The Indianapolis Museum of Art will pay off more than $17 million in outstanding debt by the end of 2016. This will mark the first time since 2004 that the IMA will have a debt portfolio of less than $100 million. Currently, the IMA spends approximately $3.5 million each year on interest payments.
“Our significant interest payments hinder the organization, as they consume funds that otherwise could be used to fund IMA programs and staff,” said Dr. Charles L. Venable, the IMA’s Melvin & Bren Simon Director and CEO. “One of our main priorities at this time is to improve the guest experience and capital is needed to do that well. With limited resources we have recently expanded our guest services team to allow us to better welcome our guests and help them to navigate our campus; opened an 18-hole mini golf course that invites guests to interact with art in an exciting new way; unveiled the exhibition 19 Stars of Indiana Art: a Bicentennial Celebration; and showcased a record-number of blooming bulbs in the gardens. We need to be investing more in exceptional experiences with art and nature for our guests, and paying off our outstanding debt will over time make funds available to do this.” For more information on this report, see: www.imamuseum.org or contact Stephanie Perry at 317.923.1331 ext. 231 or email: sperry@imamuseum.org.
