Museums and the “new” Economy
According to the American Association of Museums nearly 50% of American museums have seen decreases in their budgets. Local and state funding for museums has been severely curtailed since 2007 and continues to fall, giving by foundations is down because their endowments have shrunk and individuals are giving less too. But most museums are seeing an increase in visitation which opens up new opportunities for membership development, program fees and museum shop sales. Many predict that public funding for museums will be permanently impacted, museums that are now struggling will have to make budget adjustments carefully to avoid staff and program cuts that may hamper handling the increases in visitation and the new opportunities for revenue generation.