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Endowment Fund

Milwaukee, WI: (Jan-27-08) Milwaukee County brought charges against the Milwaukee Public Museum's insurance company, Chubb Group, for losses that the museum suffered under its former management. Sources stated that in 2005, the museum acknowledged that its multimillion-dollar endowment had been drained for museum operating expenses. Records show that Terry Gaouette, the museum's former chief financial officer, pleaded guilty in December 2007 to a misdemeanor charge of falsifying a financial report to the museum board. Gaouette was originally charged with four felonies in connection with transfers he made from the museum's endowment fund without fully disclosing them. He never was accused of taking any museum money for himself.

As part of a settlement reached, Chubb Group agreed to a $750,000 payout, which will go to Milwaukee County to compensate taxpayers partly for losses that the museum suffered. The county has agreed to provide about $20 million in additional operating support over the next 10 years as part of the museum's financial recovery plan. More than $10 million in private donations have been raised as part of the recovery. [JOURNAL SENTINEL: MUSEUM FUNDS]

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Published on Jan-28-08


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