PORTLAND, Ore. -- The Portland Art Museum says it will cut its payroll and raise the admission fee $2 to make up for a $500,000 shortfall.

The museum is eliminating some full-time employees, suspending contributions to 401 (k) plans beginning in 2010 and reducing the salaries of four senior staffers who make more than $100,000, including executive director Brian Ferriso.

The price of admission will rise to $12.

Many arts groups have been hurt by shrinking endowments and revenues. The art museum's endowment, for instance, is now $34 million, down from $46.5 million a year ago.