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With Big Gift and Tighter Oversight, the Met Gains Solid Ground

Category: Financial Sustainability

This article shares an announcement of a recent $80 million dollar gift to the Metropolitan Museum of Art from a Trustee of the museum which will be used to establish an unrestricted endowment for the purchase of Asian art as well as the support of exhibitions and publications from the Asian art department.

In addition, the article discusses recent changes the Metropolitan Museum of Art has made to increase its transparency and financial oversight by the board. Issues of financial sustainability of the Met’s long-term operations are discussed in light of the renewed confidence that this gift seems to indicate.

…the Met has committed to increasing transparency; to providing more detailed information to the board to ensure better financial oversight; and to improving communication between the administration and the staff.

The Irving bequest, the largest financial gift to the Met in recent history, will establish an unrestricted art acquisitions endowment fund, as well as several endowment funds for the department of Asian Art.

Continue Reading at Nytimes

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