Brooklyn Museum Faces Financial Hurdles

Carol Vogel of the NY Times is reporting the Brooklyn Museum is working on plans to save money as its endowment has been reduced and funds from the city are expected to decrease. Earlier in the week I posted on an Art Newspaper article on large museums having some major financial problems due to investment losses from endowments (click HERE to read). Vogel's piece certainly seems to corroborate that post.

Vogel states in her article, In an effort to avoid layoffs, the Brooklyn Museum said Friday it is planning to implement a one-week unpaid furlough this summer for its entire staff and to reduce the pay of employees who earn more than $60,000 a year. The museum is also offering voluntary buyout packages — a week’s salary for every year worked, up to 26 years — to each of its 281 full-time staff members. “The buyout plan might be able to eliminate or significantly reduce layoffs,” said Arnold L. Lehman, the museum’s director.

Vogel continues The Brooklyn Museum’s endowment is $65 million, down from $93.1 million a year ago. It has been struggling with a 32 percent reduction in operating support from the city last year, with additional trims expected.

To read the full NY Times article, click HERE.