“Endowments Thrust Onto Stage: As museums and other arts groups dip into funds.. here's the process"
The Los Angeles Times / May 15, 2020 / By Deborah Van Kin
The coronavirus crisis had shined a spotlight on the finances of museums -- now shuttered, their futures up in the air -- and other arts organizations.
The Los Angeles Philharmonic on Wednesday said it was drawing $20.6 million from its endowment to help close an $80-million budget gap, lessening the scope...READ MORE
KEY TAKEAWAY: Tapping into endowments -- which are not reserves -- may help museums now but it comes with a cost.