Would that every fundraiser went so well. The St. Louis Art Museum Foundation has paid off its debt related to its modern East Building, designed by David Chipperfield.

The museum's expansion was paid off 31 years early, according to a news release. The final payment of $9.6 million was made this month.

According to the museum's foundation, its $160 million fundraising effort "remains the most successful fundraising campaign for a St. Louis cultural institution."

It says that factors "contributing to the early payoff included historically low short-term interest rates and the success of the fundraising campaign, which raised $15 million more than its goal. Additionally, a disciplined approach to operations has maintained a strong financial position for the museum. In September, Standard & Poor’s affirmed the museum’s AA- issuer credit rating and, in 2017, Moody’s upgraded the Museum’s bond rating to Aa2 from Aa3.

"Retiring the debt early has been an institutional priority since 2009, when $46.2 million in bonds were issued in connection with the expansion, said John R. Musgrave, president of the museum’s board of commissioners and vice president of the St. Louis Art Museum Foundation, a nonprofit organization that supports the mission and activities of the museum.

“'From the beginning of the expansion project, the board leadership of the Saint Louis Art Museum was determined to pay off construction-related debt early,' Musgrave said. 'We have stuck with that aggressive plan, and I am happy to say we are once again debt free.'”

Daily updates on the latest news in the St. Louis business community. Sign up! * I understand and agree that registration on or use of this site constitutes agreement to its user agreement and privacy policy.