Friday, April 24, 2009

Doom

Word on the museum street is that the Getty Museum is to lay off some 100 or so employees or roughly 25% of its workforce next week.
Posted by J. Wesley Brown at 11:52 AM

2 comments:

Andrew said...

That is quite astounding when you consider the enormous endowment they have. I imagine they will layoff people who earn between $30,000-$60,000 and all the ones who earn above $100,000 will be safe.

April 27, 2009 at 12:45 PM
J. Wesley Brown said...

Well, it's really just a rumor at this point, but one which likely has legs. Remember, however, that endowments don't necessarily cover administrative, ie. salary, expenses. Also remember that only 5% of the endowment or its income is allowed to be spent annually and then only typically to cover program expenses - not salaries. If people donated for operating expenses it would be a different story, but they tend not to.

April 27, 2009 at 11:50 PM

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