Facing financial straits, the deCordova Sculpture Park and Museum hopes to save itself by becoming part of the Trustees of Reservations.
Julian deCordova willed his estate and together with income to the town under the condition that it remain a public park and museum. However, the income from the estate, membership/admission fees and other sources has not been enough to sustain the organization, which has relied for years on large gifts from a handful of donors to keep operating. This year’s operating budget shortfall is about $1 million even after several major gifts, John Ravenal, the deCordova’s executive director, said at the October 20 State of the Town Meeting.
When Ravenal took the helm in 2015, he found an institution that was “thriving programmatically” but was “surprised to discover the financial difficulty,” he said. The deCordova has been operating under a “fragile financial model,” with an endowment that covers only 7 percent of operating expenses compared to about 22 percent for most other museums, “and this unstable model has finally collapsed,” he added.
Other possibilities for keeping the deCordova afloat were deemed unrealistic, Ravenal said. Downsizing would cause donors to drop away, so “our revenue would always fall faster than the savings would accrue,” he said. Partnerships with sister institutions wouldn’t work because “their difficulties merely duplicated our own.”
Pending approvals from residents at Town Meeting in March, the deCordova would become a subsidiary of the Trustees, while the town of Lincoln would retain ownership of the land and general oversight as the charitable trustee, according to an FAQ document handed out at the State of the Town.
The mission of the Trustees is to “preserve, for public use and enjoyment, properties of exceptional scenic, historic, cultural, and ecological value in Massachusetts”—properties that include Castle Hill on the Crane Estate in Ipswich, the Fruitlands Museum in Harvard, and World’s End in Hingham.
The integration would allow the deCordova to benefit from the fundraising, marketing, management, and legal resources of the larger Trustees of Reservations, Ravenal said. It will not alter its mission or approach, and no jobs will be lost, as the deCordova’s employees would become employees of the Trustees.
The Trustees aim to raise $15 million (of which $10 million has already been pledged) to fund the integration by adding to the deCordova’s endowment, retiring debt, investing in deferred maintenance, and closing this year’s budget gap.
The town currently does not provide any funding to the deCordova, and that too will not change, Ravenal said. The “only viable solution has actually evolved into a promising opportunity” for the deCordova and the town, since the plan would “reduce risk of an increased financial burden to residents,” he said.
The Board of Selectmen “has to look at the what-if scenario if the deCordova had to shut its doors,” Selectman James Craig said. At a minimum, the town would have to pay for upkeep of the sculpture park grounds and basic maintenance of the building.
Once the agreement is in place, “not a whole lot” will change, said Trustees President and CEO Barbara Erickson. “Our entire goal is to preserve what you know and love and what we deliver today… for us, it’s a win-win.”