School of the Art Institute of Chicago

Because of the school's financial and managerial problems after this loss, business leaders in 1878 formed a board of trustees and founded the Chicago Academy of Fine Arts. They expanded its mission beyond education and exhibitions to include collecting. In 1882, the academy was renamed the Art Institute of Chicago. The banker Charles L. Hutchinson served as its elected president until his death in 1924. The school grew to become among the "most influential" art schools in the United States.