State museum endowed Anonymous donor gives $1 million for acquisitions

AUGUSTA – An anonymous donor has dramatically endorsed and enhanced the work of the Maine State Museum by establishing a $1 million permanent endowment fund at the Maine Community Foundation on behalf of the Friends of the Maine State Museum.

The new fund, called the Maine State Museum Collection Fund, is expected to provide up to $50,000 annually to purchase and conserve “historically significant materials,” provided no more than half of the proceeds are used for acquisitions.

“This is a tremendous gift,” said Maine State Museum Director Joseph R. Phillips. “It fits exactly with the goals we established with our first endowment, the Maine Heritage Fund, in 1998. At that time, we established a mechanism to keep important Maine treasures from being purchased out of state. This donor goes a step further by stipulating that the conservation of artifacts is equally important as their acquisition.”

The donor established the fund with the Maine Community Foundation as a way to preserve anonymity. The foundation has an excellent record of investment and fund management. Both the museum and the foundation have policies that limit using more than five percent of principal plus growth each year.

This first year, $40,000 has been made available from the new fund. Careful consideration will be given to priority projects for conservation and acquisition. A policy established in 1998 will govern all decisions within the restrictions set by the donor.

While proposed acquisitions and conservation projects are nominated by the museum’s curatorial staff, the final decisions are made by a committee composed of the museum director, museum commission chairman and president of the Friends of the Maine State Museum.

“This gift, which is the largest private donation to benefit the museum, will serve us well into the future,” said Phillips. “We are very grateful to this wonderful person.”