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Committee advances Asian Art Museum transformation agreement after trustees’ indemnity explained
Summary
The committee recommended approval of a grant acceptance agreement indemnifying foundation trustees and enabling the Asian Art Museum's transformation project, which includes a 13,000-square-foot addition, a 7,500-square-foot terrace, and fundraising of roughly $68 million in cash and pledges, the museum said.
The Government Audit and Oversight Committee on Dec. 6 recommended sending a grant‑acceptance agreement for the Asian Art Museum to the full Board, after museum leaders described the transformation project, fundraising progress and the legal protections requested for foundation trustees.
What was proposed: The agreement would allow the Asian Art Commission to accept private funds raised by an affiliated foundation and would provide an indemnity to foundation trustees, officers and employees for claims related to construction and fundraising…
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