The Detroit Institute of Arts Announces a Plan to Raise $100 Million to Help the City

Save the pensions, and hopefully the art.

Image via Detroit Institute of Arts on Facebook

Recently, a group of national and local foundations pledged $370 million dollars to help Detroit and the Detroit Institute of Arts pay back some of the money that they owe. Instead of sitting back and accepting the money, the DIA has announced this week that it has a plan to raise $100 million dollars to help and to hopefully save the art in the process.

According to the New York Times, the DIA's plan involves reaching out to corporate leaders in the city and a "multiyear effort" that would drastically increase their fund-raising abilities. As a part of the deal, a nonprofit organization would assume ownership of the museum from the city of Detroit, which would "relieve the city of any future financial responsibility for the institute while also shielding the institute from future municipal threats."

The DIA made it clear in the statement that "none of the funds raised by the DIA will directly benefit the DIA." Instead, "funds will be directed to a third party, which will disburse the funds for pension payments." The new plan doesn't automatically save the art in the DIA's collection from hitting the auction block, but it is hopefully a step further away from that conclusion.

RELATED: The W.K. Kellogg Foundation Will Donate $40 Million to Detroit and the Detroit Institute of Arts  

[via New York Times]

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