STATEMENT FROM THE METROPOLITAN MUSEUM OF ART

The Mets financial position is strong, with a $2.8 billion endowment,

programming that continues to set an international standard of excellence, and
annual attendance of over 6 million visitors. This fiscal strength is underscored by
the recent renewal of The Mets triple-A rating by Standard & Poors.
Like many other non-profit institutions, over the last few years The Met has seen
operating costs grow at a faster rate than revenues. The Museum has identified a
structural deficit that needs to be addressed in the short-term to responsibly
steward the institution.
To this end, Museum leadership will be focusing on the following four areas in the
coming months to align its agenda with its resources:
Prioritizing spending around The Mets core mission and in ways that
advance the Museums Five-Year Strategy and Long-Term Feasibility Study
Addressing near-term revenue challenges in admissions and retail
Identifying ways to reduce operating costs and increase efficiencies
Investing in facilities and infrastructure
The Museum will continue this work over the next year, developing a path to a
balanced budget while maintaining our ongoing commitment to scholarship and
accessibility.

April 21, 2016