Enfilade

Peabody Essex Museum Announces $650Million Advancement Plan

Posted in museums by Editor on July 11, 2015

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Rendering of the planned expansion of the Peabody Essex Museum in Salem, Massachusetts from Essex Street.
Photo: ©Ennead Architects

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Press release (9 July 2015) from PEM:

The Peabody Essex Museum (PEM) is pleased to announce an updated expansion and facilities plan, an array of infrastructure improvements and new programmatic initiatives as elements of PEM’s landmark $650 million Advancement Campaign, one of the largest art museum campaigns in the country.

“PEM’s Advancement Campaign defines a new model for museum finance, fundraising and operations. The updated plan emphasizes long-term financial stability through substantially increased endowment. By right-sizing facility and infrastructure investments, PEM gains a rare degree of freedom to advance our mission through sustained innovation and focus on new and enhanced programmatic initiatives,” said Dan Monroe, the Rose-Marie and Eijk van Otterloo Director and CEO of PEM.

Sam Byrne and Sean Healey, Co-Chairs of PEM’s Board of Trustees added, “We balanced priorities for this Campaign by allocating $350M to endowment, $200M to facility expansion, and $100M to various infrastructure improvements. To maintain these priorities we have restructured expansion plans to meet our highest priority facility needs, avoid overinvestment in bricks and mortar, and maintain our commitment to long-term financial sustainability and programs.” (more…)