Cleveland Institute of Art announces $5 million gift
July 24, 2012
The Cleveland Institute of Art (CIA) recently received a $5 million gift from Peter B. Lewis, a local philanthropist. The funding will help the institute cover the costs of a new building it plans to construct as part of its campus unification project.
With the gift, the institute should be able to break ground on the 91,000-square-foot multi-purpose facility within the year. It will be the first component of the unification project, and will be named for George Gund II, a former CIA board president, who served in that role between 1942 and 1966.
"We are thrilled to receive this wonderful gift, not only because it represents a strong endorsement of our vision for a unified campus from this nationally known philanthropist with deep Cleveland roots, but also because it acknowledges the efforts of our University Circle neighbors," said CIA president and CEO Grafton J. Nunes.
Institutions that are launching large fundraising campaigns might benefit from a fund accounting
program that enables them to track contributions so they have an up-to-date measure of their current funds.