09242014Headline:

Nancy and Bob Magoon donate $2.5M to Aspen Art Museum

Nancy and Bob Magoon donate $2.5M to the Aspen Art Museum

Nancy and Bob Magoon donate $2.5M to the Aspen Art Museum

$2.5M endowment donated to Aspen Art Museum

by Dorothy Atkins

The Aspen Art Museum (AAM)’s CEO and director position, which is currently held by Heidi Zuckerman Jacobson, will be renamed in light of a recent $2.5 million endowment donation, museum officials announced on Thursday.

The position will be re-titled the “Nancy and Bob Magoon CEO and Director” in honor of the endowment’s donors. Nancy currently serves on the museum’s board of trustees, which she was president of from 2006 to 2009. The pair also donated $500,000 to the art museum’s $60 million campaign to raise money for a new building currently underway in the center of Aspen.

The $2.5 million will be invested so that all returns generated, which are estimated to be about $125,000 a year, will go to supporting the CEO’s salary in perpetuity, Zuckerman Jacobson said. It is the first endowed directorship position created in the institution’s 33-year history.

Endowments are a traditional way for donors to support an institution because they ensure that the positions will be funded in the future, Zuckerman Jacobson said.

“People who make endowment gifts have long-term vision about the sustainability of the institutions,” Zuckerman Jacobson said.

In addition to the directorship endowment, donors have funded an education program, a lecture series and Latin American exhibitions for the art museum.

Source: Aspen Daily News | Read the full article 

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