Ford Foundation Helps Keep American Folk Art Museum Open
Friday, September 23, 2011
The lights are staying on at the American Folk Art Museum.
The museum, which has been struggling financially, was saved by donations from its trustees and a major gift from the Ford Foundation. The cash will allow the organization to keep operating at its Two Lincoln Square home and to keep its collection intact.
In May, the museum announced the sale of one of its buildings to the Museum of Modern Art to pay a $32 million construction loan.
The American Folk Art Museum announced new leaders this week as well. The museum's new president is Edward V. Blanchard, a real estate developer and arts collector. The former president, Laura Parsons, is now the chairwoman of the museum.
With Julia Furlan and Dan Tucker