Baltimore’s premier arts institution, destabilized after a whirlwind few months that saw the ouster of its CEO and a financial earthquake, plans to rebuild with new leadership and a pared-back mission.

Baltimore Office of Promotion & The Arts interim CEO Robyn Murphy said at a Thursday morning board meeting that the arts and culture organization plans to refill its depleted board and take a back seat role in some of the city’s marquee programs and festivals. That includes Artscape, the annual, free outdoor arts festival, which BOPA will help stage this May by curating the vendor list and exhibits.

“The heavy lift of management is off the plate of this organization so we can do what we do best,” Murphy said Thursday, “focus on the art.”

Murphy’s remarks came just weeks after the close of a nightmare year for BOPA. The city-backed nonprofit, which not only stages high-profile events but also manages facilities and serves as Baltimore’s arts council and film office, revealed this past September it had become financially insolvent and could no longer pay the bills.

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BOPA then asked the city for a $1.8 million bailout, prompting Mayor Brandon Scott to ask for a forensic audit and later causing the city to sever ties with the group. Baltimore funds a majority of BOPA’s budget.

Rachel D. Graham, who assumed the CEO post this past March, sought to cast blame on the city for spending a $1.5 million grant that she falsely believed was meant for BOPA. She also acknowledged that she went ahead with last year’s Artscape despite knowing the depths of the institution’s financial peril. Board members resigned in droves, and Graham stepped down; Murphy said on Thursday that some of BOPA’s fiscal problems can be traced back to a recent idea that the organization was about to “sunset.”

Not so, Murphy reiterated Thursday. She applauded the organization for its dedication to putting on the New Year’s Eve fireworks show; cheered its handling of next week’s Martin Luther King Jr. Day Parade; and said she hoped the board would be restocked with new members by spring.

After guiding BOPA back to sustainability, Murphy said she does not intend to be the permanent CEO.

In its next chapter, BOPA will change: The Baltimore Farmers’ Market will be transferred out of the organization’s portfolio, and the city and Baltimore Development Corp. will select the market’s next manager through a competitive process. The city will also serve as the lead festival planner for Artscape and will assist with fundraising.

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BOPA, meanwhile, is considering subleasing part of its office space to other entities to help it raise money. And the Top of the World Observation Level at Baltimore’s World Trade Center — stewarded by BOPA since 2005 ― will revert to state control in May.

Still, deep-seated financial problems with BOPA remain, Murphy said. She continues to uncover “significant deficits, debts and unpaid bills,” and found at least one instance of a grant fund for artists being misappropriated to cover Artscape debts. To backfill that fund, Murphy said BOPA would be pulling money out of its investment fund and leaning on the city for funding.

Murphy said the next budget will reflect BOPA’s new composition and responsibilities. Talks with city leadership are ongoing and regular, she said, with each “committed” to the relationship.

“There is a significant amount of financial turmoil we are working through,” she said, “but I see a path forward now I didn’t see at first.”

Before the Top of the World Observation Level closes, Murphy said the public can expect some “last-hurrah” style programming; she wants “as many visitors as possible” to see the city’s finest 360-degree view before it converts to office space for state executives.