Thursday, December 4, 2008

Museum Declares Bankruptcy

As we’ve been saying for months now, the troubled economy has impacted organizations throughout the charitable sector. The most recent casualty is COPIA: The American Center for Wine, Food & the Arts. According to this recent article, the California food and wine museum has filed for bankruptcy. Although they plan to restructure operations and re-open the museum, this problem would have been avoided if they had successfully addressed the issues of minimal growth and limited rainy day funds which were revealed in our ratings. As our current evaluation shows, this organization is far from financially healthy, receiving just one star overall. Past ratings also show that this is a long term problem, with an overall rating of just two stars in prior years.

Especially in these times of economic uncertainty, it is important that donors support organizations that will do the most with their money. If you’re an arts lover, consider supporting a highly rated museum.

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