Miami Art Museum’s ongoing capital campaign received a big boost on May 17 as Miami’s business, civic and cultural leaders gathered to honor the private sector’s collective impact on South Florida’s cultural landscape during the Museum’s Fourth Annual Corporate Luncheon.
In accepting MAM’s Corporate Honors Award, Bank of America (BoA), one of the world’s largest financial institutions and a mainstay of support in South Florida’s cultural community, announced a $1 million donation to the museum’s $120 million capital campaign.
The gift, to be made through the Bank of America Charitable Foundation, will fund a five-year programming endowment for new artwork, as well as the naming of a focus gallery in MAM’s new Herzog & de Meuron-designed building in Miami’s Museum Park, which currently is under construction and slated to open in 2013.
With Bank of America’s support, MAM has now raised approximately $52 million in cash and private pledges through its capital campaign. With the $31 million fundraising threshold required for constructing its new building exceeded, and $100 million in bond funds approved by Miami Dade County voters, all additional moneys raised towards the total $220 million budget will ultimately support the museum’s operating endowment and programs.
“Bank of America’s generous support for Miami Art Museum continues the bank’s long track record of enacting positive change in South Florida’s arts community,” said Aaron Podhurst, chair of Miami Art Museum’s board of trustees. “The bank’s gift is a shining example of how our corporate partners are directly impacting the museum – and our community – for the better.
“Private sector support will take on added significance leading up to the debut of Miami Art Museum’s new home in Museum Park, and we encourage other members of Miami’s corporate sector to follow Bank of America’s lead,” he added.
This year’s event was the museum’s largest corporate luncheon to date, with more than 300 guests in attendance. All told, MAM raised more than $100,000, exceeding the luncheon’s fundraising goal. Proceeds from the luncheon will support “The Record: Contemporary Art and Vinyl,” an exhibition which MAM will present in 2012 with the support of the John S. and James L. Knight Foundation’s Knight Arts Challenge initiative.
“Miami is at an exciting time in its evolution as a world-class city with a vibrant, arts and culture community,” said Gene Schaefer, market president for Miami-Dade and Monroe counties for Bank of America. “We are proud of our role in this transformation by supporting the new Miami Art Museum among other key arts nonprofits, and by so doing, bolstering the financial, cultural and social health of our community.”