Chicago Board Members to Donate $20 Million

CHICAGO—As a gesture to welcome the Chicago Museum of Contemporary Art's new director, several of the museum's board members have pledged to donate a total of $20 million to the institution, reports the Chicago Tribune. The donation will help reduce the museum's long-standing $50 million debt, incurred during the construction of its building in the 1960s.

The pledges were made in December, weeks after the appointment of new director Madeleine Grynsztejn, but have just been made public. They are expected to be fulfilled by June 30, 2011.

Chairwoman Helen Zell issued a statement on behalf of the board, saying, "We all felt that a new director must be given the creative freedom to develop strong artistic programming that takes risks without being significantly inhibited by debt expenses."