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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowThe Indianapolis Museum of Art today announced a series of cutbacks designed to trim $1.7 million from its budget due to revenue shortfalls and “significant losses” to its endowment.
As of Nov. 30, IMA’s endowment was worth $278.5 million, down 27 percent from the same date in 2007.
The museum is trimming expenses for the last six months of its current fiscal year, which ends June 30. The $1.7 million it aims to save is 9 percent of the remaining budget.
Among the more noticeable changes planned: The Virginia B. Fairbanks Art & Nature Park will not open until spring 2010 instead of the fall of 2009 and the museum will only stage two major exhibitions a year instead of three.
IMA said it would go so far as to cut hours, if necessary, but emphasized that only low-attendance hours would be targeted.
“Closing is something we’re trying to hold off,” spokeswoman Laura Pinegar said. “That’s one of the last things we would do.”
The museum does not plan to change its free admission policy.
For more or to weigh in on the news, go to Lou Harry’s A&E.
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