$2 Million pledged to Benefit Knoxville Museum of Art
December 16, 2007KNOXVILLE, Tenn. ? The Knoxville Museum of Art Foundation has received new pledges totaling $2 million to support the KMA endowment.
The first commitment comes in the form of a challenge grant from the Clayton Family Foundation, which will match all gifts to the KMA endowment at 50 percent up to a total of $1 million.
In response to this challenge, Ann & Steve Bailey have pledged $1 million. This leaves an additional $1 million to be raised to qualify for the remaining $500,000 available for matching from the Clayton Foundation.
According to KMA Executive Director David Butler, "Building the endowment has been identified in the new strategic plan as one of the KMA's most urgent priorities. The commitment from the Clayton Family Foundation has jump-started our endeavors, and the pledge from Ann & Steve Bailey adds tremendous momentum to this effort. It is vital for the future of the KMA and the cultural health of our region that we grow our endowment. These generous gifts position us to exceed our goal of reaching $3.5 million in endowment assets by 2012."
The Knoxville Museum of Art Foundation, a separately chartered not-for-profit, oversees the KMA's endowment. Interest earned from endowment assets helps to support the museum's operations. Distributions by the foundation to the KMA budget are limited to 4.5 percent of the value of the endowment corpus; earnings above the 4.5 percent threshold are reinvested.