After CTM Madison Family Theatre Company shut down its season due to financial trouble, many have wondered about the cost of doing business at the Overture Center. Will the Madison Museum of Contemporary Art be affected by the higher costs associated with the new facility?
MMoCA director Stephen Fleischman remains unfazed.
"We're in a new budgeting cycle now, and we planned for the opening in our current budget. We've had a considerable amount of time to study the new costs, and we've looked at the phase-one experience. We have our hands pretty well wrapped around the expenses. There will be increased costs, but we've been looking at this for a long time."
The museum's current budget is approximately $1.6 million, with the next fiscal year projected at $2.1 million. Major earned-revenue sources include the museum store and Art Fair on the Square. Space rentals will also generate income for the expanded museum. Adds Fleischman, "Contributed income from companies, foundations, agencies and individual donors, including our members, is extremely important."
The museum is also in the process of raising money to meet a $750,000 challenge grant from the Michigan-based Kresge Foundation. With several new pledges of support recently confirmed, Fleischman is confident the museum will reach its target by July 1 as required: "There's a great deal of enthusiasm about the new building."