Indianapolis Museum of Art cuts 29 jobs

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INDIANAPOLIS – The Indianapolis Museum of Art has eliminated 29 jobs as part of a cost-cutting move designed to reduce the museum’s reliance on its endowment for financial stability.

The Indianapolis Star reports (http://indy.st/WqVOdU) that 19 full-time and two part-time employees were dismissed Monday. Eight open positions won’t be filled.

The cuts affect all departments and represent 11 percent of the museum’s staff.

Museum CEO Charles Venable has said he wants to cut annual spending by $2 million and find ways to reduce the amount the museum must draw from its endowment to cover operating expenses.

The endowment was valued at $326 million last June, but only $203 million was available for operating expenses.