San Francisco California College of the Arts (CCA) obtained short -term financial stability thanks to a fundraising campaign of $ 45 million, attenuating an urgent budget deficit which had aroused fears of layoffs and a potential merger.
The success of the campaign pushed a gift with the Jen-Hsun Foundation and Lori Huang, which doubled the $ 22.5 million collected by more than 50 donors, including administrators, former members of the board of directors and the alumni. Jen-Hsun “Jensen” Huang, co-founder and CEO of Nvidia, structured his contribution to encourage broader support.
Related items
ACC’s financial difficulties have emerged after a drop in a third of registrations since 2019, contributing to a budgetary difference of $ 20 million. In response, the institution reduced 23 jobs – 10% of its staff and eliminated open positions totaling 4.5% of additional personnel roles. This turbulence coincided with the completion of an extension of the $ 123 million campus, designed by Studio Gang, which added 82,300 square feet of studios, classrooms and exhibition space.
Adding to ACC misfortunes, the school recently settled a lawsuit with the former member of the faculty JD Beltran, who allegedly allegedly exposed a financial management. Among his claims was the disappearance of nearly $ 180,000 in funds assigned to the Center for Art and Public Life.
Despite the proximity of the school with the Silicon Valley, the ACC board of directors has a limited technological representation, with only two members of the sector. The Board of Directors is headed by Lorna Meyer Calas by Merrill Lynch and Calvin B. Wheeler from Kaiser Permanent. The institution remains strongly dependent on tuition fees and housing income, which represent 85% of its operating budget of $ 75 million. Its endowment of $ 40 million generates only $ 2 million a year. Registrations amounted to 1,400 in the fall of 2023 and should fall to 1,250 this year.
ACC’s challenges reflect broader instability in artistic education. The San Francisco Art Institute filed for its bankruptcy in 2023 and the Pennsylvania Academy of the Fine Arts and the University of Arts, both in Philadelphia, closings announced. At the national level, the registration of the MFA program has decreased after years of growth.
David Howse, president of ACC, described Huang’s gift as a “transformative stage”, stressing that funds do not solve the long -term financial situation of the school. The CCA is now trying to collect additional funds to strengthen academic programs, teachers and infrastructure, in order to attract more students and ensure sustainability.