Three years ago, one of the older genealogy societies in North America "downsized" itself. Formed in 1869, the New York Genealogical and Biographical Society owned a beautiful building and one of the better genealogy libraries in the country. Blaming competition from the Internet, the Board of Directors decided to sell the building and to give away the library's 75,000 books, 20,000 microforms and 30,000 maps and manuscripts. When members objected, the Board of Directors pushed through a resolution that stripped members of their right to vote on important business and approve the naming of trustees. Left with no oversight, the Board was free to act as they wished.
NYG&B then reduced staff by 50%. Once the building was sold, the Board of Directors invested the money gained from the sale. There is but one problem: the economy and the stock market almost immediately went into a nose dive.
Writing in the New York Times, Alison Leigh Cowan reports that the society has now lost $6 million of its investment.
NYG&B then reduced staff by 50%. Once the building was sold, the Board of Directors invested the money gained from the sale. There is but one problem: the economy and the stock market almost immediately went into a nose dive.
Writing in the New York Times, Alison Leigh Cowan reports that the society has now lost $6 million of its investment.
You can read more at http://cityroom.blogs.nytimes.com/2010/08/22/3-years-after-a-windfall-an-unexpected-reality-for-the-genealogical-society/
For background information, you can read the articles I wrote three years ago about NYG&B by starting at http://blog.eogn.com/.services/blog/6a00d8341c767353ef00e55065e13d8833/search?filter.q=implodes
