MFA eliminates 54 jobs
Boston’s Museum of Fine Arts announced today that it is eliminating 54 positions due to the global financial crisis.
“After careful consideration, we have reduced expenses by approximately 12%,” the MFA reports. “Regretfully, through electing not to fill 21 currently vacant positions and by reducing our staff by 33 members, we are eliminating 54 total positions.”
“The effect of the market on the value of our endowment, which provided close to one-third of our operating budget, has been profound,” the museum reports. “From June 30, 2008, through February 28, 2009, the endowment has declined approximately 30% to an estimated value of $359 million.”
Revenue from its shops, restaurants and membership sales are also down, the MFA says.
In addition to the job cuts, the MFA says it will eliminate salary increases for FY10, reduce the salaries of the director and management team, “re-assessed the exhibition schedule,” reduced staff travel, “re-shaped” concert and film programming, and curtailed print communications.