How does the endowment fund work
The establishing of Garage Endowment Fund is an important stage in the Museum’s transition from private art institution to public museum. It provides financial security for the future and strengthens the ambitious, long-term plans which Garage has for the development of culture in Russia.
The history of endowments stretches back more than 2,000 years. The first institution to operate in this way was Plato’s Academy, which existed for more than nine centuries. Today, numerous not-for-profit organizations worldwide operate using investment income from endowments, from major universities to top museums. The Metropolitan Museum of Art’s endowment is worth around three billion dollars. In Russia, the law «On the Establishment and Use of Endowments by Not-for-Profit Organizations» was passed in 2006. The opportunities offered by this law have already been taken up by over 100 institutions across the country.
The building up of the endowment fund is a priority for Garage. In this way we can remain a leader and continue to inspire change in the field of culture, make important and memorable exhibitions, support artists and researchers, and offer new educational programs.
I believe that by combining forces we can lay the foundation of the future Garage today.