S.F. museum limps financially

The San Francisco Museum of Modern Art is undertaking a long-range evaluation of its programs to find ways to offset major reductions in its endowment fund due to stock market losses, the museum’s director said Wednesday.

The endowment fund has fallen $13.9 million below its restricted value of $84 million, which means that the museum is unable to use the investment or interest income for operations until the endowment recovers to that level. Katie Koch, the museum’s deputy director of administration and finance, said one museum donor has made available $15 million to cover museum operating costs in the immediate future

In an interview with The Times, museum director Neal Benezra denied recent news reports that the institution plans to immediately cut its exhibitions by as much as 25%.

“Museums plan their exhibitions two and three and four years in advance,” Benezra said. “We are not breaking any commitments, any obligations to other museums and artists. We are not, as of tomorrow, canceling X, Y and Z shows.”

Benezra said that the museum’s problems are typical in today’s shaky economic climate.