The Detroit Institute of Arts said Monday that it has effectively reached its $100-million fundraising goal to satisfy a pledge to the city's "grand bargain" rescue pot, the Detroit Free Press reports. The museum hit the milestone 11 months after launching a campaign to contribute that amount over two decades to the largely foundation-financed fund, a key element of Detroit's bankruptcy reorganization plan.
The museum has some $90-million in commitments in hand, but board Chairman Gene Gargaro said accelerated payment schedules to which some donors have agreed, plus potential interest earnings on the money, boost the grand-bargain account's present value to $100-million over 20 years.
The institute negotiated a present-value discount in its agreement to aid the rescue fund, which was developed in part to protect the museum's collection from sale to satisfy Detroit's creditors. The museum received numerous multimillion-dollar pledges from corporations and philanthropies to meet the goal, including $10-million each from General Motors, Ford, Penske Corp., and the Andrew W. Mellon Foundation.