The stalwart Minneapolis Institute of Arts is cutting budget and staff after donations fell 25 percent and the value of its $145 million endowment dropped 21 percent, Star Tribune reporter Mary Abbe writes in a thorough story.
The MIA will cut $1.7 million or 6 percent from its $26 million budget, and lay off 11 full-timers and eight part-timers from a staff of 300.
“It was probably the worst day of my professional career,” MIA Director Kaywin Feldman tells Abbe. “The MIA is very much a family and we feel the loss of staff here very dearly.”
Managers also are cutting their pay voluntarily; Feldman said she’ll take a 10 percent cut and five others reduced theirs by 3 percent.
Although the MIA will trim back some of its arts programming, free admission will continue. “It’s a core value, and we’re absolutely committed to it,” Feldman said.
Abbe notes the announcement is one of several expected from major institutions in the months ahead.