How are museums in New York City financed?
There are different business models, but what is for certain is that the admission fees will only pay for a tiny fraction of operational costs. The museums receive government aid as well as private funding. The private funding may come as huge donations of either money or works of art. Some museums have accumulated huge endowment funds over the years, and they use the investment returns from those funds to cover current operating costs as well as finance new acquisitions. The Museum of Modern Art also gets money from the condominium of apartment flats on top of its space. This should dispel the notion that the West Kowloon District Council project be analyzed solely on the basis of stated interest among Hong Kong residents or potential overseas visitors (about something they have not seen) and deducing that the project is not viable because the admission fees will not cover the costs. If that was the approach, there would not be any museums in New York City. Question: Where does privat
