M i l e s t o n e s
Kresge Foundation Awards $500,000 to Albany Institute of History & Art
The Kresge Foundation has awarded the Albany Institute of History & Art a challenge grant of $500,000 towards the museum's $12.5 million expansion project. This brings the total to date in the Albany Institute's Heritage Campaign to $10.5 million. The Institute must raise $2 million by June 1, 1999 in order to meet the Kresge challenge.
"This is an extraordinary national affirmation of our plans and our commitment to the history and culture of the Capital Region," said Alan P. Goldberg, chairman of the Albany Institute board of trustees. "We are grateful for the confidence that The Kresge Foundation has shown in the Albany Institute by their award."
Grants from The Kresge Foundation are made towards projects involving construction or renovation of facilities and the purchase of major capital equipment or real estate. Grant recipients have raised initial funds toward their respective projects before requesting Foundation assistance. Grants are then made on a challenge basis, requiring the raising of the remaining funds, thereby insuring completion of the projects
The Kresge Challenge is contingent on the Albany Institute achieving its fund raising goal of $12.5 million by June 1, 1999. "The Kresge Foundation likes to spur campaigns to completion. It doesn"t just give money away," observed George R. Hearst III, chairman of the Heritage Campaign. "It challenges the community, the institution, each board member and every citizen to make a positive commitment to the quality of life where they live. This grant will be a tremendous stimulus to the successful conclusion of the Heritage Campaign."
The Kresge Foundation is an independent, private foundation created by the personal gifts of Sebastian S. Kresge. It is not affiliated with any corporation or organization. At the time of the June 1998 grant annnouncements, the Kresge Foundation had awarded 111 grants in 1998 for a total of $58,080,000.
lohn E. Marshall III, President and CEO of The Kresge Foundation, indicated "In this cycle of grantmaking, our Trustees were pleased to support a range of organiations reflecting almost the entire breadth of the nonprofit sector. This diverse group is responding to the new challenges presented by their communities or sustaining activities that have demonstrated their effectiveness."
The Albany Institute's expansion project includes the restoration of the museum's two historic buildings, construction of additional facilities including a three-story glass atrium connecting the two buildings, and an addition of $1 million to the museum's endowment.
This page was originally published in Resource Library Magazine. Please see Resource Library's Overview section for more information. rev. 11/28/11
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