The Foundation's director of the trustee, Peter Evans, said it was the first major donation since businessman and philanthropist Paul Ramsay passed away in 2014.
Mr Ramsay left $3 billion to charity – believed to be the biggest single philanthropic donation in Australia's history.
He founded and chaired Ramsay Health Care, which runs Albury Wodonga Private Hospital, in West Albury, and Murray Valley Private Hospital, in Wodonga.
Mr Ramsay was also heavily involved in the media, including the Prime7 TV network and was chairman of Prime Media Limited until 2014.
In life, Mr Ramsay was a generous benefactor to dozens of charities and worthy causes.
MAMA director Jacqui Hemsley said it was a great honour to receive the first donation from the Paul Ramsay Foundation and that three galleries would be named in honour of Mr Ramsay.