Fisk University officials detailed financial aspects of how they are going to use the $30 million they will be receiving from an Arkansas museum in exchange for a half-share of the Alfred Steiglitz Collection.
According to a press release, more than $5.8 million will be going toward litigation fees involved in the seven-year-long court battle regarding the sale. More than $15 million will go toward Fisk’s permanent restricted endowment.
Fisk will use approximately $1.6 million from the share agreement to settle local bank obligations.
Fisk president Hazel O’Leary also set aside $5 million for “initiatives of the next president of Fisk.”
O’Leary is set to retire at the end of this year.
“The Stieglitz Collection is not lost to Nashville, but is saved to be exhibited here for two of every four years,” O’Leary said in a press release. “Fisk will, probably for the first time, have the financial ability and professional expertise available at Crystal Bridges to do everything necessary and appropriate to care for and exhibit the collection.”
The City Paper first reported on Thursday that Fisk had finalized the half-share agreement with Crystal Bridges Museum of American Art in Fayetteville, Ark.