Classical American Homes Preservation Trust and The Richard Hampton Jenrette Foundation : annual report 2014

2015·3 MB·English

by  Classical American Homes Preservation Trust

Classical American Homes
Preservation Trust
and The Richard Hampton Jenrette Foundation
Annual Report 2014

To Friends, Donors and Preservationists
From Dick Jenrette
Classical American Homes Preservation Trust had by far its best
year ever in 2014. Annual revenue more than doubled to $6,666,554
up from $3,183,698 in the prior year. Expenses were moderately well
controlled — up about 8% to $2,496,646 vs. $2,311,149 in 2013. As a
result, reported net income soared to $4,169,908, nearly a five-fold
increase from $872,549 in 2013.
As many of our readers know, I like to “adjust” these reported
earnings to include changes in unrealizedsecurities gains, add back non-
cash depreciation charges, and subtract non-cash gifts — mostly antiques
and real estate. It’s not that we don’t appreciate receiving these non-cash
gifts — we certainly do — but our focus is also on building an investment
portfolio that will sustain CAHPT’s preservation activities over a long
period of years. If we make these adjustments, here’s what our adjusted
earnings look like:
2014 2013
Reported Net Income $4,169,908 $ 872,549
Add back:
Deprecation Charges (non-cash) 339,999 328,881
Increase in Unrealized Appreciation of Securities 578,365 891,409
Subtract:
Non-cash Gifts (1,159,427) (578,000)
Adjusted Net Income $3,928,845 $1,511,839
On the cover: Wash Drawing of Edgewater by Van Day Truex (1904-1979), 1977.
Van Day Truex did this sketch of Edgewater in 1971, following a weekend visit to
Edgewater. Truex had been President of Parsons School of Design and later became
design director of Tiffany’s. He was one of the most influential tastemakers of interior
design of his era, beginning in the 1920’s.
Left:A tranquil late summer view of Edgewater on the Hudson.Photo:Gavin Ashworth.
These adjusted earnings, still impressive, could be considered akin to a Against this background, the Board has promoted Margize Howell,
cash flow statement for CAHPT. who has worked closely with me for 30 years, starting as Donaldson,
Lufkin and Jenrette’s curator, to be Co-President. To join her as Co-
As a result, CAHPT’s portfolio of cash and marketable securities
President, we have been fortunate to recruit Peter Kenny, who is retiring
rose to a record high of $16,052,431 in 2014, up from $12,319,214 in the
from the American Wing of The Metropolitan Museum after a 30-year
prior year. We have no debt. Our portfolio return of approximately
career as a Senior Curator and Administrator. Peter is renowned as one
10% in 2014 was less than the prior year but still a respectable return
of the foremost experts on American furniture, especially of the 18th and
for a portfolio that is very conservatively invested. Cash and short-term
19th centuries (we have a lot of that in our six properties!). His two
bonds (yielding almost nothing in today’s low interest rate environment)
books on Duncan Phyfe and Charles-Honoré Lannuier furniture are the
accounted for approximately a third of total assets. This is our hedge against
definitive sources on these subjects. Peter and Margize have been good
the real possibility of rising interest rates or some worse investment scenario.
friends and leaders in the museum/preservation field for more than
20 years and look forward to working together.
Non-Recurring Gains
Elsewhere throughout the organization, we have been blessed with
But what accounted for such a huge jump (doubling) of revenue in
almost no turnover. Classical American Homes Preservation Trust
2014? Unfortunately there’s an old Wall Street expression that
seems to be a nice place to work. We have a veteran group of site
explains why: “Non-recurring gains.” The biggest gains came from gifts
managers led by Jack Smith, recently elected Executive Vice President –
of cash and securities to CAHPT, which nearly tripled to $4,800,790 vs.
Operations. Jack is now in his 40th year of working with me. There is a
$1,678,027 in the prior year. This more than $3 million increase is largely
high energy level throughout the organization. We also have an
explained by two events. As reported last year, Bill Thompson, my long-
extremely capable and experienced Board of Directors. Since our
time partner, and Director and Co-founder of CAHPT, sadly passed
founding 21 years ago, there has been virtually no turnover. Dr. Joseph
away in late 2013. In his estate, Bill left a substantial bequest to CAHPT.
M. (Buddy) Jenrette, my nephew in Charleston, S.C., is Vice-Chairman
In addition, I elected to terminate the Richard H. Jenrette Foundation in
and I continue as Chairman.
2014, with most of the proceeds also going to CAHPT. These two events
combined added nearly $3 million to CAHPT’s contributions in 2014.
Broadening our Focus
Not all gifts last year were “non-recurring.” Especially encouraging
When most of us think about Classical American Homes’ six sites,
to me was the steady growth in contributions to CAHPT by the rest of
we tend to think and talk about the classical architecture of the
you – good friends and the growing ranks of other preservationists, most
houses. Yet that is only part of their charm. Somewhere along the way,
of whom have visited one or more of our six houses. Contributions of
Bill Thompson and I began to concentrate our collecting on American
cash and securities from these sources in 2014 increased to $1,303,949,
classical furniture — mostly early 19th century made in New York,
up from $1,128,027. That’s a healthy 16% gain.
much of it attributed to Duncan Phyfe. Most remarkably, much of the
original furniture that was in these houses soon began to return — not
Building our Management Team
so much by our research as by good luck. As a result, three of our sites
While building our investment portfolio is essential to CAHPT’s — Edgewater, Millford Plantation and Ayr Mount — now have
future, even more important is building a management team extraordinary collections of the original furnishings, most of it also by
with the experience and vision to guide CAHPT into the future. In this Duncan Phyfe. The addition of Peter Kenny, the foremost authority on
respect, we also made great progress in 2014. With Bill Thompson’s Phyfe, to our management team is particularly fortuitous as we seek to
passing (he was an ex-officio curator and constantly vigilant of the needs broaden CAHPT’s focus on the classical interiors and décor of these
of the six houses) and my upcoming 86th birthday in April, it’s essential houses. Peter will also be helpful in expanding our educational programs
to keep building our managerial expertise. and publications.
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Great architecture, combined with the original classical furniture,
certainly should be enough to make an interesting house museum.
But, as any good realtor will tell you, in real estate it’s all about
“location, location, location.” All of our houses happily are located on
spectacularly beautiful sites, although Millford Plantation is in a remote
location — part of its charm. Americans today also seem to have more
interest in landscapes and gardening than house interiors. At Edgewater,
for example, visitors spend more time on the grounds, surrounded by
the Hudson River on three sides, with splendid views across the river to
the Catskill Mountains. Just as we don’t seem to feature our houses’
exceptional collections of period furnishings, we also have not done
enough to celebrate their extraordinary landscapes.
How We Differ
Harry du Pont was a pioneer in installing period rooms to display
his magnificent collection of American furniture at Winterthur.
This inspired many museums and private collectors to install period
rooms to display their collections more appropriately. While someone
once warned me, “Dick, you are no Harry du Pont,” we have an edge on
Mr. du Pont in one respect — classical furnishings that are displayed in
the houses in which they were originally used, rather than removing
period rooms and antiques to one centralized location, like Winterthur.
I applaud all these preservation alternatives, starting with Winterthur,
as well as the American Wing at The Met, and The White House itself,
with some of America’s best period rooms. I have to admit, however,
that Thomas Jefferson’s Monticello, with its classical architecture,
original furnishings, and beautiful mountain location, still tops us all!
Sincerely,
Richard H. Jenrette
Founder and Chairman
Dick Jenrette seated in the small conservatory at Edgewater designed by A. J. Davis
in 1852. Photo: Gavin Ashworth.
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Poised to Celebrate 200 Years of Preservation and Hopefully 200 More
From Margize Howell
Iam pleased to report that 2014 was a overall visitation was down slightly, due
banner year for Classical American mainly to the fact that we hosted only one
Homes Preservation Trust. It was a year event there this year as opposed to two
of significant growth in many ways, with last year. Millford continues to be open to
increases in visitation, donations and digital the public on the first Saturday of each
traffic. Underlying these numbers is a shift month and to group tours year-round by
and increase in traction and momentum, appointment. Ayr Mount is open to the
as we see a rise in interest, participation public Wednesdays through Sundays from
and enthusiasm from our visitors. In March to December, and the adjoining
planning interesting and diverse programs, scenic trails, Poet’s Walk and Historic
building alliances with other like-minded Occoneechee Speedway Trail (HOST)
organizations, and getting to know our are open year-round.
visitors, we have attracted a wider and more
Group tour patronage at Dick
diverse audience. We, in turn, are energized
Jenrette’s four private residences –Cane
by all of you. This type of energy will help
Garden, Roper House, Baker House and
us not only celebrate the first 200 years of
Edgewater –was consistent with that in
Ayr Mount in 2015, but will also keep the
2013. However, overall attendance at the
momentum going to preserve these houses
George F. Baker House in New York City
for the next 200 years.
increased 22% from last year, which was
due in large part to several special events
Visitation
hosted there throughout the year. All fees
In 2014 the visitation and revenues from and revenues from tours and events at
CAHPT’s and Dick Jenrette’s houses these residences are given directly to
were both up by almost 10%, reflecting Classical American Homes.
individual attendance, group tours and
Above: Portrait of John Philips Montgomery(1792-1842)
programs. At Ayr Mount, there were Of the CAHPT-owned properties,
by Jacob Eicholtz, circa 1823. This charming and life-size
increases in both visitation and revenues portrait of Master Montgomery painted by Eicholtz, later this year’s leader in visitation is Ayr Mount,
with house tours and Poet’s Walk patronage in his career, was painted at Eglinton, a long demolished with the most group tours and individual
up by 12% and 10% respectively, and overall house near Edgewater, with the Hudson River and the attendance than any other property. Roper
Catskill Mountains in the distance.
revenues up nearly 35%. Similarly, Millford House remained the leader in visitation of
had a significant increase in its revenues, Opposite: The Red Room with some of the original Dick Jenrette’s private residences. Pro-bono
almost doubling last year’s total due mostly Donaldson furniture by Duncan Phyfe, a portrait of tours continued there in the Spring and
to the tremendous success of the third Music Susan Gaston Donaldson, and a plaster bust of her father, Fall with large groups visiting from the
Judge William Gaston of North Carolina. Photo: John M. Hall.
at Millfordconcert. Millford’s group tour Historic Charleston Foundation and the
numbers remained steady from 2013, while Preservation Society of Charleston.
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Groups that visit our houses range from arts and preservation- Above: Grecian couch or Recamiermade by Duncan Phyfe for Robert Donaldson
oriented institutions and garden clubs, to educational, historical and about 1827, the year he purchased 15 State Street in lower Manhattan.
Photo: Bruce Schwarz, courtesy of The Metropolitan Museum of Art.
other local groups. (See page 24 for a complete listing). The main visitor
demographic continues to be the baby boomer, who has more time Opposite: The Octagon Library designed by A. J. Davis in 1852. Donaldson was one
of the renowned architect’s earliest and most admired patrons. Photo: John M. Hall.
and resources to travel as they near and enter retirement. However,
we are also working to attract the next generation of preservationists
through special programs at several of the properties.
energetic and moving program of Debussy, Beethoven, Brahms and
more, accompanied by pianist Jim Wilhelmsen. Performing in Millford’s
New Audiences and New Programs
elegant and classical double parlors, DeMaine described the acoustics at
Ayr Mount introduced new programs in the Spring and Fall, reaching Millford as “excellent.” Classical architecture and classical music are
both new and established audiences. In April, Ayr Mount hosted an certainly a winning combination!
“Appraisal Fair at Ayr,” modeled as its own version of the Antiques Road
In January, the George F. Baker Houses in New York City was the
Show.Local experts from Leland Little Auctions, Whitehall Antiques and
unofficial starting place of Americana Week, just two days before the
The Persian Carpet unlocked information about guests’ heirlooms and
opening of the Winter Antiques Show. Guests from MESDA, Colonial
treasures such as portraits, silver and textiles. There were lectures on the
Williamsburg, and Winterthur joined us for a lively cocktail reception for
subject of antiques (namely, how to identify them), as well as other topics.
the second year in a row. Despite a big blizzard, we had a wonderful turn
In the spring, Ayr Mount held an exhibition of American Coverlets
out, which was not a surprise considering our good luck with attendance
featuring over 80 coverlets dating back to the late 18th century.
despite bad weather year after year! Later that week, the Decorative Arts
The majority of the collections were on loan from Craufurd Goodwin.
Trust held a well-attended reception for Penny Hunt, recognizing her
He and his wife, Nancy, own Montrose, Ayr Mount’s neighbor boasting a
dedication as the organization’s Executive Director for the past 30 years.
nationally recognized garden. In September, Ayr Mount also hosted two
In the spring we welcomed to the Baker House over 200 friends and donors
local preservation events attracting nearly 350 people from the Friends of
for our annual Spring Patrons Party, with a 20% increase in participation
the Mountain-to-Sea Trail and Preservation North Carolina.
from last year. This was a terrific occasion to see friends and donors again
In September, Millford hosted its third Music at Millfordto a sold-out and to thank them for their support. The Garden Conservancy, whose core
audience of over 150 guests, a 40% increase from last year. Robert mission is to save and share outstanding American gardens, held a reception
DeMaine, Principal Cello of the Los Angeles Philharmonic, played an for its Committee Members who were meeting in New York City in
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December. This was followed by the American Friends of the Georgian Acquisitions
Group, which held its annual General Meeting at the Baker Houses with a
This year’s acquisitions consisted of art-related objects and real estate.
fascinating lecture on Georgian follies by architect Madison Cox.
An elegant mirrored plateau in the Empire taste, made of silvered brass
or bronze, and a Regency hurricane lamp, circa 1820, were generously given
Development
by Sue and Stuart Feld. Another gift was an extraordinary Louis-Philippe
As Dick Jenrette noted, this year was marked with two large and generous ormolu and verde anticomarble mantel clock, with the spring mechanism
bequests from the William L. Thompson Estate and The Richard signed and dated 1836, given by Molly and Henry Fair. In addition, Dick
Hampton Jenrette Foundation. Looking at this year’s contributions without Jenrette gave a significant gift of 235 objects to the Trust, which represents
these non-recurring gifts, we still have positive numbers to report –a 16% the remaining portion of his collection in the mansion at Millford. An
increase in donation revenue and a 19% increase in the number of donations anonymous donor also gifted almost seven acres of property near Ayr Mount,
given. Over 600 individual contributions of cash, securities, art and antiques, which will protect its immediate surroundings from future development.
and real estate were given last year. We also received over $200,000 in
contributions from more than 200 first-time donors in 2014, including
Accolades
15 new donors giving $1000 and above. Donors to the Friends of Millford
and Friends of Ayr Mount groups have also increased. Additional gifts and At the start of this year, the Eric Martin Wunsch Award for Excellence
support totaling almost $50,000 were made in memory of William L. in the American Arts was presented to Dick Jenrette and Classical
Thompson, who passed away in late 2013. Contributions were also made American Homes Preservation Trust, along with American furniture
in memory of J.M. and Helen Jenrette, Dick Jenrette’s older brother and collector, Linda Kaufman. Peter Wunsch created the award in memory
sister-in-law, who both passed away in the Spring of 2014. of his father to recognize those with a “steadfast focus on preserving
America’s heritage and making it accessible to so many people to enjoy
Communications and learn from.” We were the second recipient of this award with Patricia
E. Kane, the Friends of American Arts Curator of American Decorative
Our digital footprint consists of our CAHPT website, E-Newsletters
Arts of Yale University Art Gallery, receiving the inaugural one in 2013.
and other electronic updates, as well as a growing social media
profile. Our website reflects significant increases in traffic and sustained In April, Dick Jenrette received the inaugural Founder’s Award
interest, with new visitors up 76%, returning visitors up 24%, and total from the Charleston Library Society for his dedication to the field of
page-views up as well. In terms of CAHPT’s social media presence, preservation. Anne Cleveland, Executive Director of the Charleston
overall traffic has increased for Facebook, Pinterest, Twitter and Library Society, remarked how Mr. Jenrette’s preservation activities in
Instagram, which was initiated in 2014. The clear growth in online Charleston, such as the rebuilding of the Mills House Hotel, have
traffic is only one indication of new interest being generated. garnered national attention and resulted in high-profile exposure of
Charleston’s preservation and arts communities.
Media coverage this year included UNC-TV’s series “Collecting
Carolina” showcasing Ayr Mount. Waltermagazine published an article titled, In the Fall, The Albert Simons Medal of Excellence from the Historic
“RICHARD JENRETTEAlways traveling…home,” by P. Gaye Tapp. Milieu Preservation and Community Planning Program of the College of
magazine highlighted Dick Jenrette’s legacy and the work of CAHPT. In the Charleston School of the Arts was also given to Dick Jenrette for his work
Spring, Richard Behre, a weekly columnist on architecture and preservation in historic preservation, and to Thomas Gordon Smith, Professor of
for Charleston’s The Post & Courier, wrote an article on “Richard Jenrette Architecture at the University of Notre Dame for his outstanding work in
leaving a rich legacy of old houses and new museums.” Martha Stewart also design and education. Prior recipients of The Albert Simons Medal include:
wrote about and photographed extensively her visit to Cane Garden for her His Royal Highness Prince Charles - The Prince of Wales, Mayor
blog, themarthablog.com.Did we mention that she also came to theDecember’s Joseph P. Riley, John D. Milner, Andres Duany, Elizabeth Plater-Zyberk,
Garden Conservancy reception at the Baker House in New York City? and Allan Greenberg.
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