This report evaluates resident and tourist markets and forecasts potential performance. It also provides physical planning guidance. Selected past museum and cultural attraction consulting projects are described below.
Try one month for 99 cents New era begins for Berkshire Museum finances A banner outside the Berkshire Museum in Pittsfield thanks supporters for their visits and boasts of new, upcoming programs.
Today, museum trustees who specialize in financial matters have a far different kind of problem: It also notes that variances in some figures are the result of different reporting requirements. During months of litigation and an investigation by Attorney General Maura Healey, museum leaders and lawyers pointed often to budget deficits and a shrinking donor base.
Reacting to what they termed a financial crisis, trustees pulled 40 works from their collection last July, intending to bring them to market. This May, the museum sold 13 of the most valuable deaccessioned works in auctions and private transactions, with additional sales ahead.
The reports do not account for the latest proceeds, but the museum says it has updated financial models to include its new cash. They were provided by the museum to The Eagle upon request. They also show how expenses mounted through the year as trustees continued work on a master plan that called for a shift in how the museum uses its collection to shape exhibitions.
That interactive and multimedia venture is called the "New Vision. PC of Pittsfield and Great Barrington, show where the museum stood at that point in time, when trustees already had set a plan to sell art but had not announced it. While not yet approved in a board vote, attorney Mark S.
Stephen Bayne, a trustee who serves as board treasurer, said that when the fiscal year closed, total contributed income from grants, fundraising, memberships and other sources and total earned income from things like admissions, museum shop sales, programs and traveling exhibitions came up well short of expenses.
The new documents offer a look back and final accounting of the situation that sparked a continuing national debate over the laws and ethics that apply to museum collection management. She questioned, for example, why the museum had not calculated higher revenue from its new exhibition strategy.
And others, including Williams College economics professor Stephen Sheppard, who reviewed years of financial documents for the museum, said it could fix its problems with far less money raised through art sales.
That accounting practice involves marking an expense to cover loss of value in assets due to wear and tear. Depreciation debate Bayne, in a joint telephone interview with fellow Finance Committee member Michael Christopher, conceded that the depreciation amount differs from other expenses like salaries, marketing or payroll taxes.
You can say it falls between those numbers," he said. The draw from the endowment was not sustainable, Bayne said, echoing museum statements over the past year. Bayne said trustees spent time with staff examining whether it could find new sources of income or reduce expenses.
McGraw said in an earlier interview that, in time, she changed her mind. On the revenue side, a few factors contributed to creating the financial hole. Those elements fall under "contributed" income. Tracking expenses On the expense side, the numbers related to museum operations — that is, covering the cost of mounting programs, paying salaries and fundraising bills — were about the same in and Not all of that resulted in a higher budget gap, according to the audited statements.
The IRS form also required the museum to state "business transactions involving interested persons. The audited statements offer a different total in connection with "related party" dealings. New legal costs Four months after the fiscal year closed, the museum was named in the first of two civil lawsuits opposing the art sales.
Trustees have declined to say how they are paying legal bills from WilmerHale, which successfully defended against the suits in three courts. Oral arguments are expected soon in a remaining appeals court case.
The federal tax form requires the museum to recap its public support, a figure meant, in part, to justify its tax-exempt status. Critics of the art sales have questioned whether the museum eased off on fundraising to exacerbate a budget problem.
The museum says its general fundraising appeals continue. Trustees said in a May 31 open letter that they plan to restart a capital campaign in after completing plans for renovations related to the New Vision.
We continue to have very strong support with our operational fundraising, which is a great sign for us. That money can only be used for the "enhancement, care, preservation and protection of collections," according to the auditors. Money moves Windfall in hand, the museum has worked out special deals with banks for short-term deposits as the board prepares to roll out a longer investment strategy.
He said that once a plan is set, it could take two to four months to shift from short-term deposits to more lucrative placements. But first, trustees will get expert help.
Bayne said the museum is moving to hire an independent financial expert to advise them on picking money managers.
That is the figure trustees used to calculate how much they needed to raise from an enhanced endowment to cover shortfalls, Bayne said.Our Strategic Master Plans set the stage for new museums and for long term growth and change of existing museums by integrating exhibit, program, operational and facility planning into a single, cohesive business model and master plan for the museum.
The Newseum is a dynamic, engaging and interactive museum of news that allows visitors to experience the stories of yesterday and today through the eyes of the media while celebrating the freedoms guaranteed to all Americans by the First Amendment. From the modern building located on historic Pennsylvania Avenue, to the state-of-the .
The Stabler-Leadbeater Apothecary Museum was a family business founded in and operated in this location from until It represents one of Alexandria's oldest continuously run businesses that combined retailing, wholesaling, and manufacturing.
Before the Business Plan, Begin with the Museum Feasibility Study The feasibility study is the first step in starting a new museum or expanding an existing museum, and should be . Looking for a new model to think about business? Look no further than your local art museum, says Assistant Professor Ray Weaver.
Museum's capital assets at the end of will exceed $ million (based on conservative appraisals), and that in the capital assets will exceed $ million, including the value of the proposed new Museum building.