Capital & Endowment Campaigns
The FIA's Capital Campaign is a drive organized to raise $12.6
million to finance the renovation of the building. The cost of the
renovation includes the architect fee, general contractor and sub-contractor
fees, insurance, permits, materials and other related expenses.
In contrast the endowment Fund drive has been ongoing since the
inception of the Flint Institute of Arts and the interest from invested
Endowment funds produce income for daily operations and expenses.
Currently, the FIA is raising funds for both campaigns, Endowment
and Capital, simultaneously. Both are important. Capital dollars
will increase the FIA's capacity to serve
a broader audience and new Endowment dollars will pay to operate
the expanded facility.
Part of the FIA's expansion is the result of Mott Community College's
Art Department relocating to its own campus providing the FIA with
an additional 15,000 square feet. Operating expenses for what was
formerly their space will soon become the responsibility of the
FIA. These expenses coupled with the increased service and maintenance
costs for the rest of the building will result in an increase of
the annual operating budget of approximately $280,000.
This is where the FIA’s Endowment comes in. While the Capital
Campaign will pay for the renovation of the building, it is the
Endowment Fund that will keep the building open -- and thriving!
The completion of the renovation will end the Capital Campaign but
the Endowment exists forever to provide income for collections, exhibitions,
the museum art school, scholarships, lectures and general operating
costs. The revenue generated by the Endowment produces nearly a third
of the annual budget and enables the FIA to plan and spend within
predictable limits.
Over the years many donors have been predisposed to support FIA
programs through Endowment gifts. Endowment funds can be given in
many ways and donors may give to the fund at any time. Many donors
find it appealing to establish an Endowment fund bearing the name
of the donor or loved one and designate how the money will be spent.
The Capital Campaign is nearing completion but donations are still
needed to meet this important goal. However, the immediate need for
Capital dollars should not deter donors from contributing to Endowment.
Both are vital to the FIA's future. |