Should The Public Heritage Collections Be Done?

Although a cultural center for entertainment and education, a museum is, at its core, a business. Being such, it must operate as such. Obtaining and maintaining valuable artifacts is expensive; procurement, transportation, upkeep, and security are some of the many costs involved. The revenue generated by the museum has to be sufficient enough to cover these large expenses. For that reason, the cost-effectiveness of a piece must be considered. A famous piece, such as the Mona Lisa, will

As discussed above, if indicators of impairment exist for an asset (group) to be held and used, an entity determines whether the sum of the estimated undiscounted future cash flows attributable to the asset (group) in question is less than its carrying amount. If those undiscounted cash flows are less than

In the early morning hours of March 18, 1990, a pair of thieves disguised as Boston police officers entered the Isabella Stewart Gardner Museum and roamed the Museum’s galleries, stealing thirteen works of art. The stolen works are valued at $500 million, which made the lottery the largest art theft in American history. There were 14 pieces of art that was stolen on the March 18, 1990. There is a reward of $5 million for information leading to the recovery of these works in good condition. No one has found out, it has been 25 years of theories as to what happened.

The goal of any business is to make a profit, museums are no different. Capture hearts, attention, and pocketbooks. The museum curators must choose artifacts and things to feature in exhibits that will allure and attract guests and bring profit to the museum. The two problems facing museums success is “money and management’’ (source A, Rockefeller). The excerpt from an autobiography written by a fellow Rockefeller highlights the fiscal burden the management of a museum inflicts upon the owners. With the lack of support from trustees, who showed more support toward some “exhibitions, acquisitions, and programs.” rather than others, the Museum of Modern Arts floundered under pressure creating a endless financial cycle featuring deficits, debt,

According to Generally Accepted Accounting Principles (GAAP), an item should meet four criteria to gain recognition as an asset, liability, expense, or in our case, revenue. The item should meet the definition of the financial element and should be measurable, relevant, and reliable. Revenues are inflows of assets of an entity or settlements of its liabilities during the appropriate earning period. The element must also be measurable with sufficient reliability and have relevance in user decisions.

At the Frederick Historical Society, we have a room for newly obtained artifacts that need to be catalogued. When an object is catalogued its expected location and current condition is documented along with a summary about the object’s significance. Also, at the Historical Society they have limited their collection to only artifacts that have a relation to Frederick, this decision allows our collection to maintain somewhat controllable. Correspondingly, if we have an abundance of an objects i.e. chairs from the 1800’s, we will not accept the newly donated materials or we will turn the object into a hands-on activity. This approach is similar to the hands-on muskets at the Civil War and Medicine Museum. Furthermore, the Historical Society has an offsite facility to help manage its enormous collection. Most importantly, it is the job of the collection manager to ensure that all objects are catalogued correctly and placed in the proper

eventual disposition of the asset (asset group). That assessment shall be based on the carrying amount

gallery owner or the museum curator that lend their capital—in the form of the exhibition

According to this concept the asset is recorded in the books of accounts at the price paid for it and not at its market value. For example: if a business entity purchases a building valued at $15 million from a friend for $12 million, this asset would be recorded at $12 million and not at $ 15 million, because for the business entity the cost was $12 million and not $15 million.

company, except a company must report its worth at the end of each fiscal year. A company 's total assets and total

As a child, it can be difficult to see the weaknesses of a museum; the inaccuracies in facts, clothing, manners, it is not something that one really cares for. However, it can be a dangerous choice for a museum to stay the same, for much like when one fondly remembers a television show from their childhood only to re-watch it ten years later and discover that it was rather ridiculous, when someone returns to a poorly developed museum, there will be a wave of disappointment when it does not meet their expectations. If a museum wishes to succeed and survive, they need to adapt and evolve in order to create the ideal environment for their visitors.

Cirigliana, Jorja A., Let Them Sell Art: Why a Broader Deaccession Policy Today Could Save Museums Tomorrow, Southern California Interdisciplinary Law Journal, Vol. 20, 2011.

Collections play a crucial role in fulfilling a museum’s mission and purpose. A museum’s collection is defined by its collection policy past and present which in turn helps to shape the museum’s goals and direction. As stewards of collections, museums are expected to maintain the highest professional standards legally and ethically.

Allan D. Barton, Department of Commerce, Faculty of Economics and Commerce, Australian National University, Canberra, Australia

Public heritage assets must be accounted as assets of the nation and managed by the government. As they are trust assets they must be accounted separately from the administration assets of the government. Public heritage assets platy a big role in developing one’s nation culture. It helps in uniting citizens closer together and make them feel pride and appreciate their culture and history. The charters tics of the public heritage assets in respect of their purposes are different than the private assets. Those assets are maintained for social purposes and objectives rather than generating revenue. They are funded by the government through tax revenues and donations. They are always maintained in good condition to entertain the current