Colorado College and the Colorado Springs Fine Arts Center have finalized a merger that, after a four-year transition period, will result in the full integration of the center into College operations.
The possibility of a deal was first announced by both entities in January. According to a statement today from Colorado College, the arrangement will help ensure sustainability for the Fine Arts Center as well as help solidify fine arts programming at the College.
Fine Arts Center President and CEO David Dahlin said Thursday morning at a Colorado College function that the deal is both "natural" and "long overdue." In a statement, Dahlin says the institution will continue "to be... for the community and of the community."
As part of the merger, Colorado College will dedicate more than $20 million of its endowment for the Fine Arts Center; as of June 2015, CC's endowment was over $720 million. Currently the FAC's endowment is $13 million and will continue to be managed by the Fine Arts Center Foundation.
Colorado College plans to hold listening sessions to help kick off what President Jill Tiefenthaler is calling "a year of planning." Those begin September 8th and are open to the public.
The current transition timetable allows the Colorado Springs Fine Arts Center to retain its official name until July 1, 2017, at which point it will become the Colorado Springs Fine Arts Center at Colorado College. By July 2020, the Fine Arts Center will be fully integrated into college operations, to include existing donor restrictions.
Colorado College takes over management responsibilities of the Fine Arts Center as of September 2016. Current planned programming at the FAC will continue through June 2017.
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