In August 2006, the Barnes Foundation announced that it was beginning a planning analysis for the new gallery. The board selected Derek Gillman (formerly of the Pennsylvania Academy of the Fine Arts) as the new director and president.[27] In June 2011, the foundation announced that it had surpassed its $200 million fund-raising goal, of which $150 million would go toward construction of the Philadelphia building and associated costs, and $50 million to the foundation's endowment.[28]