Kentucky's Speed Art Museum has exceeded its US$50m (£32m, €38.5m) Changing Speed fundraising goal for the museum's major renovation and expansion project by US$334,000 (£212m, €257m).

The successful campaign allows for the completion of Phase one and two of the museusm's masterplan, which includes a new North Building, a central utilities building and an art park and piazza.

The new 9,500sq ft (882sq m) South Building will include additional gallery space and a theatre showcasing digital, 16mm and 35mm film capabilities.

A new Center for Kentucky Art will also feature in a renovated 5,600sq ft (520sq m) gallery in the lower level of the current Speed building. It will showcase the Speed's collection of early Kentucky fine and decorative arts, including paintings, sculptures, furniture, silver and other objects.

The final phase includes the addition of a new South Building and extensive renovations to the current building.

Allan Latts, chair of the Speed Museum's Board of Trustees, said: "The overall Museum campaign is the largest ever undertaken by a cultural organisation in Louisville.

"When we began the feasibility study, many thought we could only raise US$15m (£9.7m €11.5m) and to have exceeded our stretch goal just shows the incredible support this community has for the Speed."