Sunday, September 12, 2010

Museum Endowments

An article in the Wall Street Journal on 8/20/05 reads "Museums have long been accustomed to covering their operating costs (the new PRM estimates $4.1-2-3? million per year projected to grow to $8 million a year by 2033) through their Endowments rather than through retail operations or ticket sales. According to a principal in cultural firm AEA Consulting, the average visitor costs the museum about $80, substantially more than the typical price of a ticket."

The PRM plans to charge $10 with a discount to Peoria County residents?? This means that the museum directors must spend energy raising funds each year to support a business premised on losing money. These efforts will be needed to support the PRM as the $41 million is just to help build the museum building, not to cover operating shortfalls.

More on rising cost of the museum project in my next blog.

1 comment:

steven edward streight said...

This museum project is a foolish move. I say abandon the whole thing. We don't need another unattended museum that loses money and acts as a drain on dwindling tax reserves.