The faltering economy continues to take its toll on arts organizations across the country. The most recent such news comes from the Field Museum in Chicago, which lost a significant portion of its endowment due to declines in the stock market (see our President's comments on this here). As a result, the organization is facing some major decisions involving budget cuts, layoffs, and exhibits for the year.
While arts organizations are certainly not the only charities having trouble in these tough economic times, Charity Navigator has always maintained that they generally suffer more than other types of organizations. This is primarily because the needs they address aren’t considered to be critical by the general public; however, as we have pointed out in the past, cultural institutions play a larger role than you might think at first glance. If you’d like to support an arts organization, we suggest you research your donation before giving. You can view a list of highly rated arts organizations here.