- The Washington Times - Sunday, March 15, 2009

LOS ANGELES (AP) - Investment losses are forcing the world’s richest arts institution to cut its operating budget by 25 percent for the coming fiscal year.

The J. Paul Getty Trust relies on investment earnings to pay for its two Los Angeles art museums, as well as global research, grant-making and art-conservation operations. Its investment portfolio dropped 25 percent during the last six months of 2008, from $6 billion to $4.5 billion.

Getty president James Wood says the trust’s leaders and trustees will decide what reductions to make by the end of May.

Wood says cuts should focus on areas which can easily expand if losses are recouped.

The Getty’s biggest expense is salaries and benefits, which totaled $124.6 million in 2006-07.

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Information from: Los Angeles Times, http://www.latimes.com

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