1st Edition
Financial Management in Museums Theory, Practice, and Context
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
Yuha Jung, Rachel Shane, and Jaleesa Renee Wells
Part 1: Economic and Social Contexts of Museums
Chapter 2: Museum Funding: Moving up the Creative Economy Scale
Natalia Grincheva
Chapter 3: Social Accounting for Museum Progress
Jaleesa Renee Wells
Part 2: Financial Planning Standards
Chapter 4: Museum Revenues, Expenses, and Budgeting
Hristina Mikich
Chapter 5: Measuring Earned Revenue Performance of Museum Marketing
Hannah Grannemann
Chapter 6: Pricing for Admission and Other Programs
Rosie Siemer
Chapter 7: Free Admission and Accessibility in Museums
Hannah Grannemann
Part 3: Museum Finance Strategies and Sustainability
Chapter 8: Financial Function in Museums and Business Planning
Hristina Mikich
Chapter 9: Financial Considerations in Strategic Planning
Kaitlyn Hardiman
Chapter 10: Museums and Control Systems
Rebekah Beaulieu
Chapter 11: Legal and Ethical Considerations
Marek Prokůpek
Chapter 12: Museum Finances: Accounting for Capacity and Sustainability
Daniel Hummel and Leigh Hersey
Part 4: Innovative Museum Funding Practices
Chapter 13: Nonprofit Does Not Mean “No Profit”: An Overview of Smithsonian Enterprises (Formerly Smithsonian Business Ventures)
C. Lorenzo Evans III
Chapter 14: Alternative Financing and Funding Structures and Strategies
Marek Prokůpek
Chapter 15: Unique, One-Time, or Temporary Funding Opportunities: Mega-Event Legacy Activities as Funding Opportunities for Museums
Tiffany Bourgeois
Chapter 16: Mission-Based, Socially Driven Investment Strategies
Rebekah Beaulieu
Chapter 17: Pros and Cons of Corporate Sponsorship at the National Museum of Modern and Contemporary Art in Korea (MMCA)
Geuntae Park
Part 5: External Influences and Technological Innovations
Chapter 18: Understanding the Financial Impact of Deaccessioning
Rachel Shane and Chris Burgess
Chapter 19: Funding through Policy Attachment: An Examination of Funding for the Dawson City Museum
Robin Nelson
Chapter 20: Contextualizing the Potential of NFTs in Financial Governance of Art Museums
Wen Guo
Chapter 21: The Distributed Museum: Using Smart Contracts and NFTs to Find Financial Equity in Co-Produced Exhibitions
Frances Liddell
Chapter 22: Accounting For Digital Assets in Museums: A Brief Discussion on Why, What, and How
Ying Chong Wang
Glossary
Index
Biography
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.
