On May 10, 1869, Corcoran deeded the building, grounds, and a private collection valued at $100,000 to the nine members of a self-perpetuating Board of Trustees. The following year, the institution was chartered and exempted from taxes by an Act of Congress. The Corcoran Gallery of Art formally opened its doors on January 19, 1874 with an exhibition of 98 paintings and sculptures. By the end of the year, the collection had expanded to more than 300 works. The Corcoran College of Art + Design is the only college of art and design in the museum- and college-rich environment of Washington, D.C. It is one of the only art schools in the country fully integrated with a world-class museum. The Corcoran’s vibrant and active community includes more than 600 degree students pursuing a wide range of associate’s, bachelor’s, and master’s degrees in the visual arts. Undergraduate studies culminate with an exhibition in the main galleries of the Corcoran’s own renowned museum, the Corcoran Gallery of Art, while MA candidates may produce a symposium, publicly defend their theses in our Atrium, or exhibit in the galleries. The Corcoran Gallery of Art, Washington’s oldest private art museum, and its venerable college of art and design will cease to exist as an independent institution, and its components — artwork, historic building and school program — will be taken over by the National Gallery of Art and George Washington University, under a plan announced February 19 2014.