Drexel University and the Academy of Natural Sciences have announced a merger under a $1 million grant from Pew Charitable Trusts.
The Academy will become a subsidy of the university, but its name, nonprofit status and board will remain intact.
A report from the Inquirer says the academy, which houses 17 million specimens, will turn management of its $51 million endowment over to Drexel, but the funds will still be appropriated to the academy. Pew’s grant will, in part, cover transition costs.
“collaborating with a science-led, university-based partner would allow us to advance our science and museum more innovatively and comprehensively that we could on our own, and our choice is Drexel,” academy President George W. Gephart Jr. said, while Drexel President John Fry says the move puts the school in “a national leadership position.”
It could be up to 60 days before the agreement is finalized.