In 1973, the new architecture school was complete and the building once again returned to its original function. By 1995, the collection had expanded to approximately 8,500 objects through gifts, purchases, and extended loans. Today, the facility houses nearly 14,000 works in its permanent collection, many of which are of ethnographic interest. Its Kluge-Ruhe Aboriginal Art Collection is one of the most significant collections of Australian Aboriginal Art outside of Australia. Six thousand square feet of space are devoted to exhibiting and teaching.
In addition, the museum features events such as public lectures, symposia, and tours. Programs of service to the local community include Eyes on Art, tailored to Alzheimer's patients and caregivers; Early Visions, which partners university students with members of the Charlottesville Boys and Girls Clubs; and Writers Eye, which encourages individuals to submit prose and poetry inspired by museum holdings.
The Fralin Museum of Art received national accreditation by the American Association of Museum in 2001, which was reconfirmed in 2008. In 2009, an extensive renovation added Print Study and Object Study galleries to further aid in the museum's mission to represent through a variety of media the world's cultures from ancient times to the present.