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Add The Getty to the list of Museums with $$$ Problems
"Let me begin by stressing that the Gettys endowment is managed prudently, with careful oversight," wrote Getty Trust Chief Executive James N. Wood in a memo to staff that was obtained by the LA Times. "But the Getty has not been immune to the steep decline in financial markets which has affected so many of our peers even more seriously. Our endowment ended the 2008 fiscal year at $5.980 billion and, since that time, with financial markets deteriorating further, the value of the endowment has declined roughly 25%."
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Right now, LAist has lost $1.7M in annual funding due to Congress clawing back money already approved. The support we receive before year-end will determine how fully our newsroom can continue informing, serving, and strengthening Southern California.
If this story helped you today, please become a monthly member today to help sustain this mission. It just takes 1 minute to donate below.
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Senior Vice President News, Editor in Chief
