07.16.2010
GENEROUS LEADERSHIP GIFTS AND FISCAL PRUDENCE
Individuals, foundations, businesses, government contribute $20 million During the ten years that the Museum of Contemporary Art Cleveland (MOCA) has been planning for a permanent home, the Museum’s Board of Directors and senior leadership have taken a fiscally conservative approach to their deliberations, especially in projecting space needs and anticipated revenue.Now their vision is coming into sharp focus with the approval today by the Cleveland City Planning Commission of the design for MOCA’s new building in the Uptown district, a $150+ million development project in University Circle. To date, MOCA has raised $20.04 million of the $26.3 million building costs; the board is committed to approving groundbreaking only when 100% of these costs have been secured. MOCA’s comprehensive campaign goal is $32.3 million, which includes $6 million for endowment, in addition to the project costs. MOCA will finance construction costs through the New Markets Tax Credits (NMTC), a federal program intended to stimulate economic recovery and development in designated urban areas. As part of MOCA’s prudent planning, interest from the $6 million endowment will yield up to fifteen percent of MOCA’s annual budget to ensure a financial cushion for future operating costs. The institution hopes to realize $4.5 million of the endowment from an NMTC equity grant, which is based on a percentage of the total project cost. During the “quiet” phase of the campaign, MOCA’s closest circle of supporters has given generously, notes Director Jill Snyder, adding, “We are energized by the commitment of so many to this exciting project, and we are very optimistic that we can reach our goal of breaking ground in late fall.” MOCA’s building program has received a total of sixty-three donations to date. These have come from individuals, foundations, businesses, and government grants. Nine individual and foundation donors have made leadership gifts of $1 million or more, totaling over $14 million. MOCA’s Board of Directors has contributed slightly more than half of the $20 million raised to date. Major lead gifts have come from campaign co-chairs Stewart Kohl and Scott Mueller. Other key leadership gifts include those from board members Toby Devan Lewis, Char Fowler, and Agnes Gund. Becky Dunn, a former board member, also gave an important leadership gift. Significant support has also been provided by the George Gund Foundation, Kulas Foundation, the Cleveland Foundation, and the State of Ohio. As the public phase of the fundraising campaign begins, MOCA will reach out to its loyal membership and to foundations and the business community to raise the additional monies needed to ensure that this pivotal building becomes a reality in the near future. Board Chairman Mueller, CEO of Dealer Tire, says that MOCA is an integral part of the entrepreneurial culture of northeast Ohio: “The creativity that MOCA generates is important to future growth in our region.” Mr. Mueller has guided Dealer Tire’s development as an innovative distributor and retailer in the tire industry. With his brother, Dean, Mr. Mueller is the recipient of Harvard Business School’s George S. Dively Entrepreneurship Award and the 2007 Ernst & Young award for Entrepreneur of the Year. A philanthropist and art collector, Ms. Lewis credits MOCA with influencing her early interest in collecting contemporary art: “MOCA will continue to play a vital role in provoking new ways of observing, thinking, challenging, and reacting to our world.” For over twenty years, Ms. Lewis has amassed a collection of art works for the Progressive Corporation. She is a recipient of a 2007 Cleveland Arts Prize (Martha Joseph Prize for Distinguished Service to the Arts) and was honored by ArtTable in New York for her contributions to the arts. Ms. Gund says, "MOCA Cleveland's excellent exhibition and education programs, as well as its innovative architecture, will prove to be a main attraction at University Circle. It will add to the revitalization of the area and will confirm that it is the world-class institution many of us already know it is." A philanthropist and collector of modern and contemporary art, Ms. Gund is President Emerita of The Museum of Modern Art, New York (MoMA), and Chairman of MoMA’s International Council. She serves as Chairman of the Mayor’s Cultural Affairs Advisory Commission of New York City and is an honorary trustee of MOCA Cleveland and Independent Curators International. Mr. Kohl, Co-Chief Executive Officer of The Riverside Company, notes that the new facility will be an essential part of the city’s economic redevelopment: “This stunning, high performance building is the logical and necessary next step that will catalyze MOCA, University Circle, and Greater Cleveland. When the story of the twenty-first century re-imagination and revival of our city is written, this ambitious project will figure prominently.” Before joining the private equity firm of The Riverside Company in 1993, Kohl was a vice president of Citicorp Venture Capital, Ltd. In addition to the MOCA board, he serves on the boards of Oberlin College (his alma mater) and the Rock and Roll Hall of Fame & Museum. * * *For additional information, contact Pamela Barr at Barr Communications, 216-932-5060 or barrp@adelphia.net or Jeanne Collins & Associates, LLC, New York City, 646-486-7050; info@jcollinsassociates.com.
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