The J. Paul Getty Trust issued the following statement in connection with Board of Trustee approval of its 2010 fiscal year budget.
April 27, 2009
The Board of the J. Paul Getty Trust approved the Getty’s 2010 fiscal year budget on Wednesday, April 15. The FY10 endowment budget of $216 million, plus one-time transition costs of $3.9 million, representing a 24 percent reduction from the previous year, will be effective July 1, 2009. The new budget reflects reduced income from the Getty’s endowment, which has declined about 27 percent since July and totaled $4.2 billion as of March 31.
Louise Bryson, Chair of the Getty’s Board of Trustees said, “The Board worked closely and cooperatively with Jim Wood and the Getty’s management team to develop a budget that reflects the substantial decline in the value of the Trust’s endowment, and therefore reduced income, while taking into account the importance of maintaining the Getty’s capacity, through its talented professional staff, and its ability to continue important program work here in Los Angeles and around the world.”
Approximately 97 employees, or 6.7 percent of the Getty’s current staff, will be laid off as a result of the budget reduction. Vacancies, attrition and the expiration of limited term agreements bring the total number of positions eliminated to 205 or 13.8 percent of the Getty’s current 1,487 budgeted staff positions.
“The Getty’s extraordinary employees are crucial to accomplishing the Getty’s mission. Protecting as many of our employees as possible from layoffs has been a priority throughout the budget development process. The management team focused on our long-term strategic goals in making reductions. We also felt strongly that it was essential to preserve free entrance and existing public hours for our visitors at both the Getty Center and Getty Villa,” said President and CEO James Wood.
The budget preserves free admission and current visiting hours for both the Getty Center and the Getty Villa. There will be an increase in the parking fee from $10 to $15, effective July 1.
Other key budget provisions include a continued hiring freeze, extended timing for important projects in order to reduce spending next year while preserving the Getty’s important work in Los Angeles and around the world, elimination of staff salary increases and pay cuts of up to 6 percent for senior leadership.
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About the Getty:
The J. Paul Getty Trust is an international cultural and philanthropic institution devoted to the visual arts that features the Getty Conservation Institute, the Getty Foundation, the J. Paul Getty Museum, and the Getty Research Institute. The J. Paul Getty Trust and Getty programs serve a varied audience from two locations: the Getty Center in Los Angeles and the Getty Villa in Malibu.
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