Billion-Plus Losses Force Big Cuts at Getty Trust
March 16, 2009 | Read Time: 1 minute
Facing investment losses of $1.5-billion since mid-2008, the J. Paul Getty Trust is slashing operating costs by a quarter, says the Los Angeles Times.
The $72-million in spending cuts could mean reductions in the number of temporary exhibits at the trust’s Getty Museum and Getty Villa, which now number more than 20 a year, and deferring purchases of new works. James Wood, the trust’s president, said the organization’s board would make final decisions in May.
The trust, which relies primarily on income from its endowment for more than 90 percent of its museum, research, grant making and other costs, has seen assets decline from $6-billion to $4.5-billion since last July.
See a Chronicle article about the challenges facing nonprofit endowments, including the Getty’s.
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