Monday, August 31, 2009

CMA Asks to Dip into Endowment for Construction

The Plain Dealer has reported that The Cleveland Museum of Art wants to fill a gap in funding for its $350 million expansion and renovation by dipping into one of the deepest pockets in town -- its own.

On Tuesday, the museum petitioned Cuyahoga County Probate Court for permission to tap up to $75 million in income over 10 years from two funds in its endowment and two outside trusts normally restricted to the purchase of art.

The money could help the museum finish construction by 2013 and help with financing that could stretch beyond the completion date.

The Plain Dealer goes on to explain:

The museum's request means getting the court to grant approval to "deviate" temporarily from the wills of wealthy donors who stipulated that their endowment bequests and trusts could be used only to buy art. (my italics).

You can read the complete story on