate area (New York, New Jersey and Connecticut) have Finnish roots. Many more are "friends of Finland" for different reasons: having traveled there, lived there as exchange students or having a business relationship with Finland; simply loving Finnish sauna or Sibelius; etc.etc.
When the Finns started emigrating to America, they formed associations and churches. In the New York area, most of these have now disappeared; a few remain, and some have even been formed in the last few years, so that at least 1000 people actively attend or follow Finnish activities in the area. Being scattered in different, temporary locations hampers the efforts of these organizations to preserve old and introduce new Finnish culture, and even restricts the contacts otherwise formed through informal networking. The Finland Center Foundation was founded to meet the need to gather everyone under the same roof, both figuratively/virtually speaking (initially) and physically (eventually).
Project Description
Finland Center Foundation has adopted a short-term as well as a long-term strategy.
The SHORT TERM strategy involves:
- creating a membership organization and
- centralizing as many Finnish events as possible to the newfound space at the Salmagundi Club at 47 Fifth Avenue. This venerable old artist club offered us rental space for our office, as well as the possibility to have programs in their space whenever a convenient time could be found. The club is naturally particularly interested in programs with an art theme, and its beautiful rooms and cozy restaurant space offer a good location to have musical events as well. The physical proximity of the club to the Finnish Lutheran Congregation and Finnish School in Greenwich Village, currently renting from a local Lutheran congregation, helps us coordinate our efforts.
The LONG TERM strategy involves raising funds for our own endowment, to be part of the capital required for financing a space exclusively ours.
One of the basic elements of the project strategy is flexibility. In March 2007, we signed a letter of intent with the Finnish company Sunborn International, which is looking to expand its hotel yacht concept to the United States, and is actively investigating the possibility of doing so in New York initially. Once this plan is realized, Finland Center will be part of the plan. Another option, also of interest to the company, is establishing the Finland Center in a separate location with an assisted living facility as the anchoring business.
Once the plans are realized, we will have the opportunity to include other culturally related business income to support our ongoing operations. These would include, but not be limited to: a Finnish sauna with attached health club and pool; a "muskari"-type nursery school; a café and/or restaurant with ethnic cuisine; and performance, exhibition and conference facilities.
Financing and Fundraising
The total budget for the Finland Center is in the tens of millions of dollars, depending on which functions are included. By far the largest factor in the growth of the budget has been the evolving needs of the business sector. The Foundation’s non-business community sector requirements have remained steady at 25% of the total budget. Financing for the business sector will be obtained entirely from interested businesses and investors. The non-business sector financing will consist of support from businesses, investors, other organizations, founding members, loans and private donors. An endowment fund has been created to build up this source of capital.
A long-term development and project plan will be created for all of the building’s participants, including a profitability statement in conjunction with our cooperative partners. The Center’s operational expenses will be defrayed by related business operations, membership fees, rental income, cultural activities and contributions from interested individuals, corporations, foundations and other entities. The use of the sauna and business services will require membership. Finland Center Foundation has been recognized in the United States as tax exempt under section 501 © (3) of the Internal Revenue Code. As a result, contributions received in the US are tax deductible. And, as a result, businesses will also benefit from participation with this non-profit organization.
Organization
The Finland Center Foundation (FCF) was established in the beginning of 2002 to implement planning, fundraising and the realization of the Center. The operational work of the Foundation is guided by the Board of Directors, whose members represent various Finnish interests in New York. At the moment, the Chairperson of the Board and President of the Foundation is Jaana Rehnström, MD. In addition, FCF has an Advisory Board consisting of individuals who have offered their help in various ways and/or represent the different New York Finnish organizations which will use the building. The Board has created a Business Plan, which guides the implementation of the project and the end result, the Center.
Schedule
In 2002 we established the project organization, created the most important basic plans, and organized several fundraising events. In 2003, we refined our plans and completed a Feasibility Study, which the Government of Finland funded. At the same time, we conducted active public relations work and extensive fundraising. In 2004, we obtained recognition of tax-exempt status under section 501 © (3) of the Internal Revenue Code, and continued our discussions with various potential participants. In early 2006, FCF received a grant in the amount of 100,000 euro from Suomen Kulttuurisäätiö, which allowed FCF to make great strides, including the creation of a more detailed Business Plan. In 2007, a LOI was signed with a major Finnish Hotel and Spa operator, which has since unraveled. We are encouraging other interested Finnish or American business partners to contact us if they would like to be included as a partner in the final concept. Our membership organization offers a way for individuals (individual membership) and businesses (corporate membership) to network and also influence the final product.