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22.12.2009
PAY FROZEN AT MUSEUM OF MODERN ART AS INVESTMENTS SHRINK BY 18%
New York´s Museum of Modern Art froze pay and reduced benefits for staff after its investments fell 17.6 percent in the last fiscal year, reports Bloomberg’s Philip Boroff.
MoMA´s cash and investments declined to $610 million from $788 million in the year that ended in June, museum spokeswoman Kim Mitchell said in a statement. The cuts illustrate the pressure on nonprofits as the global financial crisis eroded endowments and reduced donations.
MoMA has avoided firing staffers to offset budget squeezes. Other major museums, including the J. Paul Getty Trust, the Metropolitan Museum of Art and the American Museum of Natural History, recently eliminated staff.
As part of the agreement negotiated with unions earlier this year, the museum granted no raises and required most employees to increase their contributions for health care, according to the MoMA spokeswoman. The museum also changed its policy of contributing to each employee’s traditional pension plan and individual retirement account.
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