The Indiana Historical Society is scaling back its staff and spreading out work a renovation project after a nearly one-third drop in the value of its endowment in the past year.
Society President and Chief Executive John Herbst says the endowment fell about $38 million to $75 million by the end of this March.
Efforts to reduce the society’s operating budget began in December with several job cuts and the elimination of merit increases. The new layoffs include four full-time positions and three part-time positions.
Herbst says the society will also divide into three phases renovations to the history center and exhibition spaces at its downtown Indianapolis headquarters.
He says the layoffs and construction changes are “painful but very important decisions” needed to safeguard the society’s long-term vitality.
Information from: The Indianapolis Star, http://www.indystar.com
