New York’s museums and cultural institutions will reopen late August by ElanaLyn
of U.S. museum directors said there was either a"significant risk" of closing permanently by next fall or they “didn't know” whether their institutions would survive, an American Alliance of Museum’s survey of 760 museum directors found.
Of the museums able to reopen, more than 40% of the museum directors said they’d open with a reduced staff and would need to spend additional funds to reopen safely. Nearly 90% of the museum directors said they had only 12 months or less of financial operating reserves remaining, with 56% having less than six months left to cover operations.“Even with a partial reopening in the coming months, costs will outweigh revenue and there is no financial safety net for many museums. The distress museums are facing will not happen in isolation,” said Laura Lott, the president and CEO of the American Alliance of Museums.
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