June 21, 2008 State Street donates $10M to Boston’s MFA Play video

(Peter Howe, NECN: Boston, Mass.) - Boston's Museum of Fine Arts is celebrating its biggest corporate gift ever - $10 million dollars from State Street Corporation to reopen and recreate its North Entrance.

Malcolm: With the doors opening to the public again after 3 decades of being closed, we can now welcome visitors to the museum from the Fenway and beyond, and by beyond I mean around the world.”

State Street was born in Boston 216 years ago and now operates in 60 countries.

“From the beginning, in 1792, we never lost the sense that Boston was our home and that it was critically important that we continue to contribute to the city in every way possible to make sure that it is does maintain its status as a world class city.”

The MFA contribution is the kind of big corporate gift many civic leaders worry is doomed as the economy slows and out-of-towners take over local companies. Environmental group Save the Harbor, Save the Bay gets one-third of its budget from corporate donors.

“There's no question that both consolidation and the economy have had a real impact here. When you lose a headquarters to another city they start to give in the other city. The whole range of other charities, community based organizations, they're finding it hard and harder to make connections, and that is a challenge.”

With a slowing economy and corporate consolidation moving headquarters out of Boston, you might think this would be a bad time for

Bank of America is headquartered in Charlotte, North Carolina. They took over the former Bank of Boston and Fleet, both Boston-based. But under BofA, corporate giving here has actually risen a million dollars annually since 2005.

Menino: I think it's holding up pretty well, the 10M from State Street, the John Hancock came through with $2 million dollars for summer jobs this year, they increased their numbers.”

Hancock's now owned by Canada’s Manulife. Gillette got taken over by Procter and Gamble of Cincinnati. P&G backs summer jobs and drug addiction programs.

Menino: As a mayor, can we be satisfied? We can never be satisfied. But lemme tell ya, I have a good business community.”