One of the largest, most significant art museums in the United States, the Detroit Institute of Arts relies on private donations for much of its financial support. The museum has sought to increase its endowment balance to provide it financial independence. The City of Detroit owns the museum building and collection, but withdrew the city's financial support. The museum's endowment totaled $200 million in 1999 and $230 million in 2001. The museum completed a major renovation and expansion in 2007. By 2008, the museum's endowment reached $350 million; however, a recession, reduced contributions, and unforeseen costs reduced the endowment balance to critical levels.