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Petersen Automotive Museum Operation Transferred to New Foundation

22 March 2000

Petersen Automotive Museum Operation Transferred to New Foundation; NHM Board and County Supervisors Approve Action

    LOS ANGELES--March 21, 2000--The board of trustees of the Natural History Museum Foundation, along with the Los Angeles County Board of Supervisors, approved the transfer of operations of the Petersen Automotive Museum to a newly formed Petersen Automotive Museum Foundation.
    The announcement was made today by Dr. James L. Powell, president and director of the Natural History Museum of Los Angeles County.
    The recently formed Petersen Automotive Museum Foundation has already received Internal Revenue Service approval as a tax-exempt public charity, and the California Attorney General's Office reviewed the transaction to ensure that it meets the requirements for transfers among charitable organizations. It is believed that the agreement will be in place April 1, 2000.
    Under the terms of the agreement, the Natural History Museum Foundation will receive a donation of an estimated $24.77 million from the Margie and Robert E. Petersen Foundation to pay down the existing bonds held against the Petersen Automotive Museum building.
    The Margie and Robert E. Petersen Foundation also donated $1 million to the new independent Petersen Automotive Museum Foundation to assist in the start-up of its operation of the museum.
    "Bob and Margie Petersen have generously supported the mission of our museum family. We thank the Petersens for their support in ensuring that the Petersen Automotive Museum will remain a permanent part of the county's cultural offering," Powell said.
    The Petersen Automotive Museum Foundation will assume all day-to-day operations previously handled by the Natural History Museum Foundation. Petersen Museum employees who remain will become employees of the new foundation that will operate the museum, according to Ken Gross, director of the Petersen Automotive Museum.
    The agreement ensures that the Petersen Automotive Museum Foundation will protect and secure its priceless collection in strict accordance with protocols established by the American Association of Museums (AAM). It also assures a seamless transition from one foundation to another, noted Powell.
    "This is a win-win for everyone," Powell said. "Automotive enthusiasts are assured of the continuation of this world-class museum, and the existing $2.4 million annual debt service will be retired through the generosity of the Margie and Robert E. Petersen Foundation. The collection remains in the public trust for everyone.
    "It is not unusual," Powell continued, "for museums to transfer a specific collection to another museum when that collection no longer fits its mission. While the Natural History Museum is both a natural- and cultural-history museum, the Petersen Museum's vast automotive collection is best suited to be curated by automotive historians."
    Los Angeles County Supervisor Zev Yaroslavsky said, "I'm very happy that we've been able to bring the parties together and craft a satisfactory agreement to ensure the future operation and financial stability of both the Petersen Automotive Museum and the Natural History Museum."
    Established in 1913, the Natural History Museum once encompassed science, art and history. In 1962, the Los Angeles County Museum of Art was spun off as a separate institution.
    "This is a natural evolutionary step in the museum's history. Los Angeles' car culture is better served by a museum whose only focus is the automobile," Powell concluded.