Thomas K. Norment, Jr.

Debt, endowment drawdown threaten Colonial Williamsburg's long-term financial health

Debt, endowment drawdown threaten Colonial Williamsburg's long-term financial health

Editor’s note: This article is the second in a series exploring Colonial Williamsburg finances. Up next: Where Colonial Williamsburg gets its money.

In eight years, Colonial Williamsburg will either be planning a celebration or preparing for its funeral.

President and CEO Mitchell Reiss is taking steps he believes will keep Colonial Williamsburg alive and well past the 100-year anniversary of the organization’s founding in 2028. But signs point to a tough road ahead, and he has publicly admitted so.

Reiss warned in a late June letter to the public that Colonial Williamsburg is spending too much and dipping too far into its prized endowment. Within the letter...

68°