New strategic plan for Cleveland Museum of Art sets big goals: $1 billion in art, $1.25 billion endowment

Sunday, 05 November 2017, 09:17:59 PM. The Cleveland Museum of Art's new strategic plan, released today, sets goals for the next decade including acquisition of $1 billion worth of art, and growing its endowment to $1.25 billion.
CLEVELAND, Ohio - An ambitious new strategic plan released today by the Cleveland Museum of Art, sets big goals for the next decade as a way of living up to the potential of a recently completed $320 million expansion and renovation. Museum Director William Griswold, whose contract was recently extended through 2024, announced last summer that the museum wants to increase attendance to 1 million a year from the current average of 630,000. The new plan (embedded at the bottom of this post) shows that the museum also plans to grow its endowment from $750 million to $1.25 billion, and to acquire $1 billion worth of art through purchase, bequest and gift. Big agenda Other goals include laying groundwork for a new art history institute on the former Cleveland Institute of Art property on East Boulevard, in collaboration with Case Western Reserve University, and to become more of a global presence. A new capital campaign - whose amount and timing are not part of the plan released today - will help fund those and other new initiatives. The museum also wants to double revenue from membership and annual giving to $15 million a year. The plan offers a snapshot of a museum striving toward levels of achievement and perfection that will always remain elusive because improvement will always possible. "An organization like ours will never reach its full potential," Griswold said. "But it's incumbent upon us to be very ambitious." Traditional policies - such as free general admission - will...Read more
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