The money squeeze is getting tighter and now the South Carolina Aquarium is taking steps to save some cash. All employees will be required to take a 10 day furlough.
According to a press release sent to News 2 Thursday morning, the furloughs are the result of a slowdown in the tourism industry, and fewer donations.
Here is a copy of the press release from the Aquarium:
Charleston, S.C. — December 11, 2008 — Effective today, the South Carolina Aquarium begins a mandatory furlough requiring all employees to take ten (10) work days off without pay prior to February 20, 2009.
The announcement comes in large part due to the depressed tourism industry, slowing attendance and lower levels of overall giving.
With one year still remaining in paying off the Aquarium’s founding debt, the furlough is a prudent business practice that will ensure the long-term sustainability of the organization. An independent 501(c)3, non-profit corporation, the Aquarium’s funding comes from varied resources with 75% of the Aquarium’s operating revenue generated through ticket, membership and event sales and the additional 25% from fundraising and grants.
“Like many non-profit educational organizations around the country, we are faced with a very unfortunate circumstance and are unable to reduce our spending without impacting our staff,” said Kevin Mills, Aquarium President and CEO. “We don’t take this decision lightly, as we owe our employees our gratitude for making the Aquarium the world class organization it is."
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