The Canadian Canoe Museum announces a one-year business plan with a target for reopening on May 1, 2004. The plan, developed with the consultants Kroll Restructuring Ltd., calls for a reduced operation with the Museum open to the public from May to October. The Museum Store, which is operated by volunteers, would remain open weekends from October through December.

The Museum closed in October 2003 due to lack of operating funds. Since then it has undertaken a major reorganization and financial restructuring in order to achieve sustainability.

On January 21 the Board of Directors adopted a new general By-law that establishes a broadly based membership with the right to vote on the composition of the Board of Directors and other matters of significance to the Museum. Coincident with the reformed governance structure, the Museum has launched a membership drive that will be a major pillar of sustainability.

The one-year business plan identifies several sources of revenue needed for reopening. In addition to memberships, admissions, store sales, rental income and support from all three levels of government, there is an immediate target of $200,000 to be raised through several fundraising initiatives.

Educational programming for schools and the public would resume only on a full cost recovery basis, and is expected initially to be on a reduced scale.

The number of staff called for in the plan is much reduced from that at the time the Museum closed last October. Conservation and maintenance of the collection is a high priority in the reduced operating model.

The business plan calls for a settlement with its pre-closing creditors. Since October, the Museum has reduced its secured bank debt by $150,000, largely with the help of a major donor. A satisfactory settlement with its pre-closing unsecured creditors will have to be reached.

The business plan anticipates a significant role for volunteers in supporting operations, as in the past.

In 2004, with the assistance of Kroll Restructuring Ltd., a further three- to five-year business plan will be developed. Long term sustainability anticipates the establishment of an operating endowment fund.

The Canadian Canoe Museum in , is a not-for-profit organization whose mission is to preserve and share the culture and history of the canoe. It houses the world's largest collection of canoes, kayaks and related watercraft.