The Corcoran Gallery of Art and Corcoran College of Art + Design are taking measures to reduce expenses by partnering with other institutions, according to recent announcements.

Beginning next year, modern and contemporary artwork from the National Gallery of Art (NGA) will be on view at the Corcoran while the NGA renovates its east wing.

NGA executive director Earl A. Powell III said in a statement that the loans represent "a new development in our long relationship."

Corcoran College of Art + Design has also forged a "memorandum of understanding" with the University of Maryland in which "both institutions will augment the depth and breadth of their respective artistic, educational, and scholarly programs by shared resources and exchanges."

The changes will be led by Peggy Loar, who the Corcoran has appointed as "consulting director." Corcoran's president and director, Fred Bollerer, will assist her, according to a museum release.

Budget shortfalls caused talk of a sale of the Corcoran's landmark Beaux-Arts building on 17th Street in DC last year. The board has restated that the museum will stay put in its historic location.