The Rock and Roll Hall of Fame Foundation is to create a US$5m (£3.2m, €3.9m) endowment fund for the Rock and Roll hall of Fame and Museum in Cleveland, Missouri, US.

The fund was generated by the proceeds from Rock and Roll Hall of Fame 25th anniversary concerts held at Madison Square Garden in New York on 29-30 October 2009. Joel Peresman, president and CEO of the Rock and Roll Hall of Fame Foundation said: "This gift is about the artists' endorsement of the museum's mission: to celebrate and preserve the art form and to provide education activities to inform the public about its worldwide impact.

"Rock and roll is an art form, and arguably one of the most accessible art forms that is well known and loved around the world." The foundation has been the largest single contributor to the museum, donating more than US$13m (£8.3m, €10.1m) over the past five years. This includes annual support for capital improvements, a US$8m (£5.1m, €6.2m) gift toward the Capital Campaign, US$1m (£637,600, €774,412) to develop a long-term digital strategy and a complete redesign of the museum's website.

The endowment comes at a time when the Rock Hall is within US$1.5m (£956,400, €1.2m) of completing its US$35m (£22.3m, €27.1m) Campaign for the Rock Hall, aimed at supporting a redesign of the museum itself and the construction and operation of the Rock and Roll Hall of Fame's Library and Archives in downtown Cleveland. Image: PR Newswire. The Edge and Bruce Springsteen in concert at Madison Square Garden