Indianapolis Museum of Art aims to boost attendance, cut costs
The Indianapolis Museum of Art is working to cut costs and increase attendance to limit its reliance on its endowment for operating expenses.
The museum's $326 million endowment has rebounded after falling to $266 million during the recession, but it's still below its $393 million peak.
Director Charles Venable tells the Indianapolis Business Journal he wants to reduce the amount the museum draws from the endowment.
He plans to cut the museum's budget and hopes to double attendance by offering more high-profile exhibits, such as one featuring Henri Matisse that opens in October.
Venable says increased attendance could allow the IMA to start charging for general admission. The IMA tried charging $7 for admission following a renovation in 2005 but eliminated the fee less than two years later.
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