The First Art Newspaper on the Net Established in 1996 United States Saturday, December 20, 2014

Indianapolis Museum of Art works to rebalance its finances
Throughout the nonprofit industry, investment managers have recommended more conservative earnings projections, and the IMA’s efforts are in step with this conservative financial philosophy.
INDIANAPLIS, IND.- The Indianapolis Museum of Art announced today a strategic restructuring that includes an 11% reduction in personnel and a greater emphasis on donated and earned revenue. With a unanimous resolution of the Board of Governors, the IMA has put a plan in place to lessen the Museum’s dependence on its endowment. The total value of the IMA’s endowment was $326 million as of June 30, 2012, but the portion of the endowment that can be used for operating expenses was $203 million. Throughout the nonprofit industry, investment managers have recommended more conservative earnings projections, and the IMA’s efforts are in step with this conservative financial philosophy.

June M. McCormack, Chair of the Board of the IMA, noted that “As an institution, the Board wants the IMA to be recognized not only for the vibrant and engaging programming it brings to our constituents, but also for our exemplary stewardship of the financial resources that have been entrusted to us and are meant to be perpetual. The Board of Governors believes the vision put forth by our new Melvin & Bren Simon Director and CEO, Dr. Charles L. Venable, will achieve both these important goals.”

Since Dr. Venable’s arrival, the IMA has renewed its focus on audience engagement by creating new public programs that will enrich the visitor experience. Using new methods of research to better understand its current visitors and members, the IMA is crafting strategies for engaging a larger local and regional audience. Plans to relocate the welcome desk to the Efroymson Family Entrance Pavilion and a shift in training for the Gallery Guards to become Gallery Guides are meant to create a more welcoming atmosphere.

Last month the IMA announced the exhibition Matisse: Life in Color, an exhibition that should attract a large number of visitors and generate many new members for the Museum. While other initiatives designed to increase revenues and membership will be announced in the near future, the IMA implemented a reduction in force today. Eight open positions will not be filled, while 19 full-time positions and two part-time positions were eliminated across all departments of the Museum. The IMA is providing severance packages and outplacement services to those affected by the restructuring.

“These are difficult changes, but it is imperative that we reduce our reliance on the endowment so future generations can benefit from it,” said Dr. Venable. “In my opinion, endowments ideally should not be used to support more than 50% of operations as a rule with the other half being supported through donations and earned revenue. It pains me greatly that we have to make staffing reductions at this juncture, but it was clear that they were necessary. The IMA staff is very talented and the Board and I are grateful for the contributions of those who are leaving their employment at the IMA today, and we wish them well.”

Currently, the IMA relies on its endowment to fund more than 70% of its operating budget. Additional revenue comes from philanthropic giving, museum memberships, and earned revenue such as exhibition tickets.

Today's News

March 6, 2013

Museum of Modern Art presents a major reevaluation of photographer Bill Brandt's career

Extremely rare collection of Man Ray contact prints on view at Atlas Gallery in London

Potomack Company finds rare Andy Warhol "Marilyn" print, set for auction March 16

Philadelphia Museum of Art acquires major European, Latin American and American works of art

German museum Staatsgalerie Stuttgart returns painting of the Virgin and Child looted by Nazis

Suitcase used by one of the suspects in Dutch art heist found during a search in Romania: police

First exhibition in over two decades to trace Caravaggio's impact on European art opens in Hartford

Private collection of works by Scottish artist Craigie Aitchison on view at Waddington Custot Galleries

Kunsthaus Zürich strengthens its curatorial team by hiring Oliver Wick and Cathérine Hug

Stadel Museum opens exhibition of new acquisitions for the collection of graphic arts

Museo de Arte Abstracto Español opens exhibition of Pablo Picasso as printmaker

Exhibition of photographs by Sooni Taraporevala opens at Chemould Prescott Road

16th century Ottoman Iznik masterpeices return to Mayfair after a century for sale at Bonhams

Erwin Olaf’s most recent series of work on view at Hamiltons Gallery

Exhibition of new drawings by David Morrison opens at Garvey/Simon

Indianapolis Museum of Art works to rebalance its finances

Trees harvested from Virginia Overton's family farm in Tennessee in new exhibition at Mitchell-Innes & Nash

Former SAC manager's new site makes buying good artwork easier

Collector donates works to the Van Abbemuseum

Most Popular Last Seven Days

1.- Colossal statue of Amenhotep III unveiled on the west bank of the Nile in Egypt

2.- British royals crown New York visit with gala dinner

3.- Missing artwork rediscovered in "Stuart Little" sells for over 200,000 euros at auction

4.- Rossetti's Venus Verticordia soars at Sotheby's in London to sell for £2.88 million

5.- Russian magnate buys, then returns Nobel prize to American geneticist James Watson

6.- Egyptian Museum unveils four newly renovated halls of the famed Tutankhamun gallery

7.- 'The Secret of Dresden: From Rembrandt to Canaletto' on view at the Groninger Museum

8.- Cooper Hewitt Smithsonian Design Museum reopens after three-year renovation

9.- More than 200 queries about works by possible heirs received on Nazi-era art hoard

10.- Attorney, artist and filmmaker reflects on the seven lessons learned at 2014 Art Basel Miami Beach

Museums, Exhibits, Artists, Milestones, Digital Art, Architecture, Photography,
Photographers, Special Photos, Special Reports, Featured Stories, Auctions, Art Fairs,
Anecdotes, Art Quiz, Education, Mythology, 3D Images, Last Week, .


Ignacio Villarreal
Editor & Publisher: Jose Villarreal - Consultant: Ignacio Villarreal Jr.
Art Director: Juan José Sepúlveda Ramírez - Marketing: Carla Gutiérrez
Special Contributor: Liz Gangemi - Special Advisor: Carlos Amador
Contributing Editor: Carolina Farias

Royalville Communications, Inc
Founder's Site. The most varied versions
of this beautiful prayer.
to a Mexican poet.

The First Art Newspaper on the Net. The Best Versions Of Ave Maria Song Junco de la Vega Site Ignacio Villarreal Site