Financial Management in Museums considers sustainable and innovative solutions to current museum financial challenges by analyzing the many changes and pressures affecting the museum field.
Presenting diverse perspectives from a range of authors around the world, the book shares and compares different funding models and methods of museum financial management. Arguing that museums need to be more effective in obtaining and managing financial resources, the volume also demonstrates how innovative and sustainable financial management strategies and structures can allow museums to respond to societal pressures and issues in a more effective way. It also demonstrates that museums must allocate resources responsibly to fulfill their goals of justice, equity, inclusion, and accessibility. The theoretical and practical contributions within the volume cover a comprehensive range of topics, including foundational concepts, revenue, expenses, budgeting, financial leadership, strategic planning, mission-based investment strategies and alternative revenue strategies.
Financial Management in Museums focuses on the unique financial needs and structures of museums, while also considering important lessons from adjacent sectors. It will be essential reading for students and academics engaged in the study of museums, arts and cultural management and business. The book will also be useful to museum professionals working around the world.
List of Figures; List of Tables; List of Contributors; Chapter 1: Introduction to Contemporary Museum Financial Management; Part 1: Economic and Social Contexts of Museums: Chapter 2: Museum Funding: Moving up the Creative Economy Scale; Chapter 3: Social Accounting for Museum Progress; Part 2: Financial Planning Standards: Chapter 4: Museum Revenues, Expenses, and Budgeting; Chapter 5: Measuring Earned Revenue Performance of Museum Marketing; Chapter 6: Pricing for Admission and Other Programs; Chapter 7: Free Admission and Accessibility in Museums; Part 3: Museum Finance Strategies and Sustainability: Chapter 8: Financial Function in Museums and Business Planning; Chapter 9: Financial Considerations in Strategic Planning; Chapter 10: Museums and Control Systems; Chapter 11: Legal and Ethical Considerations; Chapter 12: Museum Finances: Accounting for Capacity and Sustainability; Part 4: Innovative Museum Funding Practices: Chapter 13: Nonprofit Does Not Mean “No Profit”: An Overview of Smithsonian Enterprises (Formerly Smithsonian Business Ventures); Chapter 14: Alternative Financing and Funding Structures and Strategies; Chapter 15: Unique, One-Time, or Temporary Funding Opportunities: Mega-Event Legacy Activities as Funding Opportunities for Museums; Chapter 16: Mission-Based, Socially Driven Investment Strategies; Chapter 17: Pros and Cons of Corporate Sponsorship at the National Museum of Modern and Contemporary Art in Korea (MMCA); Part 5: External Influences and Technological Innovations: Chapter 18: Understanding the Financial Impact of Deaccessioning; Chapter 19: Funding through Policy Attachment: An Examination of Funding for the Dawson City Museum; Chapter 20: Contextualizing the Potential of NFTs in Financial Governance of Art Museums; Chapter 21: The Distributed Museum: Using Smart Contracts and NFTs to Find Financial Equity in Co-Produced Exhibitions; Chapter 22: Accounting For Digital Assets in Museums: A Brief Discussion on Why, What, and How; Glossary; Index.
Dr. Yuha Jung is an associate professor and the director of graduate studies of Arts Administration at the University of Kentucky, USA. Dr. Rachel Shane is the Department Chair and a Professor of Arts Administration at the University of Kentucky, USA. Jaleesa Renee Wells Ph.D. is an artist, entrepreneur, and transdisciplinary scholar. She is an assistant professor of Arts Administration at the University of Kentucky, USA.
