Hartford Business Journal

14 Hartford Business Journal • March 19, 2018 • www.HartfordBusiness.com By Matt Pilon mpilon@HartfordBusiness.com D uring his first two years as CEO of the Wadsworth Atheneum, Thomas Loughman says he's been pleased by steady support from corporations and individuals and by the Hartford museum's ability to draw visitors. But what he's most excited about lately is that several major construction projects surrounding the country's old- est art museum have wrapped over the past 16 months, which has made visit- ing Wadsworth a smoother experience. He said he hopes the opening of UConn's adjacent Hartford campus last summer, connecting to Front Street and its accessible parking ga- rage, as well as the reopening of Ath- eneum Square North and a renovated Travelers plaza, translates into more visitors. "It's like night and day," Loughman said during a recent interview as he strolled the museum's galleries. "Now construction is the exception not the rule in the neighborhood." Since Lough- man arrived in early 2016, Wad- sworth's atten- dance numbers and admissions revenue have remained above 2014-2015 levels. He had the ben- efit of starting the job shortly after the museum completed a five-year, $35 million renovation project. Membership revenues, however, continue to trend downward, hitting a decade-low of about $312,000 last year. Loughman says he's not sweating the membership dollars — they rep- resent, after all, less than 4 percent of the museum's total 2017 revenues. What he and many other museums, nonprofits and charities are concerned about, is the future of individual phi- lanthropy. The federal tax overhaul passed by Congress late last year doubled the in- dividual standard deduction, reducing the incentive to itemize — which is how many people claim their chari- table contributions. Loughman traveled to Washington, D.C., twice in the run-up to the law's passage to share his concerns and tell lawmakers how individual donations represent approximately 75 percent of the philanthropic money Wadsworth receives each year. "I told our delegation that last year, 4,000 individuals or households gave us money, and 3,500 of those gave fewer than $1,000. So that's an incred- ibly broad base of support," Loughman said. "And if those $500, $600, or $50 donations don't matter as much to someone, it's of concern." Contributions to Wadsworth in 2015, as it prepared to open its renovated galleries, grew to nearly $16 million, according to the museum's annual report. Annual giving has since fallen to just under $4 million in each of the past two years. Loughman said that simply repre- sents a return to more normal giving levels, following a surge of contribu- tions related to the renovations and capital expenditures. "In terms of operating dollars, we've been pretty consistent and solid," he said. That includes corporate giving. "We have solid reliable annual com- mitments from the major employers across Connecticut," he said. "I've found those relationships to be quite solid." The museum, which has a $99 mil- lion endowment, received its largest- ever donation in 2013, a $9.6 million bequest from the estate of Charles Schwartz, a Connecticut resident and art collector who died in 1995. Growing its Reach As tax reform threatens philanthropic giving, Wadsworth CEO focuses on audience development, donor retention As Thomas Loughman enters his third year as CEO of the Wadsworth Atheneum, he says philanthropy remains the key to the Hartford art museum's future. PHOTO S | BILL MORGAN Wadsworth has tried to stay current with cultural trends, like incorporating interactive technology into exhibits.

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