TMA IS Not Just a Gallery - It is Infrastructure

A Toledo Money Breakdown

When the American Numismatic Society (ANS), one of the worlds premier scholarly institutions dedicated to currency, medals, and the history of commerce, chooses to relocate its headquarters and priceless collection from New York City to Toledo, Ohio, that is not random.

That is a signal.

A signal that Toledo is no longer just a cheap labor logistics town pumping out Jeeps and solar panels. It is becoming something more: A city where institutions of national stature see a future, and are putting real assets behind that belief.

And the center of that gravity

The Toledo Museum of Art.

The Powerhouse We Sometimes Forget

TMA is not a cute regional museum with a gift shop and glass demonstrations. It is a three-hundred and fifty million-dollar enterprise managing pooled investments and charitable trusts totaling $352,633,413 (yes, read that number again).

Its annual operating budget is more than $24.1M in revenue, with investment income fueling more than half of operations.

Its expenses are $24M, with more than two thirds going directly into art, education, and community programming

This is a museum that invests more than most nonprofits in the region, yet remains free and open to the public.

Leadership With Corporate Muscle

This is not a garden club board.

TMA leadership includes:

• Brian Chambers, Chairman and Chief Executive Officer, Owens Corning

• Pat Bowe, Chief Executive Officer, The Andersons

• Shankh Mitra, Chief Executive Officer, Welltower

• Mike Hylant, Executive Chairman, Hylant

• Joe Napoli, Chief Executive Officer, Toledo Mud Hens and Toledo Walleye

• Randy Oostra, Managing Partner, Blueprint N1

• Leaders representing University of Toledo, Toledo Public Schools, Huntington Bank, YWCA, Toledo Port Authority, Balance Pan Asian Grille, and major regional philanthropists

In Silicon Valley they would call this a strategic ecosystem.

Here, we just call it Tuesday.

Audience and Reach Equal Cultural Economy

Inside the walls:

• 107,550 gallery visitors

• More than 50,000 educational and outreach engagements

Online:

• 5.9 million social video views, an increase of 251 percent

• 19.9 million total impressions, an increase of 104.9 percent

• Nearly 200,000 social followers
  

TMA is reaching more humans than many professional sports franchises, and at a fraction of the cost.

Enter The American Numismatic Society

ANS moves from the financial capital of the world to the Glass City.

Why…

Because TMA is building world class research, preservation, and digital innovation capacity right here.

ANS brings:

• $10.3M in annual revenue

• ~$5M in operating expenses

• ~$2M in payroll

• ~$59M in total assets

• A collection of more than 800k historically significant objects (including digital currency 👀)

That means jobs, highly educated residents, research fellowships, logistics support, tourism drivers, and millions in cultural asset transfer.

And they are not moving into a strip mall, they are embedding within one of the strongest independent art museums in the country.

Why This Matters

When a major institution places a bet on a city, others notice.

This partnership:

• Signals Toledo as a national hub for arts scholarship

• Deepens the region’s research and cultural tourism economy

• Drives new foot traffic, hotel nights, visitor spending, and national media attention

• Establishes TMA as a magnet for institutional relocations rather than a consolation prize destination

• Strengthens Toledo’s fight to gain talent instead of losing it

Other cities trade museums like superstar free agents

Toledo just signed a Hall of Famer

The Toledo Money Take

This is not about coins.

It is about confidence.

Confidence that Toledo’s future economy will never be defined only by truckloads and manufacturing lines, but by ideas, creativity, and community infrastructure that attract talent and capital.

The arrival of ANS in Toledo, and specifically into the orbit of TMA, is one of the most strategically meaningful cultural wins in our region in decades.

Now imagine if this is only the first phone call TMA answers.

Quarterly Earnings | WellTower Outpaces Tech Giants YTD

Toledo’s king of the silver-economy real-estate move is outpacing Big Tech and rewriting the playbook.

WellTower (NYSE: $WELL ( ▲ 0.35% )), headquartered in Toledo, just posted a third-quarter showing that most REITs can only dream about. And if you think REITs are boring, you haven’t looked at this one.

The Headlines

• Same-store NOI grew 14.5% YoY, and seniors housing operations soared 20.3% YoY.

• Normalized FFO per share reached $1.34, up 20.7% YoY.

• And the stock? Up approximately 59.5% YTD (including dividend reinvestment); far outpacing many big-tech names.

Big Picture: Why This Matters

When a company headquartered in Toledo delivers that kind of performance and the share price runs ahead of giants in tech, it means three things:

1. Demographics are the new technology. The aging-population trend is real, and WellTower isn’t waiting on it; it’s building the scaffolding.

2. Operational excellence meets actionable strategy. Strong same-store performance + targeted capital allocation = the formula for outperformance.

3. Toledo is playing at the global table. When your REIT is outperforming meta/amazon/nvidia-type trajectories (even if not identical in business model), your region gets spotlighted.

For Local Executives & Investors

• It’s not just about a rising stock for your retirement portfolio. It’s about corporate identity: a major public company headquartered here, leading its segment.

• For talent and real-estate markets in northwest Ohio: when a local company is this capital-rich and this visible, it creates magnetism.

• For portfolio benchmarking: If your Iowa manufacturing firm or family-owned services business isn’t outpacing your local cost of capital this well, you might not be building the durable enterprise you think.

The Takeaway

Welltower’s latest quarter isn’t just good — it’s exceptional for a REIT. And when you pair that with a nearly 60% YTD stock run, you’re looking at a company that’s not only capitalizing on trends… it’s defining them.

For Toledo, that means we’re no longer just the low-cost location or hidden gem. We’re home to a publicly traded powerhouse with global reach and local roots.

💼 The Advisor’s Desk

Welcome to The Advisor’s Desk, where the professionals of Northwest Ohio pull up a chair and share their best kept secrets; the kind that save you money, protect your business, and make you sound like the smartest person in the room. Each week, we tap into local expertise, from tax advisors and attorneys to commercial real estate pros and insurance veterans, to bring you practical tips that matter.

Do not worry, The Money Confessional will be back soon to spill the beans. For now, consider this your weekly dose of free consulting without the billable hours.

Thinking about selling your business? Start sooner than you think…

This week’s expert: A seasoned M&A advisor who’s seen more deals made, delayed, and downright derailed.

Here’s a secret that surprises most founders:

The sale of your company doesn’t happen during negotiations; it happens years before anyone signs an NDA.

Buyers don’t purchase your hustle. They purchase transferable value. And that value needs to be de-risked, documented, and ready to operate even if you suddenly disappear to Hilton Head.

If you want top dollar when buyers come knocking, here’s where to focus:

1. Normalize Your Financials
Clean books win confidence. Eliminate personal expenses, one-time anomalies, and “creative accounting.” Buyers want to trust the EBITDA, not decode it.

2. Systematize Your Success
If your business operates only because you operate… you don’t own a company, you own a job. Document processes, diversify customers, and make revenue repeatable.

3. Lock Down Key Talent
Retention agreements, strong culture, and clear roles reduce buyer risk. A business that loses its top employees in a sale isn’t a business, it’s a gamble.

4. Strengthen Your Moat
What keeps competitors from stealing your lunch? Intellectual property, contracts, exclusive suppliers, data, brand loyalty, build barriers that last.

5. Plan Your Exit Tax Strategy Early
Waiting until after a LOI is like deciding to diet after Thanksgiving dinner. Structure matters; whether you sell assets, equity, or merge into a larger organization.

Local Angle

Northwest Ohio isn’t just producing businesses… it’s producing buyable ones.

Manufacturers are implementing automation to boost margins, logistics companies are diversifying client pipelines, healthcare service groups are consolidating, and even family-owned shops are turning into attractive acquisition targets. Investment firms and strategic buyers are watching — quietly.

Because the next big Toledo success story might not be a startup.
It might be the business that’s been profitable here for 30 years…
and finally ready to cash in.