Selby Gardens Declared Debt-Free For First Time Since 1975

Arts & Culture

Last week, the Board of Trustees at Marie Selby Botanical Gardens approved the final payment on the organization’s long-term debt. In 2008, Selby Gardens carried long-term debt and a line of credit totaling more than $2 million. Today, Selby Gardens has zero long-term debt and a zero balance on its line of credit.

Selby Gardens President and CEO Jennifer Rominiecki attributes the financial turnaround to two primary operational changes: the implementation of The Living Museum operational model and the creation of revenue-sharing partnerships for ancillary services. Over the past four years, these changes have resulted in a 70 percent increase in earned revenues. Implementing The Living Museum model in 2015 has resulted in a 55 percent increase in admissions and membership has increased by 67 percent. Revenue-sharing partnerships with an exclusive food service provider and retail partners has contributed to a 172 percent increase from rental and catering commissions and a 57 percent increase in retail for the organization.

As a result of revenue, Selby Gardens has been able to hire two additional botanists and expand educational programming. Further, new outreach programs for underserved youth in the Sarasota community are in the works.

Marie Selby Botanical Gardens

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