to continue despite the loss by using rented facilities failed. By 1878, the academy was $10,000 in debt. Members tried to rescue the ailing institution by making deals with local businessmen, before some finally abandoned it in 1879 to found a new organization, named the Chicago Academy of Fine Arts. When the Chicago Academy of Design went bankrupt the same year, the new Chicago Academy of Fine Arts bought its assets at auction. In 1882, the Chicago Academy of Fine Arts changed its name to the current Art Institute of Chicago and elected as its first president the banker and philanthropist Charles L. Hutchinson, who "is arguably the single most important individual to have shaped the direction and fortunes of the Art Institute of Chicago". Hutchinson was a director of many prominent Chicago organizations, including the University of Chicago, and would transform the Art Institute into a world-class museum during his presidency, which he held until his death in 1924. Also in 1882, the organization purchased a lot on the southwest corner of Michigan Avenue and Van Buren Street for $45,000. The existing commercial building on that property was used for the organization's headquarters, and a new addition was constructed behind it to provide gallery space and to house the school's facilities. By January 1885 the trustees recognized the need to provide additional space for the organization's growing collection, and to this end purchased the vacant lot directly south on Michigan Avenue. The commercial building was demolished, and the noted architect John Wellborn Root was hired by Hutchinson to design a building that would create an "impressive presence" on Michigan Avenue, and these facilities opened to great fanfare in 1887. With the announcement of the World's Columbian Exposition to be held in 1892–93, the Art Institute pressed for a building on the lakefront to be constructed for the fair, but to be used by the institute afterwards. The city agreed, and the building was completed in time for the second year of the fair. Construction costs were met by selling the Michigan/Van Buren property. On October 31, 1893, the institute moved into the new building. For the opening reception on December 8, 1893, Theodore Thomas and the Chicago Symphony Orchestra performed. From the early 1900s (to the 1960s the school offered with the Logan Family (members of the board) the Logan Medal of the Arts, an award which became one