GARAGE MUSEUM OF CONTEMPORARY ART LAUNCHES ENDOWMENT FUND

The Garage Museum of Contemporary Art in Moscow has set up an endowment fund to ensure its long-term financial sustainability and is seeking donations. Endowment funds are a means by which nonprofit organizations can accumulate capital. With the help of a management company, the money donated to the fund will be invested, and its earnings will be used to fund its exhibitions, grant programs, and other initiatives. Museum director Anton Belov called the move a priority for the institution.

“The establishing of Garage Endowment Fund is an important stage in the museum’s transition from private art institution to public museum,” Belov said. “It provides financial security for the future and strengthens the ambitious, longterm plans which Garage has for the development of culture in Russia.”

Founded in 2008 by Dasha Zhukova and Roman Abramovich, the Garage Museum was initially housed in the Bakhmetevsky Bus Garage in Moscow, designed by the Constructivist architect Konstantin Melnikov. In 2012, it relocated to a temporary pavilion in Gorky Park that was commissioned from architect Shigeru Ban, and in 2015, the institution welcomed visitors to its first permanent home, which was designed by Rem Koolhaas and his OMA studio.