Brandeis University President Jehuda Reinharz remains committed to closing the school’s Rose Art Museum but has broached the possibility of keeping its $350-million collection, reports The Boston Globe.

Meeting Wednesday with about 200 students, Mr. Reinharz said Brandeis might not need to sell the modern-art trove if its economic and philanthropic situation improves. “We have no particular mandate from the board of trustees as to when to sell, how to sell,” he told the Globe in an interview.

University administrators disclosed at the meeting that Brandeis’s endowment has declined more than 20 percent, from $712-million to $549-million.