The Athenaeum (originally known as Das Deutsche Haus) was built in two phases between 1892 and 1898 to serve as the home of the Indianapolis Socialer Turnverein (now known as the Athenaeum Turners), the city's largest Turner society. The building was owned by Socialer Turnverein Stock Association. During the first half of the 20th century the large membership of the society provided enough income to maintain the building, but declining membership during the second half of the century reduced the funds available for building maintenance. By the early 1990s, it became clear that the Turners and the Stock Association did not have the resources to make needed repairs and renovations. In 1991 the Turners and the Stock Association formed the Athenaeum Foundation, Inc., a 501(c)(3) not-for-profit foundation. Ownership of the Athenaeum was conveyed to the foundation, and the foundation took responsibility for raising the funds for repairing, restoring, and maintaining the building. Members of the Turners and its ladies' auxiliary became members of the foundation and could elect one member of the foundation's board of directors.