A brief ceremony and symbolic “bond burning” were held at The Dayton Art Institute today, Thursday, October 26, to announce the early payment of $11.7 million in bond debt held by the museum.
“This is an important step forward in our continuing efforts to ensure a sound financial future for The Dayton Art Institute, as the museum prepares to celebrate its centennial in 2019,” says Director and CEO Michael R. Roediger. “Since 2011, the museum staff, Board of Trustees, and Finance and Endowment Committees have been committed to reducing debt and being financially sound and responsible. In that time, The DAI has reduced its debt from $16.5 million to less than $600,000.”
A final payment of $11.7 million was applied to the 1996 museum renovation bond–originally totaling $14.4 million–which was paid off nine years ahead of schedule. This final payment was made possible thanks to the strategic financial leadership of The DAI’s staff, Board of Trustees, and Finance and Endowment Committees; gifts from benefactors Jim Dicke I and Jim Dicke II; unrestricted planned gifts; and a strong stock market. It is the second major prepayment on this bond in the past year, following a $1.2 million prepayment at the end of 2016. The bond originally helped fund museum renovations in the mid-1990s, which included the addition of the Entrance Rotunda and James F. Dicke Gallery of Contemporary Art.
In addition to paying off this debt, the museum has reduced the annual draw from its endowment to five percent or under for the last five years, and has created and implemented a centennial master plan for building enhancements, capital improvements, and gallery reinterpretation.
“For any organization, moments like this are a cause for celebration and a reaffirmation of new and exciting times ahead,” said Jim Dicke II, Emeritus Chair of The DAI’s Board of Trustees. “The support of Dayton, the Miami Valley and southern Ohio continues to make The DAI a special gem in the state. This is a landmark day.”
The Dayton Art Institute will celebrate its centennial as an organization in 2019. The museum’s historic building, listed on the National Register of Historic Places, was completed and opened in 1930. Today, the museum’s permanent collection contains more than 26,000 objects, spanning 5,000 years of art history. The museum galleries display about 1,000 works from the permanent collection at any time. In addition to exhibiting its permanent collection and outstanding special exhibitions, the museum is renowned for education programming that includes an array of offerings for diverse audiences.
For more information about The Dayton Art Institute, please visitwww.daytonartinstitute.org or call 937-223-4ART (4278). Connect with The Dayton Art Institute on Facebook, Twitter, Instagram and Pinterest for additional information, behind-the-scenes photos and exclusive offers.