After a pandemic that resulted in shutdowns, layoffs and budget cuts, the Minneapolis Institute of Art and Walker Art Center finished their fiscal years in the black.
It was a year of reopening, pivoting to outdoor events, navigating indoor spaces while enforcing limited capacity rules and many other firsts.
"The seismic shockwave was felt around the world, across the cultural sector, throughout our communities and within our personal lives," said Walker executive director Mary Ceruti. "Alongside the many losses, there was invaluable learning that led us to new kinds of thinking and ways of connecting, with each other and with artists and audiences."
The Walker edged into the black with net income from operations of $12,000 in the fiscal year that ended June 30, thanks in part to $2 million from the federal Payroll Protection Program. It also drew $5.9 million from its endowment of investments, up from $5.4 million in fiscal 2020.
The pandemic led to an 11% drop in overall revenue to $16.3 million, with museum admissions, rentals, merchandise and food sales down 36% and earned income from programming down 28%. At the same time, the Walker cut its operating expenses by nearly $2 million.
Meanwhile, the Minneapolis Institute of Art rebounded from a $1.2 million budget deficit in 2020 — its first loss in 27 years — to finish the fiscal year ended June 30 with a $3 million surplus.
Federal Cares Act relief funding was a big factor, but even without that money — much of which was set aside for infrastructure and other future uses — the museum would have managed a $370,115 surplus.
While the museum lost revenue in such areas as program activities, which was down about $1 million from $2.6 million, cost-cutting measures shaved 17% from Mia's operating expenses.