Getty Endowment Drops by 25 Percent

LOS ANGELES (AP) - The J. Paul Getty Trust, which operates the world-famous Getty art museum in Los Angeles, says its nearly $6
billion endowment has tumbled by roughly 25 percent since June 30.

James Wood, the Trust's chief executive, said in an e-mail message to the staff Wednesday that the losses call for a hiring freeze and a halt to promotions and salary adjustments.

The Getty, which also operates the Getty Villa in Malibu, has about 1,300 employees.

The Trust is the largest arts philanthropic organization in the country and the third largest foundation. The Foundation Center, which studies nonprofits and philanthropy, ranks the Trust behind the Bill & Melinda Gates Foundation and the Ford Foundation.

(Copyright 2008 by The Associated Press. All Rights Reserved.)

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