MCA’s Cash Reserves Run Low . . .
Best of Chicago voting is live now. Vote for your favorites »
Early this summer the MCA was required to have a reserve of at least $25.4 million in cash and investments, but, Consey confided, “We scarcely met the June 30, 1995 test.” He went on to note that these minimum requirements will rise to $27.6 million by December 30, 1995, and $29.8 million by June 30, 1996. The letter also makes clear that the museum’s start-up costs for the new building will call for an additional $3 million.
To help cover the new building’s start-up expenses and ensure that the MCA meets its upcoming cash and investment tests, Consey asked First National to “advance” $1.5 million from a bequest left by deceased museum trustee Gerald S. Elliott. Chairman Turner confirmed that the bank has not yet given the green light to Consey’s request, but said he’s still confident the MCA will meet its financial obligations: “We will meet our December 30 test and all future tests.”
The museum also plans to draw on the latest technology, including a World Wide Web site and interactive video. A new membership card will offer special benefits for college-age patrons, and another plan calls for the deployment of student representatives on most Chicago-area campuses. Actual implement-ation of the initiative, called “Stir It Up: What You Don’t See in School,” won’t begin until the fall of 1997.
