The Barnes Foundation announced today that it has surpassed the $200 million fund-raising target for construction of its new facility on the Benjamin Franklin Parkway in Philadelphia.
The foundation, which has struggled financially in its longtime location in Merion, also reported that it has seen rapid growth in museum membership - from 400 members two years ago to over 10,000 now.
"Surpassing our initial fund-raising mark and attracting thousands of members clearly demonstrate enthusiasm for the Barnes Foundation's compelling vision of access and openness," said Bernard C. Watson, chairman of the foundation's board of trustees, in a statement.
The announcement means that about $40 million in new donations have been booked over the last year or so. Officials provided no details about the sources of the funds, although they said all donors were private. No additional public funds have been received. The state of Pennsylvania has provided about $47 million toward construction.
Of the $200 million now raised by the foundation, $150 million will go toward construction of the Philadelphia building and associated costs, and $50 million will go to the foundation's endowment.
"The Barnes has long been handicapped by the lack of an adequate endowment, and this initial endowment is a critical step forward." said Derek Gillman, Barnes executive director and president.
Gilman said the funding would "allow us to continue our core educational programs while making the collection so much more accessible to an expanded audience of visitors and students."
