Salvador Art Preservation Inc

THE MUSEUM HAS INITIATED THE CREATION OF THE ORGANIZATION TO ENSURE THE CONTINUING PRESERVATION OF THE MUSEUM'S ARTWORKS AND ASSETS. ONCE THE ORGANIZATION'S IRS TAX-EXEMPTION APPLICATION IS APPROVED, THE MUSEUM PLANS TO TRANSFER ITS ARTWORKS TO THE ORGANIZATION TO BE DEDICATED FOR THE CONTINUING PRESERVATION OF SUCH ARTWORKS. THE ORGANIZATION WILL SUPPORT THE CHARITABLE AND EDUCATIONAL PURPOSES OF THE MUSEUM BY LENDING THE MUSEUM THE ARTWORKS AND ACQUIRING ADDITIONAL WORKS OF ART BY SALVADOR DALI. THE TRANSFER OF THE MUSEUM'S ARTWORKS TO THE ORGANIZATION AND THE LOAN OF ARTWORKS BY THE ORGANIZATION TO THE MUSEUM WILL BE DOCUMENTED BY WRITTEN AGREEMENTS BETWEEN THE MUSEUM AND THE ORGANIZATION. IN ADDITION, THE ORGANIZATION EXPECTS TO HOLD ENDOWMENT FUNDS FOR THE FINANCIAL SUPPORT OF THE MUSEUM. THE ARRANGEMENT BETWEEN THE MUSEUM AND THE ORGANIZATION THAT IS, THE ORGANIZATION SERVING AS A TYPE I SUPPORTING ORGANIZATION OF THE MUSEUM TO HOLD ARTWORKS AND/OR ENDOWMENT FUNDS FOR THE BENEFIT OF THE MUSEUM IS A COMMON ARRANGEMENT FOR ART MUSEUMS TO SAFEGUARD, SUPPORT, BENEFIT AND FURTHER A MUSEUM'S COLLECTIONS AND CHARITABLE AND EDUCATIONAL MISSION. NUMEROUS ART MUSEUMS USE A TYPE I SUPPORTING ORGANIZATION FOR THESE PURPOSES, FOR EXAMPLE, THE MUSEUM OF MODERN ART (NEW YORK, NY), THE WALTERS ART MUSEUM (BALTIMORE, MD), AND THE FINE ARTS MUSEUM OF SAN FRANCISCO (SAN FRANCISCO, CA).