As noted earlier, the MGL Board of Trustees has already committed $1.1 million for the initiative and secured another $400,000 in donor commitments. The Aditya Birla Group has graciously offered to donate the multimedia exhibits, valued at $500,000.
We are seeking generous support from individuals, foundations, and corporations so that we can bring this exciting initiative to life and open the Museum’s doors to the community in 2019 as the culmination of the Gandhi Sesquicentennial Celebration.
The Endowment Fund will ensure a steady stream of revenue to help fund the Museum’s operations. Once it is open and running, we anticipate that annual operating expenses will be approximately $250,000 per year. This includes facility operating costs and maintenance, exhibit maintenance, marketing, insurance, and staff (payroll and benefits).
We plan to cover almost two-thirds of the annual operating budget (62%) with interest from the endowment, assumed at 5% per annum. The remainder will come from earned income (including membership and entrance fees, souvenir sales, and facility rentals, estimated at 18% of the annual budget) and fundraising (trustee support, community donors, grants, etc.).