Dearborn Historical Museum Looking to Grow Endowment
The museum hopes its new endowment will make it financially self-sufficient.
Officials with the Dearborn Historical Museum are launching a campaign to help grow the institution’s endowment fund. Curator Jack Tate says it costs the museum about $300,000 a year to operate. He says Dearborn stopped funding the museum a few years ago, and it has been running solely on membership dues and donations since.
“There was problems with budgets, with not only Dearborn, but many cities in Michigan, with the recession in 2008, and we’re coming out of that now and I think the city will be somewhat supportive of us again.”
Tate says if the endowment reaches three or four million dollars, the interest and dividend payments will be enough to make the museum financially self-sufficient.