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SUMMARY:Donor Governance and Financial Management in Prominent U.S. Art Mu
 seums
DTSTART:20150918T103000
DTEND:20150918T120000
DTSTAMP:20260428T060524Z
UID:7c005d380ae52978b4ad3fab21b7b8aa499493e94769c291f93d1407
CATEGORIES:Conferences - Seminars
DESCRIPTION:David YERMACK (NYU)\nI study “donor governance\,” which oc
 curs when contributors to non-profit firms place restrictions on their gif
 ts to limit the discretion of managers. In a study of U.S. art museums\, I
  find that this practice has grown significantly in recent years\, and it 
 represents the largest source of permanent capital in the industry. When d
 onor restrictions are strong\, museums shift their cost structures away fr
 om administration and toward program services\, and they exhibit very high
  savings rates\, retaining in their endowments 45 cents of each incrementa
 l dollar donated. Retention rates are near zero for cash generated from ot
 her activities. Restricted donations appear to stabilize nonprofits and si
 gnificantly influence their activities\, but they reduce management flexib
 ility and may contribute to lower profit margins. Rising donor governance 
 in U.S. art museums may represent a reaction by contributors to the indust
 ry’s high rates of financial distress\, weak boards of trustees\, and la
 rge private benefits of control enjoyed by managers.
LOCATION:UNIL\, Extranef\, room 126 https://planete.unil.ch/plan/?local=EX
 T-126
STATUS:CONFIRMED
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