Fine Arts Foundation (Inactive)

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Gross receipts: $0

Total assets: $16,769,324

Total liabilities: $16,769,014

Net assets: $310

Year founded: 1999

Number of people on board: 3

Employees: 0

The Fine Arts Foundation was solely created for the acquisition of the $33 million Suida-Manning Art Collection — a collection of hundreds of works of art from the 1300s to the 1700s. The collection is leased to the University, and the Blanton Museum of Art displays it as a permanent exhibition.

Patricia Ohlendorf, vice president for legal affairs, serves as the president of the foundation and Doug Dempster, dean of the College of Fine Arts, serves as the vice president and secretary. Unlike with other external foundations, President William Powers Jr. appointed the foundation’s three board members.

The foundation exists as a legal vehicle to pay off the pending payments toward the acquisition, which is expected to be completed in 2016. At that time, UT will own the full collection.

Ohlendorf said the need for the foundation will cease upon completion of the acquisition.

The foundation and acquisition were set up in 1998. The foundation does not actively raise funds.