The British Museum

Paper Summary:

This paper explains that the expenses incurred by any museum including the British Museum can be sub-divided into cost categories: Salaries and benefits, occupancy, curatorial and conservation, public programs, marketing and administration. The author stresses that museums must reserve about 5% to 10% of their total budget for direct collection management costs other than salaries; lesser reserves indicate neglect of the museums most important resources, its exhibits. The paper relates that museums house thousands of art and artifact pieces valued at billions of pounds; therefore, insurance on collections, buildings, equipment, liability and loans to other museums around the world is essential. Charts and graph.

From the Paper:

"The museum currently gets a grant of about 36 million pounds. This is nearly one third of its total budget. Although the income from the shops on the piazza has doubled, it is not sufficient to ensure that the museum is profitable. The actual operating costs of the Great Court were higher that the initial estimates. At present effective marketing can combat these unique situations that the museum faces. Fundraising is essential. There are two methods that have been identified in effective fundraising for any establishment. The first is a pace setting donation method in which the museum approaches its most valuable donators and petitions for a donation. This is generally done on a personal, one on one level where interaction is critical. The fundraisers then approach other individuals who might be willing to donate to the cause if they feel that they will gain recognition or popularity from that move."

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