The Arkansas Museum of Fine Arts will receive a $250,000 grant from Bank of America, the bank said in a news release on Friday.
This funding will help the museum's capital campaign complete its historic renovation of the museum and its grounds in Little Rock's MacArthur Park, according to the release.
"Bank of America is a significant long-term partner of the Arkansas Museum of Fine Arts," said Victoria Ramirez, executive director of the museum. "For years, they have generously supported our exhibitions and arts education programs, and now we can include them as a contributor to our capital campaign. Gifts such as this are instrumental to our ability to open in spring 2023 with state-of-the-art galleries, an expanded art school, and an upgraded performing arts theater."
Previously known as the Arkansas Arts Center, the Arkansas Museum of Fine Arts is home to an international art collection, performing arts and an art school.
According to the news release, the funding from Bank of America will support the construction of the new museum and provide transition and opening support while also strengthening the endowment, yielding support for operations, exhibitions, acquisitions, and education and outreach programming in the new museum.
"The grant is part of Bank of America's overall commitment to strengthening the Central Arkansas community by addressing key issues fundamental to economic opportunity and social progress," according to the release. "In 2021 alone, the company provided 24 grants to local nonprofits, including: Our House Shelter, Arkansas Foodbank, PARK Foundation, Baptist Health Foundation and Samaritan Community Center of Northwest Arkansas."
Over the past five years, Bank of America has invested more than $4 million in grants locally, as well as capital investments to help finance small businesses, affordable housing and other economic revitalization projects benefiting communities throughout the state, according to the release.
In a news release last month, Harriet and Warren Stephens, co-chairs of the museum's capital campaign, announced that the campaign had raised more than $150 million to date -- far exceeding the original $128 million -- and is now closing in on a total of $155 million.