The Columbus Museum of Art will raise $80 million for an expansion and renovation of its building and a significant increase of its endowment.

The new “21st century museum” is intended to be ready for the Columbus bicentennial in 2012. Already, $38 million has been raised toward the goal.

Board and staff members provided details of the plan Friday evening at the museum.

“We think this is the perfect moment,” Executive Director Nannette V. Maciejunes said. “It's the energy around our program, both locally and nationally.”

Plans call for:

• Expanding the museum's facility by 56 percent, to 150,000 square feet
• Renovating the existing building
• Constructing a parking garage
• Increasing the endowment by three and half times

Groundbreaking for the expansion could take place in late 2009 or early 2010, Maciejunes said.

Museum administrators and board members for years have said the building, last expanded in 1974, is too small to accommodate its permanent art collection, hold major temporary exhibitions and provide space for education projects.

In addition to additional exhibition space, the project will increase the museum's emphasis on education, creating interactive learning centers.

Boosting the museum's endowment is a key part of the plan.

Income from the museum's $12 million endowment for operations covers 9 percent of the institution's annual budget. American art museums on average cover 25 percent of their costs with endowment money, the Columbus museum said.

bmayr@dispatch.com

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For an expanded story about the museum's plans, read Saturday's Dispatch.