Director’s Note: Securing Our Future
The George Eastman Museum’s endowments hold investment capital that supports our mission now and in perpetuity. They represent a set of covenants between donors and the museum, linking past, current, and future generations. As for many museums and other cultural institutions, our endowments are critical to our long-term sustainability, and they have been and remain substantially undersized relative to our needs.
The stability and long-term future of our museum is dependent on increasing our endowment through new contributions. Donations to an endowment keep giving to the museum over time, providing more stable income than other sources. Endowments provide confidence for current initiatives and allow for future commitments. Perhaps most importantly, a larger endowment protects the museum’s valued staff.
When George Eastman died in 1932, he bequeathed most of his estate, including his East Avenue home, to the University of Rochester. He never anticipated the museum that bears his name.
In 1947, the museum was founded in memory of George Eastman, and the university transferred his mansion and surrounding property the following year. Although always an independent institution, the museum was financially reliant on Eastman Kodak Company for many years. In 1985, the company donated almost $1 million, about 40 percent of the museum’s operating expenses. The museum had no endowment.
In 1989, the museum was transformed by our gallery and collection storage building, which was essential for the preservation of our collections. To support the operating costs of the 73,000-square-foot facility, Eastman Kodak effectively contributed about $16 million to fund the museum’s initial endowment.
Following a guideline that 5 percent of an endowment can sustainably be withdrawn each year, this endowment would yield $800,000 annually. Yet, after the new building opened, the museum’s operating costs increased by about twice that amount, and earned revenue did not increase. Eastman Kodak began to reduce its annual donations, and increases in annual giving from others did not fully offset the decline. As a result, in most years, it has been necessary to withdraw more than 5 percent of the operating endowment to balance the budget.
In 1990, Eastman’s mansion and gardens were restored as a historic home. In subsequent years, donors have contributed to an endowment for the care and maintenance of the house and gardens.
Our photography conservation endowment — established by the Andrew Mellon Foundation with matching funds from numerous donors — ensures that we can employ conservation professionals to care for our world-class photography collection. Others endowments support the photography department and the museum director’s position. By funding specific activities, the endowments relieve the museum’s need to generate income each year to pay for them.
The endowments for the acquisition of objects for our photography collection and library — funded predominantly by the Horace W. Goldsmith Foundation and Charina Foundation — ensure that we can build our holdings each year, regardless of budgetary pressures. The Publishing Trust Endowment, established by Thomas Gosnell and Richard Menschel, has empowered us to revitalize our book publishing program.
In 2022, revenue from museum visitors covered less than 12 percent of our expenses, and other earned income yielded another 12 percent. More than 76 percent of our expenses must be funded by museum memberships, the Annual Campaign, grants, and draws from our endowments.
Recognizing the importance of endowments, Peter Bunnell, the renowned professor of the history of photography at Princeton University, recently bequeathed more than $1 million to the museum.
Next year will mark the 75th anniversary of the museum’s opening to the public. The most reliable way to assure the long-term future of the George Eastman Museum is to substantially increase our endowments. To learn more, please contact Lisa Seischab at (585) 327–4942 or lseischab@eastman.org.
Bruce Barnes, PhD
Ron and Donna Fielding Director
September/October 2023 Bulletin
