GOOD NEWS

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The American Folk Art Museum, which vacated its building next to MoMA last year and moved to a smaller storefront near Lincoln Center due to financial difficulties, is “reasonably secure” after selling the building on West 53rd Street and receiving contributions of about $3.5 million.
The news comes from Bloomberg Businessweek, which spoke to Monty Blanchard, the museum’s volunteer president:
“We’re committed to operating on a break-even basis for the indefinite future,” he told them.
The museum sold its building to MoMA for $31.2 million. They occupy their current space rent-free. The museum’s acting director, Linda Dunne, told Bloomberg, “The plus side of selling our building is that we are debt-free.”
Yesterday was the museum’s 50th anniversary.

SOURCE http://www.galleristny.com/2012/01/some-good-news-for-the-folk-art-museum-theyre-debt-free/

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