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Unanimous leadership decision to create unrestricted endowment, the first-ever
in the institutions history, through the offer for sale of its historical buildings
on Fifth Avenue and East 89th Street in New York City

New York, March 17, 2016Today, the Board of Trustees and an Advisory Committee of
National Academicians of the National Academy Museum and School (NA) jointly announce
a unanimous initiative that paves the way for the historic arts organizations planned
future growth. As the first strategic component in this process, the Academy will capitalize
on the institutions current Fifth Avenue and East 89th Street addresses on New Yorks
Upper East Side, by offering these real estate assets for sale in order to establish a
permanent, unrestricted endowmentthe first in the organizations 190-year historyas
well as to generate revenue for a new facility to continue to protect the collection of 7,700
objects and continue the NAs organizational mission.

Walter Chatham, NA, and Board Co-Chair comments on the decision: After examining
significantly increased operating costs of the NA over the past decade, the Board of
Directors and a committee of National Academicians jointly recommend a fiscally
responsible plan to sustain our venerated American institution for future generations.
Based on analysis of our current financial responsibilities and benchmarking the NA in
comparison with similar arts institutions, we have come to the unanimous conclusion that
bold steps are required in order to assure the sustainability and future growth of the
organization. The sale of our buildings allows the National Academy to establishfor the
first time in our historyan unrestricted endowment ensuring the perpetuity of the
institution. We are confident that this endowment, together with finding a location more
suitable to our mission, is in the best interest of the National Academicians and the general
public. Importantly, too, the valuable permanent collection of 7,700 works that the National
Academy Museum holds in its permanent collection as a public trust will remain vital core
institutional assets, neither part of, nor impacted by, the sale.

Maura Reilly, Director, National Academy, adds: The Academy has occupied many homes
across Manhattan since our founding in 1825 in service of our mission, while growing and
protecting a significant collection of works by our historically important artist and
architect members. This represents a hugely transformative moment in the history of the
institution, as we build on the vision of the Academy founders, who saw the NA extending

beyond that of a private institution to that of a vital and impactful arts organization. Our
goals are not only to maintain and preserve, but ultimately to grow the Academy into a
more vibrant and sustainable institution in every way.

In preparation for these plans, the National Academy Museum will cease programming and
close on June 1, 2016, remaining so until such time that the sale of property is fully ratified
and realized, and a new home for the organization is determined. The NA School and
administrative offices will continue to function normally on a day-to-day basis during this
transition and for the foreseeable future.

National Academy Board of Governors and the Advisory Committee of National
Walter Chatham, NA, Board Co-Chair
Paul Gross, Board Co-Chair
Bruce Fowle, NA, President
Wendy Evans Joseph, NA, Vice President
Stephanie Benenson
Willard Boepple, NA
Paul Broches, NA
Veronica Bulgari
Nancy Friese, NA
Buzzy Geduld
Gayle Gross
Barbara Grossman, NA
Richard Haas, NA
Julie Heffernan, NA
Patricia Horing
Henry Justin
Richard Kalina, NA
David Kapp, NA
Betsy Lawrence
Anthony Panzera, NA
Diane Schottenstein
James Siena, NA
Laurinda Hope Spear, NA
Teresa Waterman
About the National Academy Museum and School
Founded in 1825, the National Academy is the only institution of its kind that integrates a museum,
art school and association of artists and architects dedicated to creating and preserving a living
history of American art and architecture. The Academy has been located at Fifth Avenue and East
89th Street since 1942.

National Academicians
Each year since 1825, a select group of the nations most celebrated professional artists and
architects are elected to become members of the Academy. Past and present Academicians range
from Andrew Wyeth and Frank Lloyd Wright to Cindy Sherman and Frank Gehry. Upon induction,
each Academician presents the Academy Museum with a selection from their body of work.

The Academy Museum and the National Academy Permanent Collection
The Academy Museum celebrates the visual journey of the arts in America. Marked by discovery,
experimentation and innovation, the Museums permanent collection offers profound insights into
the story of American art. Comprised entirely of artist-donated works that capture the variety and
vitality of American art since the early nineteenth century, the collection continues to grow each
year as the newest artists and architects elected to the NA generously donate from among their
work. The Museums permanent collection now includes over 7,700 works. Some highlights of the
collection may be viewed on Google Cultural Institute.

Academy School
The Academy School offers studio-based study in an intimate, creative environment that supports
the journey of each student. A faculty of over thirty members lead courses and specialized
workshops in painting, drawing, sculpture, new media, video and photography, printmaking, mixed
media, and art theory. Offerings range from Studio Intensive Art Program to youth workshops.

To learn more, please visit


Jeff Murcko

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