SAM Foundation chair John Head said the foundation's total contribution of $12.5 million for the project was divided into two separate streams - $7 million for the building, and just over $5 million as an endowment to assist with the continued running of the museum.
“We have total funding of $6.05 million which has been pledged over five years and $4.75 million of that is earmarked for building works,” he said.
He said the remainder would go towards the endowment.
Mr Head said $2 million had already been handed over to Greater Shepparton City Council for Stage 1 building works.
The construction cost of the $47.4 million building is divided as follows: $15.35m – Greater Shepparton City Council; $10m – state government; $15m – Federal Government; $7m – SAM Foundation.
Mr Head said the foundation had employed Melbourne-based Sheila Colwell as a professional fundraiser.
He said not all funding pledges were for construction works.
“Some people might offer money for training programs, or the naming of galleries or other spaces,” he said.
“We sat down and created a working plan and we hope to have the majority of the money pledged by the end of next year. It's on track and we have some hot prospects which we are pursuing,” he said.
“We're hoping to have 80 per cent raised, and then we'll start a big public campaign to raise the rest. We've already had donations of paintings to be auctioned,” he said.
20°C