The Museum shall maintain as a separate fund all proceeds from disposal of any work and any contributions of funds restricted to acquisition of art works (the “Accessions Fund”).
The Accessions Fund shall be used for the acquisition of works of art. Acquiring works of art may involve costs for purchase, taxes, shipping, framing, or other preparation needs associated with practically acquiring these works.
Proceeds of sales of works of art will go into an art acquisitions fund. The income from this fund, or the fund principal, will be used for the purchase of works of art only.
Interim Guidelines (Addendum A) amend MCASD’s Permanent Collections Policies and Procedures regarding Proceeds of Sales from deaccessioned objects through April 10, 2022.
AMENDMENT TO MCASD’S PERMANENT COLLECTION POLICIES AND PROCEDURES REGARDING THE PROCEEDS OF SALES AND USE OF FUNDS FROM DEACCESSIONED OBJECTS.
On April 10, 2020 the Association of Art Museum Directors Board of Trustees passed a resolution allowing museums the financial flexibility to use the proceeds from deaccessioned works of art to support the “direct care” of the museum’s collection. The process for using funds from deaccessioning during this period follows.
USE OF FUNDS
Until April 10, 2022, proceeds from deaccessioned works of art may support the “direct care” of the museum’s collection. The American Alliance of Museums defines direct care as expenses that “invest in the existing collections by enhancing their life, usefulness or quality and thereby ensuring they will continue to benefit the public.”* The following is a list of expenditures that promote the sustained care and support of the museum’s permanent collection to achieve these goals.
Expenditures may include, but are not limited to:
Funds used for direct care shall be held separate and identifiable from other available funds used by the museum. An ad hoc committee consisting of the David C. Copley Director and CEO, the Chief Financial Officer, the Chief Advancement Officer, the Senior Director, Curatorial Affairs, the Curator and Registrar shall convene to review and recommend allocation of any funds used for “direct care” of the collection. These recommendations shall be reported to the Collections Committee and the Finance Committee, which will ratify and send recommendations to the Board of Trustees for approval.
*Citation: Direct Care of Collections: Ethics, Guidance and Recommendations. American Alliance of Museums, March 2019, p. 2.