Updated on Thursday, March 21, 2013 by Deyan Brashich
Updated on Friday, March 22, 2013 by Deyan Brashich
Annual reports are full of numbers and very dull. Corporations issue them and they remain unread even by the shareholders. But buried in those numbers are startling disclosures as to who is getting what and what for. That holds true for Goldman Sacks, Apple as well as the Metropolitan Museum of Art.
Goldman Sachs’ annual report reveals that Lloyd Blankfein, the Chairman, was paid a whopping $2 million in salary and a $19 million bonus for 2012. That year, Apple Computers’ Timothy Cool was the winner with a $900,000 salary and a bonus of $376 million. This piqued my curiosity as to what was going on in the world of museums since I bus down New York’s Fifth Avenue, the ‘Museum Mile”, every day on the way to work.
I accessed the Met’s annual report for fiscal 2012. It was not what I expected. It was a 157 page report of a commercial enterprise dealing in millions and billions of dollars worldwide, with total revenues of $332 million, expenses of $331 million and assets of $3.2 billion. Yes, that is billions with a “b”.
You would think that the Met’s main source of revenue would be from admissions paid by the public, some $37 million and change. Not so. The museum’s main source of revenue was from merchandising, selling its brand, licensing images of its art and artifacts, books and stuff it sells in gift shops and on line, which brought in $72 million. Another major source of revenue came from the restaurants, parking garage and rental fees, reported at $26 million.