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San Francisco Museum of Modern Art is halfway to fundraising goal

Money will increase endowment and build a new wing.

February 06, 2010|By bloomberg news

San Francisco — The San Francisco Museum of Modern Art said it raised $250 million to boost its endowment and build a new wing that will triple the size of its galleries and house the collection of Gap Inc. founders Donald and Doris Fisher.

The gifts from the museum's leadership bring it more than halfway toward a $480-million goal. From funds raised so far, $100 million is earmarked to double the endowment. The rest will go toward the expansion.

The project will increase the museum's current galleries to 150,000 square feet and consolidate offices scattered around the neighborhood into one building.

Donald Fisher, a longtime collector of contemporary art and member of the museum's board, died Sept. 27 at the age of 81, two days after the museum announced that it had reached an agreement with the Fishers to house their 1,100-piece collection for 25 years.

The museum said Thursday that the Fisher partnership has been extended to 100 years and is renewable.

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