Last May, the Missoula Art Museum received a $225,000 challenge grant from the Kresge Foundation. The goal: Raise an additional $500,000 from the community by the first day of 2007 or lose the grant - every last dime of it.
It was a tall order, even given the MAM's success to that point in raising funds toward its $5.25 million expansion and endowment campaign. As of the week before Christmas, the museum was still approximately $50,000 shy of the challenge goal.
According to the terms of the Kresge challenge, pledges and donations had to be dated no later than Jan. 1, and delivered in person or postmarked by Jan. 2 to count toward the goal.
Then came news of former President Gerald R. Ford's death, and the declaration of Jan. 2 as a national day of mourning - which meant, among other things, that post offices were closed that day.
The final tally - and assurance of the Kresge grant money - would have to wait until the third day of the new year.
But in the end, Missoula came through. Donations and pledges totaling more than $100,000 arrived over the course of the final two weeks of the year.
The donations and pledges came in all sizes, from $10 bills to an anonymous $50,000 pledge faxed to the MAM on New Year's Eve.
That more than covered the terms of the challenge grant and pegged the overall total raised in the MAM's campaign at $5.315 million.
“I'm thrilled at the success of the Kresge challenge,” Millin said. “We have met our goals, closing the campaign while dramatically expanding our donor base and doubling our membership.”
The success of the Kresge challenge means the Missoula Art Museum has now raised enough money in pledges and donations to completely pay off loans and financing costs associated with its already-completed renovation and addition, which added 2,676 square feet of gallery space and vastly improved the technical infrastructure and presentation capabilities of the museum on North Pattee Street. The MAM has also exceeded its goal of $500,000 toward an endowment, which will provide operating funds for the museum.
Millin said she's not exactly sure when the MAM will be able to pay off more than
$1 million in construction loans from First Security Bank.
“Closing out the financing is a process that will take some time,” Millin explained. “We have some outstanding grants and promises from donors, so as we get that (money) we will dispatch the loans as fast as we can. ... This stuff is business as usual for a construction project of this type and magnitude.”
Millin said she's confident that the vast majority of pledges will be paid to the MAM by the end of this month - just in time for the museum's next big fundraiser: the Benefit Art Auction, which will take place on Feb. 17. The auction, now in its 35th year, raises operating funds for the museum.
After that?
“It's on to operating a new museum that's twice as big and perhaps twice as expensive to operate,” Millin said . “But we go there with glee. The new Missoula Art Museum proves that miracles do happen.”
Reporter Joe Nickell can be reached at 523-5358 or at jnickell@missoulian.com
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