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The Corporation has asked the Fogg Museum of Art to create a special $3 million contingency fund to offset any operation and maintenance deficits the museum's new building may incur, and authorized the sale of some art for this fund, a University spokesman said yesterday.
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In its Monday meeting the Corporation also said that before it approves the extension, the Fogg must raise funds for the building's construction costs, the spokesman, David M. Rosen, director of public relations, said yesterday. The museum is about $500,000 short of the estimated $7.8 million it needs to cover costs for construction, a University official said yesterday.
Officials at the Fogg Museum yesterday refused to comment on the Corporation decision and any plans to sell artworks.
George C. Putnam '49, Corporation treasurer, said yesterday the Fine Arts faculty will probably decide to sell some artworks in order to raise the $3 million fund. But under the plan agreed to by the Corporation and the Fogg, the museum would only sell minor works or duplicates, Rosen said.
Putnam added that University officials are eager to reach an agreement on the museum wing before early February, when a contract bid comes up for revision, and the University faces the chance of losing $500,000 in funds from the Kresge Foundation.
The terms of the Kresge grants say Harvard must sign contracts to begin work on the wing before it can receive a half million dollars in funds.
Firm Foundation
The foundation is "pretty firm" on having the University make extension plans final by mid-February, Barbara J. Getz, program officer for the foundation, said yesterday. She added, however, that the foundation's primary interest lies in seeing the project completed.
She would not say whether the foundation would withdraw the grant if the contracts are not signed by mid-February.
The contingency funds will be invested in a money market fund or high-interest venture, and the interest used continually for the museum's operating expenses, Rosen said.
Death to Burr
Plans for the museum's new wing, to occupy the present site of Allston Burr Hall opposite the Fogg, were announced last April.
Construction of the new wing was originally estimated to cost $5.9 million.
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