SFAI Board Update
SFAI + SFAA Collaboration
SFAI continues to be thankful to the SF Artists Alumni organization for their support of our
alumni community. In recent weeks, representatives from SFAA’s Fundraising and Exhibitions
teams have been working closely with SFAI staff to develop alumni-focused initiatives and
programming for the coming year.
Restructuring SFAI’s Debt
This is as a follow up to the news in late July that SFAI’s bank filed a notice to foreclose due to a technical default regarding liquidity (cash on hand) even though it is a fully performing loan and SFAI has never missed a monthly payment. Negotiations are still underway so we’re limited in what we can say, but we can share the good news that we are currently working on a transaction to restructure SFAI’s debt and avoid foreclosure altogether. When finalized, the transaction would allow us to use the Chestnut Street campus for years to come. The Board hopes to be able to announce its completion within the next month, but cannot comment further until then. On this topic, here is an article that frames SFAI's institutional debt within the broader story of the evolving and tenuous relationship between higher education and the financial sector in the US. While it is very disheartening to read about how other educational institutions may face similar challenges, it is helpful for understanding the wider national context.
SFAI opened our virtual doors for the beginning of the Fall semester on September 8th. Currently 39 students are enrolled, with more students returning or coming in the Spring 2021 semester.