San Franciso Art Institute was going through serious financial troubles. It is final now that it will close down after 151 years located in Bay Area.
The decision to close the art institute came into existence after USF pulls the deal. USF, University of San Francisco(USF) was all worked-up since January on this deal. As a result, the falling institute will now no longer has any funders for its day-to-day management.
J. Fitzgerald, USF president with vice president of academic affairs of Chinyere Oparah, stated, “no longer pursuing an agreement with SFAI, USF informed SFAI leadership that we would not enter into a definitive agreement with SFAI due to business risks that could negatively impact USF students, faculty, and staff, “no longer financially viable.”
They did cite concerns about the financial status of the art institute. Student enrollment and deferred maintenance continue to be a big deal. But, the art institute being no longer in the world is a great loss. SFAI and its artists are going to get hit worst.
With no new students to get admission, SFAI will operate in a small capacity. It is an NGO rooting for protecting the school name. It deals with archives and legacy.
They are going to hire a few contractors. It will assist the alumni and students in getting their school records.
Though, the fate of Diego Rivera Fresco not decided yet. SFAI owns it too. The murals and chestnut street campus currently belong to the University of California. SFAI will lose possession soon enough if there is any default in the lease.
The work with the local communities and international donors is in operation. It focuses on appraising the building for almost $50 million. It is still a dream, though. SFAI leadership sent to staff and faculty to consider the Rivera mural and ease the school’s debt. It is still waiting to hear the answers. The prehistoric landmark continues to be in danger.