Admittedly, the theft of $1.438 million over a period five years is not huge when you put it in context.

"It's not a situation that puts the art or the institution at risk," said Woodruff Arts Center Chairman Larry Gellerstedt.

But it is a nasty stain on the Arts Center's reputation, raising questions about governance in an institution that depends on its spotless reputation to raise money.

"We take that very, very seriously," Gellerstedt said, "and we're on it."

That sense of diligence and damage control to Tuesday’s news conference, conducted by Gellerstedt and the Center's new president and CEO, Virginia Hepner. Step one on the road to recovering from a potential public relations disaster: come clean.

"The first way to re-establish credibility is to let folks know this happened," Gillerstedt said.

Hepner said the Arts Center already has in place new outside controls to make sure something like this does not happen again - and to make sure donors big and small know it.