Folk Art Museum Doubles Deficit, Spends $341,580 on Legal Fees
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New York’s American Folk Art Museum, which has defaulted on $29.9 million of tax-exempt bonds, saw its deficit almost double from 2008 to 2009, according to its latest tax return.
The deficit increased to $7.23 million during the fiscal year ending June 30, 2009, up from $3.79 million in 2008. The return also shows that revenue from admissions at the nonprofit institution, whose collection includes folk art and works by self-taught artists, fell 13 percent to $306,054 in 2009.