The Fine Art Museums of San Francisco, which includes the de Young and Legion of Honor, announced today that 14 staff members will be laid off and 33 staff members furloughed, starting July 1.
In the announcement released Tuesday, FAMSF stated the organization faces a projected $20 million revenue loss, despite taking “aggressive measures to raise funds and reduce expenses.” Both of its museums have been closed since March 14; reopening is tentatively scheduled for mid-August.
To further reduce expenses, Director and CEO Thomas P. Campbell will take a 10% pay cut through the 2021 fiscal year, and the museums’ executive leadership are taking pay cuts on a sliding scale of up to 5% for the duration of the furlough period.
Though the FAMSF received a $4.1 million Paycheck Protection Program grant through the CARES Act, and has raised just over $5 million so far through the FAMSF Recovery Fund, cuts to programming and non-payroll operating costs still left the institution with a $2.5 million gap in the current fiscal year, which closes at the end of June.
The announcement warns that an expected loss of $11 million in revenue in the next fiscal year could be exacerbated if the museum closure is extended to a later date. Read more here.
