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Here is a statement forwarded from the Dia Foundation this morning concerning the state of its finances:

December 13, 2002

DIA ART FOUNDATION-
ADVANCEMENT OF LONG-RANGE PLANS, 2003-2005

Since 1999, Dia Art Foundation has been involved in a successful capital campaign, raising a total to date of more than $75 million: over $30 million to construct its new museum in Beacon, New York (Dia:Beacon, opening in May 2003); more than $20 million for acquisitions and endowment for the new museum; and an additional $25 million for bridge funds, endowments, and other projects.

Concurrent with the opening of Dia:Beacon, Dia will launch the final phase of its $100 million campaign, which is aimed at renovations and endowment for its Chelsea program. That effort is targeted to raise the necessary $20 to $25 million to improve and endow its 22nd Street Chelsea exhibition facility, which has not thus far been endowed.

In spite of the difficult state of the economy, due to the success of its campaign, including the extraordinary support of its trustees and patrons, Dia has not had to change its long-range plans. These include the opening of the new museum as well as the 2004 renovation of Dia's 22nd Street Chelsea facility.

However, as is the case with many not-for-profit institutions in the present economy, Dia has suffered losses in income and investments over the last two years. Its future achievements will rely heavily on the continued success of its fundraising efforts.

Opening in May 2003, the 300,000 square-foot Dia:Beacon facility will showcase the major part of Dia's renowned permanent collection on a permanent and long-term basis, including work by Joseph Beuys, John Chamberlain, Hanne Darboven, Walter De Maria, Dan Flavin, Michael Heizer, Donald Judd, On Kawara, Agnes Martin, Blinky Palermo, Fred Sandback, Richard Serra, and Andy Warhol. A special one-year installation of Bruce Nauman's work will open simultaneously in a gallery devoted to changing exhibitions.

Exhibitions scheduled for the Chelsea space in 2003 include a retrospective exhibition of work by Robert Whitman, opening in March, and a new project by Pierre Huyghe, opening in September.

In July 2004 (eighteen months from now), Dia will temporarily close the Chelsea facility for much-needed renovations; these should take approximately a year, with the galleries reopening in September 2005. It has not been renovated since it was converted from a warehouse to an exhibition facility in 1987, and it requires such improvements as repairs to its roof and its plumbing and air circulation systems, which will not change the character of the building.



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