Show Me the Money
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show me the money Ellen Rosenthal Eric Siegel Nina Simon straight talk about business models Friday, May 4, 2012
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This session was presented at the 2012 American Association of Museum’s annual meeting by Nina Simon (Santa Cruz Museum of Art & History), Ellen Rosenthal (Conner Prairie), and Eric Siegel (New York Hall of Science). These short presentations were followed by an extensive dialogue about museums, financial models, and budgeting.
Transcript of Show Me the Money
show me themoney
Ellen Rosenthal Eric Siegel Nina Simon
straight talk about business models
Friday, May 4, 2012
three museums
$850,000 $9,000,000 $17,000,000
Friday, May 4, 2012
our spending looks similar...
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Friday, May 4, 2012
Ellen Rosenthal Eric Siegel Nina Simon
improving financial understanding at conner prairie
Friday, May 4, 2012
Conner PrairieInteractive History Park
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Conner PrairieInteractive History Park
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Improving financial understanding on three levels
1.Micro – Increase staff comprehension of the cost of doing business
2.Mid-level – Analyzing the impact of programs
3.Macro - Recession brings financial crisis
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The Cost of Doing Museum Business
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What is the cost of?
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What is the cost of?
•One time ½ page , 4 color, full DMA circulation newspaper ad
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What is the cost of?
•One time ½ page , 4 color, full DMA circulation newspaper ad• $2,600
Friday, May 4, 2012
What is the cost of?
•One time ½ page , 4 color, full DMA circulation newspaper ad• $2,600
•One year of food supplies for animals
Friday, May 4, 2012
What is the cost of?
•One time ½ page , 4 color, full DMA circulation newspaper ad• $2,600
•One year of food supplies for animals • $19,484
Friday, May 4, 2012
What is the cost of?
•One time ½ page , 4 color, full DMA circulation newspaper ad• $2,600
•One year of food supplies for animals • $19,484
•One week - TV spot on one station Indy DMA
Friday, May 4, 2012
What is the cost of?
•One time ½ page , 4 color, full DMA circulation newspaper ad• $2,600
•One year of food supplies for animals • $19,484
•One week - TV spot on one station Indy DMA• $19,800
Friday, May 4, 2012
What is the cost of?
•One time ½ page , 4 color, full DMA circulation newspaper ad• $2,600
•One year of food supplies for animals • $19,484
•One week - TV spot on one station Indy DMA• $19,800
•One week of electricity
Friday, May 4, 2012
What is the cost of?
•One time ½ page , 4 color, full DMA circulation newspaper ad• $2,600
•One year of food supplies for animals • $19,484
•One week - TV spot on one station Indy DMA• $19,800
•One week of electricity • $3,480
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Mid-Level: Cost Benefit Analysis of Programs
Two cross-divisional teams Steps1. Financial analysis2. Analysis of non-
financial benefits3. Recommendations
about programs4. Action
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ROI vs MissionWe need to judge every activity by two primary criteria – mission and finances ---- Staff participant
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Results
•Some programs dropped, others scaled back, others expanded•Understanding of the real cost of producing programs•Revealed hidden costs (and benefits) of programs•Strategic atmosphere for considering starting and continuing programs
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Conveying bad news
•Communicate, communicate, communicate• Small group meetings•Museum finances are not intuitive• Sources of revenue•Capital vs Operating• Impact on staff• The plan for moving forward
Impact of the Recession
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Ellen Rosenthal Eric Siegel Nina Simon
funding risk at the new york hall of science
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Ellen Rosenthal Eric Siegel Nina Simon
community turnaround at the santa cruz museum of art & history
Friday, May 4, 2012
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yes, museums really can fail.
Friday, May 4, 2012
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WHAT’S THE RIGHT REVENUE MODEL FOR A COMMUNITY ORGANIZATION?
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WHAT SHOULD WE SPEND MONEY ON IF WE WANT TO BE A COMMUNITY CENTER?
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2011 total: 70602012 total: 13,625
93% increase
Spring
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what do youwant to talk about?
Ellen Rosenthal Eric Siegel Nina SimonFriday, May 4, 2012
