Community Update: The Saginaw Art Museum Poised to Enter a New Era

    icon Nov 01, 2012
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Following an exclusive investigation by The Review into questionable financial actions by the Executive Board at the Saginaw Art Museum that has resulted in a suspension of programming and threatened to close the doors at this valued community resource, which appeared in our September 11th edition, we are pleased to report that despite a recent annual meeting during which Board Members involved with the Museum's demise were re-elected, the S.A.M. is indeed live and well and not shutting its doors.

The Review has learned that local & regional foundations have created an endowment that will be administered by local banks, which will pay off all current debt at the museum and secure the future of the Saginaw Art Museum for future generations to enjoy.

To do this the Articles of Incorporation at the museum need to be changed and moved from a 'membership' based non-profit entity to a 'directorship' non-profit, which will still allow input from members but allow financial stabilization of the museum by eliminating the type of maneuvers that have jeopardized the entity in the past.

Sources close to the deal indicate that the purpose of this restructuring is to provide assurance to the largest donors that strict fiduciary responsibility is in place; and also to ensure the museum stays at its current location and that the $4.2 million art collection is not jeopardized.

The Saginaw Art Museum will remain in it's current location on Michigan with it's full art collection intact. The new board plans to keep members involved and informed at all times, as the museum will always be owned by the community and its members.

Look for more details in future editions of The Review along with a very exciting year to come at the Museum.

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