SAN ANTONIO, TX.- Artpace
announced today that it has received a contribution of $250,000 from the Linda Pace Foundation in support of the newly-formed Artist Residency Endowment Fund. The goal of this fund, announced as part of Artpaces 25th anniversary year, is to ensure financial support for the International Artist-in-Residence program in perpetuity. With this gift, Artpace has raised more than $2.5 million in the first 16 months of its multi-year endowment campaign.
The Foundation also announced that it will advance the remaining principal in an annuity established by Linda Pace in 2005. This annuity, managed by the Foundation, will provide Artpace with a final sum of $1,196,000 toward the operations of its International Artist-in-Residence program.
We are grateful for this public demonstration of support from the Linda Pace Foundation for our Endowment Campaign, which is essential to securing our future, said Patricia Ruiz-Healy, Chair of Artpaces Board of Trustees. Though our organizations are separate in their missions and structures, they share important roots, most notably through Linda Pace, our visionary founder. This major contribution recognizes the significance of Artpace's distinct mission to the cultural fabric of San Antonio and supports our ongoing vision as an independent organization dedicated to bringing Texas, national, and international artists to San Antonio to create new work.
The Foundations hope is that by making this contribution to Artpaces Endowment Campaign in honor of its exceptional work, we will encourage others in the community and beyond to step up and do the same, said Kathryn Kanjo, President of the Board of Trustees of the Linda Pace Foundation. Artpace and its outstanding residency program have demonstrated their enduring value to the cultural arts of San Antonio and the contemporary art community at large by bringing in new people and new ideas and giving selected artists the ability to make challenging, innovative works that are shown internationally. At the same time, Artpaces financial independence means that our Foundation can focus exclusively on its core mission, supporting the exhibitions and programs at Ruby City.
Artpaces mission is to support a diverse array of artists in creating new work through residencies in San Antonio. Therefore, in addition to funds for staff and facilities, the organization needs ongoing resources to support and host the artists who participate in the residency program and their exhibitions. The Artpace Board of Directors celebrated the organizations 25th anniversary by making the transformative decision to establish an Artist Residency Endowment Funda funding mechanism to ensure robust, ongoing financial resources are available for its work with artists. In addition, the Board seeded this endowment with generous commitments from individual Board members and emeritus members as well as alumni artists.
The roots of this campaign connect to Artpaces funding historyto the organizations history of success and needs for the future. Linda Pace founded Artpace in 1993 and provided substantial support including purchasing and refurbishing its building, donating a parking lot and covering operating costs for the first 12 years. Recognizing the organizations need for financial independence, she established an annuity managed by the Linda Pace Foundation in 2005, which would continue to sustain Artpace for up to 20 years. In that time, the Foundation has provided more than $14 million in support for Artpace, principally for its residency program. With the planned sunset of Lindas commitment, Artpace is accelerating its fundraising efforts and must extend its reach, increase its base of support, and secure major and legacy gifts to ensure the future of its programs.