The Sacrosanct Endowment? Not Anymore for Some Arts Groups

THE NEW YORK TIMES By Graham Bowley and Julia Jacobs
Some cultural organizations, staggered by the financial upheaval caused by the coronavirus pandemic, are dipping heavily into their endowments. Others are thinking about it.
Endowments have long been viewed as the bedrock upon which the long term financial health of arts organizations are built — money that was painstakingly accumulated and protected over decades to finance the future. They are not rainy day funds, or pots of gold to be casually raided to cover some unforeseen expense. But the coronavirus pandemic has challenged that orthodoxy because so many largely dormant museums, orchestras and ballet troupes are facing unmatched financial problem. “In these exceptional circumstances you’re grateful for the fact that there is an endowment,” said Mr. Freud [More]