Tyler Green
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Tyler Green Modern Art Notes

The Corcoran, by the numbers

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One of the points I tried to make in yesterday’s analysis of the Corcoran situation is that there’s no single factor that has created the situation the institution now finds itself. Here are some numbers that explain the problem — and in one case a problem the Corcoran board says exists.
  • $100 million plus another $30 million in related costs: Amount needed to bring Corcoran up to “modern museum standards” according to Monday’s Corcoran statement.
  • 2008: Year in which the Corcoran was most recently accredited by the American Association of Museums, the keeper of museum standards.
  • 2018: The next time the Corcoran comes before AAM for re-accreditation.
  • 0: Explanation from the Corcoran about what that $130 million figure represents.
  • $8,203,669: Grants and contributions the Corcoran attracted in the fiscal year ending June 30, 2008 (includes $835,000 in government funds).
  • $4, 948.964: Grants and contributions the Corcoran attracted in the fiscal year ending June 30, 2009. (includes $1,189,847 in government funds).
  • $4,409,302: Grants and contributions the Corcoran attracted in the fiscal year ending June 30, 2010. (includes $551,911 in government funds).
  • $3,169,945: Grants and contributions the Corcoran attracted in the fiscal year ending June 30, 2011 (includes $254,597 in government funds).
  • $26,947,714: The Corcoran’s defecit in the fiscal year ending June 30, 2005, the fiscal year in which it wrote off costs associated with the failed Frank Gehry-designed expansion.
  • $1,262,753: The Corcoran’s deficit in the fiscal year ending June 30, 2009.
  • $272,124: The Corcoran’s deficit in the fiscal year ending June 30, 2010.
  • $3,000,000: The Corcoran’sĀ expected deficit in the fiscal year ending June 30,2011. (Source: Corcoran director Fred BollererĀ to the NYT’s Kate Taylor in January, 2011.)
  • $7,213,832: The Corcoran’s deficit in the fiscal year ending June 30, 2011.
  • 7 weeks: The Corcoran’s current fiscal year ends.
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Comments

  1. I wonder if Lord Cultural Resources is pushing the idea of selling the building as the best solution.

  2. Do they really think someone will buy it. I mean what they say is that it is a $130M fixer upper, what is not mentioned is the 10 years it will take to get any changes approved.

    It is nice to think that the NGA could take it over, but lets think about this. NGA needs to expand for its own stuff, so adding this building does nothing unless they put the Corcoran collection in storage. (I suppose they could lend it all out to less well established museums across the country). But then you still have the $130M to retrofit, plus what – $100M in new endowment to support it– can’t see Congress being generous and the District is beyond hopeless. With Paul Mellon gone, does the NGA have the fundraising ability to do all this?

  3. [...] The Corcoran's multiplying budget deficits [Modern Art Notes] [...]

  4. by Hilary Robinson

    Tyler, that’s all interesting. Are those global figures? Can you disentangle the School from the Museum in those figures? or are those only Museum figures – in which case, what are the School’s figures?

  5. by Tyler Green

    They are figures for the entire Corcoran. As you probably know, the school and the museum are a single entity, and file their annual 990 as such.

  6. by Hilary Robinson

    Those deficit figures for the last 3 years don’t make sense. How does that happen??!!
    The School is due for NASAD accreditation end of next year. I can’t find when the next Middle States accreditation is due – that’s the crucial one, as without it they cannot give degrees. It’s usually every 10 years.

  7. [...] In the Washington Post, David Montgomery reports on the Corcoran’s fundraising — or lack thereof. (I featured the declining fundraising numbers here.) [...]

  8. [...] this data also suggests, Washington foundations and donors have little confidence in the Corcoran’s leadership. Those [...]

  9. [...] Corcoran move. The Corcoran’s monetization of a long-term lease raises more questions. The Corcoran by the numbers. A long-term failure of leadership. « Wednesday links Blog Home Analysis Pin It [...]

  10. [...] by the Corcoran. A breakdown of each year of the Corcoran’s snowballing debt can be seen here. Now, the sale of the building appears to be the most likely [...]

  11. [...] a series of truly awful Corcoran boards held on, frittering away cultural capital: both tens of millions of dollars and valuable real estate. When it comes to leadership, the Corcoran boards of the last decade are [...]

  12. [...] the emphasis in my life and work.” He gave the museum five days notice. The museum had, at this point, a $4.4 million deficit. The month prior, it had closed the exhibit “Turner to Cezanne” [...]

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