The Indianapolis Museum of Art is laying off more than 20 employees as it looks to cut costs and lessen its reliance on its endowment, the museum announced Monday morning.
The IMA said 19 full-time workers and two part-time workers will complete their employment Monday. Eight additional vacant positions will not be filled.
The museum, under the management of new CEO Charles Venable, informed the employees of the cuts Monday morning. The staff was warned about the possibility of job eliminations earlier this year, IMA said.
“These are difficult changes, but it is imperative that we reduce our reliance on the endowment so future generations can benefit from it,” Venable said in a prepared statement. “It pains me greatly that we have to make staffing reductions at this juncture, but it was clear that they were necessary.”
Venable, who replaced Maxwell Anderson as CEO, has been restructuring the organization, including a managerial shakeup, since he arrived in October.
Plans include reducing the $22 million annual budget while boosting revenue by hosting more major, mainstream exhibitions.
More than one-third of the endowment, which was $326 million as of June 30, is earmarked for specific purposes, leaving about $203 million for operational expenses.
The IMA has been drawing close to 8 percent a year from the operating portion of its endowment. Venable wants to reduce the rate to about 5 percent so the fund can grow to previous levels. Before the recession, the endowment was almost $400 million.
A spokeswoman for the museum said Venable was not available for further comment on the layoffs.