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* Background is here if you need it. From the Lincoln Presidential Foundation’s chair, Sergio “Satch” Pecori, in its latest financial report…
Over the past two-plus decades, the Foundation has accomplished a great deal thanks to your steadfast support. Our first major effort, in 2005, was to help establish the Abraham Lincoln Presidential Library and Museum (ALPLM) in Springfield, IL. To date, we have raised more than $42 million in support of museum programs, projects, and the Foundation’s one-of-a-kind Taper Collection of Lincolniana. […]
The Foundation’s future simply could not be brighter.
The Foundation reported to the federal government last year that it had $9.25 million in liabilities, including $8.33 million in debt. It had cash and investment assets of $8.57 million, with total reported assets of $33.97 million.
So, the Foundation appeared to have had enough liquidity to pay off its notorious Taper Collection debt last year, including the infamous hat with the shaky provenance.
* But if the Foundation had paid off that debt on or before October 31st, then the collection would have reverted to Illinois’ ownership and remained at the Abraham Lincoln Presidential Library and Museum in Springfield, according to ALPLM executive director Christina Shutt. Instead, the Foundation chose to yank the entire collection from the ALPLM. From an email sent yesterday by Shutt…
Greetings ALPLM staff:
I want to give you an update on a few things, particularly the status of the Taper Collection of Lincoln materials.
As you may know, the collection was purchased 15 years ago by the Abraham Lincoln Presidential Library Foundation (earlier this year, the group renamed themselves Lincoln Presidential Foundation). This private foundation borrowed millions of dollars to buy the collection and said it would be given to the state of Illinois once that debt was paid off. Throughout those 15 years, the ALPLM and the foundation had a loan agreement that called for the presidential library to house and protect the collection, allowing our institution to display, research and showcase artifacts in the museum.
It has long been expected and anticipated that the Taper Collection would ultimately become the property of the people of Illinois, but the loan agreement expires today and the foundation has chosen to remove the collection from the ALPLM. It is unknown where the foundation will store these artifacts or whether the items will be publicly accessible in the future. Though it has been asked, the foundation not provided this information.
What is known is that, in government-mandated documents required of not-for-profits, the foundation has revealed that it has the money to pay off the remaining debt on the collection. Doing so prior to today would ensure that the collection would become the property of the people of Illinois. Regrettably, even after raising tens of millions of dollars more than the loan of 15 years ago, and even with the repeated promise to maintain a permanent home for the collection at the ALPLM, the foundation has ultimately chosen not to meet the longstanding commitment.
For years, the foundation asked donors to underwrite specific items in the collection and promised them that, because of their generosity, those items would be housed at the ALPLM “in perpetuity.” Those items, along with the rest of the collection, left our facilities as well today.
It’s hard to argue that the ALPLM is any less than the best place for the Taper Collection to be housed, protected, and shared with the public. But its absence will not interfere with the ALPLM’s mission and shouldn’t be seen as darkening a promising future.
Emphasis added.
* Dave McKinney at WBEZ…
Taken away were items such as Mary Todd Lincoln’s blood-stained fan she was carrying the night her husband was assassinated at Ford’s Theater, a cuff button he was wearing when he was shot, Lincoln’s walking sticks, some of his early writings and an ink bottle from his Springfield law office.
Also included was a beaver-skin stovepipe hat, once appraised at more than $6 million, that the museum and foundation once adamantly believed had set atop Lincoln’s head but that later was discredited because of unresolvable questions surrounding its authenticity.
These were all part of a collection of Lincoln artifacts once owned by wealthy West Coast historian and collector Louise Taper. A member of the Lincoln foundation board, she sold the items to the foundation for $23 million in 2007.
Municipal bonds were issued by the city of Springfield to help finance part of the deal, and private donations were secured with the understanding that once the foundation’s borrowing was repaid, the collection would become property of the museum. […]
A foundation spokesman said the not-for-profit still has a debt exceeding $8 million associated with acquiring the Taper collection, and a 15-year agreement that allowed for the artifacts to be on display at the museum expired on Monday.
“In accordance with that…loan agreement expiring, we arranged with the cooperation of the state for return of that collection to our control,” said Nick Kalm, the foundation board’s first vice chairman.
Kalm would not say what happens next for the one-time museum pieces.
What a horrible thing to do.
posted by Rich Miller
Wednesday, Nov 2, 22 @ 11:08 am
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Not that anyone remembers, but Peter Fitzgerald was right.
Comment by Leigh John-Ella Wednesday, Nov 2, 22 @ 11:14 am
Nick Kalm is the worst person in Illinois today, although it’s still early.
Comment by 47th Ward Wednesday, Nov 2, 22 @ 11:19 am
-we arranged with the cooperation of the state-
More details on this cooperation please, Mr. Kalm.
Also, it would seem that a review by the Attorney General’s Charitable Trust Bureau would be appropriate if an Illinois not for profit is not being managed properly and/or is not meeting its chartered purpose.
Comment by Ron Burgundy Wednesday, Nov 2, 22 @ 11:26 am
Grifters gonna grift.
To many of us folks up Chicago way, the whole Lincoln industry in Springfield has always seemed like a hustle, and this latest news supports that conclusion. No sense of public interest at all.
Comment by Friendly Bob Adams Wednesday, Nov 2, 22 @ 11:30 am
Mr. Lincoln would not approve.
Comment by Flapdoodle Wednesday, Nov 2, 22 @ 11:30 am
The Foundation was set up to support the museum. They got into a fight with the former Museum president who was subsequently fired. Time to make nice and move on. That doesn’t seem to be in the cards here. This whole thing makes no sense. Time to grow up and support the cause.
Comment by New Day Wednesday, Nov 2, 22 @ 11:33 am
Maybe Tom DeVore, noted legal mind, can come to the rescue. /s
Comment by Highland IL Wednesday, Nov 2, 22 @ 11:34 am
-A foundation spokesman said the not-for-profit still has a debt exceeding $8 million associated with acquiring the Taper collection,-
Because of conflicts of interest, self dealing, and failing to obtain independent valuations/provenance review of the collection before they bought it. Seems like their problem, not the State’s. I think the State has made that abundantly clear.
Comment by Ron Burgundy Wednesday, Nov 2, 22 @ 11:43 am
==But its absence will not interfere with the ALPLM’s mission and shouldn’t be seen as darkening a promising future.==
Yes, it does darken a promising future. Christina Shutt is not off to a good start. How on earth was this allowed to happen? Why is this coming to light the day *after* the agreement expired? .
Comment by Responsa Wednesday, Nov 2, 22 @ 11:45 am
Just disgusting. Why they are not all in jail for the original inside deal — Taper selling her crap to the group on whose board she served — is itself a sin.
This shows how hard it is to rid an ecosystem of corruption once it is set in. This whole museum was the handiwork of our former governor and still current felon George Ryan and our former speaker and still current federal indictee Mike Madigan. Decades later, and even with significant efforts by many to purge the evil from this otherwise wonderful museum, crap like this still occurs and is tolerated.
As was noted, Peter Fitzgerald, socially awkward freak that he is, was right.
Comment by DougChicago Wednesday, Nov 2, 22 @ 11:47 am
Reputation Partners… how ironic.
https://reputationpartners.com/team/nick-kalm/
Comment by Anon221 Wednesday, Nov 2, 22 @ 11:50 am
In my opinion, this whole deal has stunk since day one.
Comment by G'Kar Wednesday, Nov 2, 22 @ 11:57 am
Has the city of Springfield or any donors ask for their contributions to be returned?
Comment by Blackhawk Wednesday, Nov 2, 22 @ 12:03 pm
“Taper selling her crap to the group on whose board she served — is itself a sin.”
The original sin, as it were.
Comment by New Day Wednesday, Nov 2, 22 @ 12:11 pm
So, is it known which bank the foundation originally borrowed from to purchase the collection? According to the internet, Satch Pecori has been on the board of the Illinois National Bank since 1998. No idea if this is a potentially important connection or not.
Comment by Crispy Wednesday, Nov 2, 22 @ 12:12 pm
Im confused. We have made three contributions to the Foundation and the most recent was a plea for contributions to complete the purchase of the collection for the people of Illinois.
Does this mean I request a refund or sue for fraud?
Comment by Lurker Wednesday, Nov 2, 22 @ 12:13 pm
Wondering if the defrauded donors could file a class action with any reasonable chance of winning.
Comment by Give Us Barabbas Wednesday, Nov 2, 22 @ 12:20 pm
“socially awkward freak that he is”
Really? Such an unnecessarily dumb comment.
Comment by Lurker Wednesday, Nov 2, 22 @ 12:32 pm
Did they ever find out if the hat was real or not?
Comment by low level Wednesday, Nov 2, 22 @ 12:41 pm
Definitely would be a good idea to look at this for possible defrauding of donors/taxpayers if the foundation sought donations promising it was for the people of Illinois but went back on that.
Comment by hisgirlfriday Wednesday, Nov 2, 22 @ 12:50 pm
I can’t count the number of solicitations I have received to help pay off this albatross. The money was going to a small office on Clocktower Dr. in Springfield. I still think many people think the Foundation is part of the Library, which it is NOT. Something rotten has been festering for a long time and now it really stinks.
Comment by Joe Schmoe Wednesday, Nov 2, 22 @ 1:09 pm
The ALPLM is not blameless. Museums deal with exactly this issue every day. It is not unique to this situation. The sale should have been set up as a fractional interest or time division sale. But when political appointees set aside staff advice so they get all the glory, they should also get all .
Comment by Sangamon Girl Wednesday, Nov 2, 22 @ 1:14 pm
“fractional interest or time division sale”
Sounds…weaselly.
Comment by Dotnonymous Wednesday, Nov 2, 22 @ 1:18 pm
If the Foundation’s Chair, Satch Pecori, is going to support this grifting by the Foundation, maybe the State/IDOT should stop doing business with his company, Hanson Engineers?
Comment by Are Ya Kidding Me? Wednesday, Nov 2, 22 @ 1:21 pm
I don’t understand how the foundation has kept its 501(c)(3) status. A board member’s profiting from a board action should have brought the IRS down on them. With this latest action, why should anyone donate to them again?
Comment by Don't Bloc Me In Wednesday, Nov 2, 22 @ 1:28 pm
I really don’t understand why they let it get this bad. It’s almost like there are no adults here to convince both sides to move past their grievances and do what’s in the best interests of the people. Maybe Mr. Kalm should trying adopting the homonym of his last name.
Comment by New Day Wednesday, Nov 2, 22 @ 1:54 pm
Honest Abe would be so embarrased. Springfield should be angry about this. Lincoln is our ONE example of something that brings people here. Sacth just doing good ole boy work like he does in this town.
Comment by BluegrassBoy Wednesday, Nov 2, 22 @ 1:56 pm
Something fishy going on at the Foundation.
Good thing the “Reputation Partners” are on it, no? /s
Comment by low level Wednesday, Nov 2, 22 @ 2:43 pm
How much money has Sergio “Satch” Pecori made off of the high speed rail project in Springfield? State government has been quite good to Satch. So has the federal government. He’s a taker.
Comment by Predecessorage Wednesday, Nov 2, 22 @ 2:45 pm
This outfit needs to be investigated. How do you raise funds—millions—for a stated purpose and not use the funds for the stated purpose?
Comment by Hopper Wednesday, Nov 2, 22 @ 2:55 pm
==Did they ever find out if the hat was real or not?==
No they did not. There is no proof, so therefore will never be proved it belonged to Lincoln.
Interesting read to kill an hour or so is Wheeler’s entire report… when he was told to stop his research.
Comment by Vote Quimby Wednesday, Nov 2, 22 @ 3:15 pm
Something seems super shady here. They aren’t very good stewards it seems.
Comment by Demoralized Wednesday, Nov 2, 22 @ 4:10 pm
All the bs involved not withstanding, the management of the Lib has been a disgrace from day one !
IL - it’s WAY past time to get this fixed for future generations. Do It Now !
Comment by sal-says Wednesday, Nov 2, 22 @ 5:26 pm
The ALPLM is actually a Lincoln institution? I thought it was the Bill Cellini Library and Museum.
Comment by Stuck in Celliniland Wednesday, Nov 2, 22 @ 6:06 pm
== If the Foundation’s Chair, Satch Pecori, … stop doing business with his company, Hanson Engineers?
Unfortunately State procurement rules do not take a holistic view that this would require.
Comment by I.T Guy Wednesday, Nov 2, 22 @ 7:09 pm
Does this mean that the Museum now gets the membership fees $$, instead of the Foundation?
Comment by A Thursday, Nov 3, 22 @ 8:23 am