Show Me the Money

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This session was presented at the 2012 American Association of Museum’s annual meeting by Nina Simon (Santa Cruz Museum of Art & History), Ellen Rosenthal (Conner Prairie), and Eric Siegel (New York Hall of Science). These short presentations were followed by an extensive dialogue about museums, financial models, and budgeting.

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Show Me the Money

  1. 1. show me the money straight talk about business models Ellen Rosenthal Eric Siegel Nina SimonFriday, May 4, 2012
  2. 2. three museums $850,000 $9,000,000 $17,000,000Friday, May 4, 2012
  3. 3. our spending looks similar... ,!"# +!"# *!"# )!"# (!"# =AB# CD77/5#E5;656/# !"# FGHCI# &!"# %!"# $!"# !"# -./01#234/56/78/# 9.7:5;6067<# =;7;</>/71# =;5?/@7<#Friday, May 4, 2012
  4. 4. !"# $!"# %!"# &!"# !"# (!"# )!"#Friday, May 4, 2012 *+ ,- ./ # 67 8 01 2 // -. 21 +23 -/ 45 9#: 1- +1 ;+ /# ,8 /9# < =8 3= +/ > 2? # @, A2B 2.C #D =- . ,B # @1 17 #,- 7# E- D= 71 ., F 2B# 8 =- .G D =, B #E /. ,. =# our revenue sources do not. <6H# IJK0L# 01--=+#:+,2+2=#
  5. 5. !"# $!"# %!"# &!"# !"# (!"# )!"#Friday, May 4, 2012 *+ ,- ./ # 67 8 01 2 // -. 21 +23 -/ 45 9#: 1- +1 ;+ /# ,8 /9# < =8 3= +/ > 2? # @, A2B 2.C #D =- . ,B # @1 17 #,- 7# E- D= 71 ., F 2B# 8 =- .G D =, B #E /. ,. =# our revenue sources do not. <6H# IJK0L# 01--=+#:+,2+2=#
  6. 6. !"# $!"# %!"# &!"# !"# (!"# )!"#Friday, May 4, 2012 *+ ,- ./ # 67 8 01 2 // -. 21 +23 -/ 45 9#: 1- +1 ;+ /# ,8 /9# < =8 3= +/ > 2? # @, A2B 2.C #D =- . ,B # @1 17 #,- 7# E- D= 71 ., F 2B# 8 =- .G D =, B #E /. ,. =# our revenue sources do not. <6H# IJK0L# 01--=+#:+,2+2=#
  7. 7. !"# $!"# %!"# &!"# !"# (!"# )!"#Friday, May 4, 2012 *+ ,- ./ # 67 8 01 2 // -. 21 +23 -/ 45 9#: 1- +1 ;+ /# ,8 /9# < =8 3= +/ > 2? # @, A2B 2.C #D =- . ,B # @1 17 #,- 7# E- D= 71 ., F 2B# 8 =- .G D =, B #E /. ,. =# our revenue sources do not. <6H# IJK0L# 01--=+#:+,2+2=#
  8. 8. improving financial understanding at conner prairie Ellen Rosenthal Eric Siegel Nina SimonFriday, May 4, 2012
  9. 9. Conner Prairie Interactive History ParkFriday, May 4, 2012
  10. 10. Conner Prairie Interactive History ParkFriday, May 4, 2012
  11. 11. Improving financial understanding on three levels 1. Micro – Increase staff comprehension of the cost of doing business 2. Mid-level – Analyzing the impact of programs 3. Macro - Recession brings financial crisisFriday, May 4, 2012
  12. 12. The Cost of Doing Museum BusinessFriday, May 4, 2012
  13. 13. What is the cost of?Friday, May 4, 2012
  14. 14. What is the cost of? • One time ½ page , 4 color, full DMA circulation newspaper adFriday, May 4, 2012
  15. 15. What is the cost of? • One time ½ page , 4 color, full DMA circulation newspaper ad • $2,600Friday, May 4, 2012
  16. 16. What is the cost of? • One time ½ page , 4 color, full DMA circulation newspaper ad • $2,600 • One year of food supplies for animalsFriday, May 4, 2012
  17. 17. What is the cost of? • One time ½ page , 4 color, full DMA circulation newspaper ad • $2,600 • One year of food supplies for animals • $19,484Friday, May 4, 2012
  18. 18. What is the cost of? • One time ½ page , 4 color, full DMA circulation newspaper ad • $2,600 • One year of food supplies for animals • $19,484 • One week - TV spot on one station Indy DMAFriday, May 4, 2012
  19. 19. What is the cost of? • One time ½ page , 4 color, full DMA circulation newspaper ad • $2,600 • One year of food supplies for animals • $19,484 • One week - TV spot on one station Indy DMA • $19,800Friday, May 4, 2012
  20. 20. What is the cost of? • One time ½ page , 4 color, full DMA circulation newspaper ad • $2,600 • One year of food supplies for animals • $19,484 • One week - TV spot on one station Indy DMA • $19,800 • One week of electricityFriday, May 4, 2012
  21. 21. What is the cost of? • One time ½ page , 4 color, full DMA circulation newspaper ad • $2,600 • One year of food supplies for animals • $19,484 • One week - TV spot on one station Indy DMA • $19,800 • One week of electricity • $3,480Friday, May 4, 2012
  22. 22. Mid-Level: Cost Benefit Analysis of Programs Two cross-divisional teams Steps 1. Financial analysis 2. Analysis of non- financial benefits 3. Recommendations about programs 4. ActionFriday, May 4, 2012
  23. 23. ROI vs Mission We need to judge every activity by two primary criteria – mission and finances ---- Staff participantFriday, May 4, 2012
  24. 24. Results • Some programs dropped, others scaled back, others expanded • Understanding of the real cost of producing programs • Revealed hidden costs (and benefits) of programs • Strategic atmosphere for considering starting and continuing programsFriday, May 4, 2012
  25. 25. Conveying bad news • Communicate, communicate, communicate • Small group meetings • Museum finances are not intuitive • Sources of revenue • Capital vs Operating • Impact on staff • The plan for moving forward Impact of the RecessionFriday, May 4, 2012
  26. 26. funding risk at the new york hall of science Ellen Rosenthal Eric Siegel Nina SimonFriday, May 4, 2012
  27. 27. Friday, May 4, 2012
  28. 28. Friday, May 4, 2012
  29. 29. Friday, May 4, 2012
  30. 30. Friday, May 4, 2012
  31. 31. community turnaround at the santa cruz museum of art & history Ellen Rosenthal Eric Siegel Nina SimonFriday, May 4, 2012
  32. 32. yes, museums really can fail. !)%$""%"""# !)%"""%"""# !(""%"""# !""%"""# ,-./01# 2341-515# !&""%"""# !$""%"""# !"# $""# $""*# $""(# $""+# $")"# $"))#Friday, May 4, 2012
  33. 33. yes, museums really can fail. !)%$""%"""# !)%"""%"""# !(""%"""# !""%"""# ,-./01# 2341-515# !&""%"""# !$""%"""# !"# $""# $""*# $""(# $""+# $")"# $"))#Friday, May 4, 2012
  34. 34. Friday, May 4, 2012
  35. 35. Friday, May 4, 2012
  36. 36. Friday, May 4, 2012
  37. 37. Friday, May 4, 2012
  38. 38. Friday, May 4, 2012
  39. 39. WHAT’S THE RIGHTREVENUE MODEL FOR ACOMMUNITYORGANIZATION?Friday, May 4, 2012
  40. 40. Friday, May 4, 2012
  41. 41. Friday, May 4, 2012
  42. 42. Friday, May 4, 2012
  43. 43. WHAT SHOULD WE SPENDMONEY ON IF WE WANT TOBE A COMMUNITY CENTER?Friday, May 4, 2012
  44. 44. Spring 123245.3"%!$$"63"%!$%" 2011 total: 7060%#!!" 2012 total: 13,625 93% increase%!!!"$#!!"$!!!" #!!" !" $&()" $&*+," $&-(." $&/0." 123245.3"&"%!$%" 123245.3"&"%!$$"Friday, May 4, 2012
  45. 45. Friday, May 4, 2012
  46. 46. Friday, May 4, 2012
  47. 47. Friday, May 4, 2012
  48. 48. Friday, May 4, 2012
  49. 49. Friday, May 4, 2012
  50. 50. what do you want to talk about? Ellen Rosenthal Eric Siegel Nina SimonFriday, May 4, 2012

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