Thursday, February 02, 2012

Resignation of Important Cleveland Museum Board Member Creates Doubts at a Critical Time

A few years ago, I posted about the huge expansion of The Cleveland Museum of Art, which had caused the museum to tap into the interest from funds set aside for acquiring art.

Let's hope everything works out, but the loss of a major board member, who had already given $5 million to the institution raises new concerns. The Plain Dealer has a long in depth story detailing some of the history.

From The Cleveland Plain Dealer

"The loss of a generous donor - Horvitz and his family have contributed more than $5 million to the museum’s expansion and renovation - also raises questions about how the museum could have alienated someone with the potential to do more for it in the future.

The timing is troubling, too. While the museum has raised $230 million for the expansion and renovation, it still needs an additional $120 million to pay off its debt, a huge sum for any institution in Cleveland."

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