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 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 such as rentals, catering, and retail. Over the past four years, these changes have resulted in a 70 percent increase in earned revenues such as admissions, membership, rentals, and retail.