About Garage Endowment Fund

About the fund

The endowment fund accumulates donations from individuals and businesses to support the Museum’s activities in years (and even generations) to come.

Donations to the Endowment Fund are not used to support existing activities but to generate investment income that is used for the Museum’s development or may be reinvested.

In 2018, on its 10th anniversary, Garage entered the final stage of its sustainable development program (understood as a systemic, balanced approach to development) and launched an endowment fund. Today Garage Endowment Fund is the third largest museum endowment in Russia.

How does the endowment fund work

Unlike the funds in the Museum’s bank accounts, endowment fund money is not spent on current activities. It is used exclusively to generate investment income, which then finances Garage projects or is reinvested.
Donors
Individuals and legal entities
Garage
Uses the investment income for long-term support of the Museum’s programs
Donation
Financing
Endowment Fund
Accepts and accumulates donations without spending them
Transfers funds to the management company in order to receive income
Agrees the use of investment income
Asset management
Investment income
Management Company
Invests funds in the securities market
Receives investment income and directs it to the endowment fund

Target capitals

1All programs

Endowment Fund 1 was created to support the Museum’s statutory activities: the income generated by the fund will be spent on various programs, as decided by the Advisory Committee. Proceeds will be distributed between exhibition and public programs, Garage Library, Garage Archive Collection, Garage Studios and Art Residencies at VDNKh, Garage Screen, and Mosaic Music. It may also be spent on publishing activities, grants to young artists, and the development of regional programs.

2Academic Programs

Endowment Fund 2 was created to support Garage academic programs.

Income from the fund will be used to support two major programs at Garage. The first program provides grants and paid internships for students on the Museum’s master’s program Curatorial Practices in Contemporary Art at the Joint Department with the Higher School of Economics (Moscow), and also funds the development of a specialized library collection. The second program provides support for The Garage Journal: Studies in Art, Museums & Culture, which will present the experience of the Museum’s researchers and of specialists from across the world.