Museum PR Announcements News and Information

Baltimore Museum of Art Announces Steps to Ensure Financial Sustainability

The Baltimore Museum of Art announced the implementation of short- and long-term measures designed to balance the Museum’s budget for the coming years and ensure the institution’s financial health. Initiatives include a reduction in personnel, restructuring staff in key areas, increasing contributed and earned revenue, and reducing the draw on the Museum’s endowment. Taken together, these steps will lead to a stronger and more financially sustainable Museum to serve visitors from Baltimore, Maryland, and around the world.

The gap between expenses and revenues in the BMA’s operating budget is largely the result of the lingering impact of the economic downturn. During the past five years, the BMA has seen government grants for operating support decrease by 43%, from $3 million in fiscal year 2009 to nearly $1.7 million in fiscal year 2014, a decrease of $1.3 million. The fiscal year 2013 operating budget is $12.9 million.

The staff restructuring includes the addition of four new positions in strategic areas that will build the Museum’s capacity in technology, earned revenue, volunteer support, and fundraising. It also eliminates five open unfilled positions, as well as 11 full-time and three part-time positions from a staff of 154. This will reduce the Museum’s personnel expenses annually by more than $500,000. Cost-cutting measures taken by the BMA in 2009 and 2010 included scaling back exhibitions and programs, reducing marketing expenses, and implementing temporary salary reductions.

The Baltimore Museum of Art is home to an internationally renowned collection of 19th-century, modern, and contemporary art.