Arts Hurt Without Mayor’s Gifts
(WSJ) — New York City’s recession-battered arts and social-service organizations are scrambling to find a way to make up for a loss of one of their biggest donors: Mayor Michael Bloomberg.
The groups had hoped that when the billionaire mayor ended a grant program that doled out more than $175 million of his personal fortune over the last eight years, the stream of money would continue through the Bloomberg Family Foundation. That hasn’t happened, so organizations have begun trimming staff, cutting payroll and selling parts of their collections.
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