A three judge panel of the Tennessee Court of Appeals may hold the fate of Nashville’s Fisk University. The cash-strapped school made what could be a final plea Tuesday as it tries to get $30 million for a donated art collection.
Fisk continues to argue that it may have to close its doors without the deal, which gives the Crystal Bridges Museum in Bentonville, Arkansas, a 50 percent stake in its art. Fisk president Hazel O’Leary says just because she’s been making that argument for two years doesn’t mean it’s untrue.
“I don’t know how close you want Fisk to be to the edge. The reality is that we’ve been working and delivering excellent programming while being on the edge. But we’re on the edge and if you doubt me, look to SACS.”
The Southern Association of Colleges and Schools is still not satisfied by Fisk’s plans to become financially sound, and last week the accrediting agency gave the school just six more months to come up with a solution.
During oral arguments before the Court of Appeals, justices were obviously sympathetic. But they also said the legal issue doesn’t include the worthiness of an institution. They must decide whether the Crystal Bridges deal comes closest to the wishes of Georgia O’Keeffe, who donated the art and asked that it never be sold.
Deputy Attorney General Janet Kleinfelter says she has compassion for Fisk’s situation but the state is concerned about a chilling effect on philanthropy.
“We could back down, but the consequences of that for future charitable giving for the state of Tennessee are just tremendous. I mean, think about it.”
Kleinfelter says if Fisk can’t afford to take care of the collection, there are other options. But Fisk has made clear it wants the money. It appealed a ruling from the lower court that allowed the art sale to go forward but required $20 million of the proceeds to be put in an endowment to maintain the art.
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