MOSCOW.- Since it was founded in 2008, Garage has developed from an exhibition space to a valued artistic institution with a serious international reputation. The Museum places great importance on audience development, as a result of which its activities across Russia and in neighboring countries have the ability to influence the local cultural environment. Garage has developed a long-term development program, which comprises a systematic, balanced approach to its work. As part of this program it has launched Garage Endowment Fund.

Anton Belov, Director of Garage: “The establishing of Garage Endowment Fund is an important stage in the Museum’s transition from private art institution to public museum. It provides financial security for the future and strengthens the ambitious, long-term plans which Garage has for the development of culture in Russia.The building up of the endowment fund is a priority for Garage. In this way we can remain a leader and continue to inspire change in the field of culture, make important and memorable exhibitions, support artists and researchers, and offer new educational programs. I believe that by combining forces we can lay the foundation of the future Garage today.”

An endowment fund is a means by which a not-for-profit organization can accumulate capital which is then invested in securities with the help of a management company. Unlike money held in a bank account, that in an endowment fund is not spent on the day-to-day activities of the institution. The funds are indivisible and can only be used to generate investment income. As a result, the main aim of the endowment fund can be achieved: the stable development of the not-for-profit organization.

International museum experience shows that income from endowments comprises on average 30% of an institution’s annual budget. In Russia endowments have existed since 2006 and have proved their effectiveness: numerous educational and cultural institutions have successfully run development programs with the help of endowments.

On Philanthropists’ Day, which is marked in Russia on April 13, Garage launched its Endowment Fund website, via which it is possible to make a one-off donation or sign up for a monthly payment. The site contains detailed information on the fund and its management structure.