The Phildelphia Museum of Art Ran a $10 M. Deficit This Past Fiscal Year

The hits keep coming for the Philadelphia Museum of Art: On Tuesday, the Philadelphia Inquirer reported that the museum is suffering a growing deficit, according to preliminary documentation reviewed by the paper.

For the fiscal year 2025-2026, which ended on June 30, the museum had a deficit of $10 million on a $76.5 million budget. That deficit is nearly double the $5.4 million it experienced in the previous fiscal year. And, according to the Inquirer, museum leaders expect the deficit to either remain flat or grow to as much as $15.9 million this year.

News of the growing deficit comes just over eight months since the museum abruptly ousted its director, Sasha Suda, in October 2025, and replaced her with museum veteran Daniel Weiss.

Suda was dismissed after around three years in the post after an ill-fated museum rebrand from the Philadelphia Museum of Art to the Philadelphia Art Museum. Suda sued the museum, accusing board members of “misusing Museum funds for personal gain,” as her lawsuit put it. An investigation at the museum brought by the trustees reportedly centered around her salary. Earlier this year, a judge ruled that Suda’s case would have to be decided in a closed arbitration court, per her contract agreement.

As for Weiss, the former president and CEO of the Metropolitan Museum of Art in New York has had his work cut out for him. In February, the museum reverted to its orginal name. Now it appears Weiss has to get the museum’s finances under control. In an interview with the Inquirer, he described the situation as “substantial, but solvable” and estimated that he would have the museum’s budget balanced in three years. The institution, he added, has covered the deficits by spending its cash and reserves.

“The way I would describe it is, we have a savings account for rainy days. We’re spending it,” Weiss said. “We need to stop doing that.”

Weiss and Mitchell Wein, the museum’s executive vice president and chief financial and operating officer, told the Inquirer that the deficit is the result of flat revenue in contributions, admissions, membership, and earned revenue. Growing revenue is a chief goal for Weiss, as cutting costs does not appear to be a viable strategy to reducing the deficit.

“The operating budget can be improved, but there’s not a ton of opportunity for us, for example, to lay people off,” Weiss explained. “Our staffing levels are already down. We don’t think that’s the answer. But there are certain things we can cut and manage better or maybe outsource or streamline to improve the operating budget.”