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The income gap is the negative margin between earned income and operating expenses: this is the main financial concern for not-for-profit entities (both public sector and nongovernmental organizations). Despite this, all over the world these entities are forced to use the standard profit-centered income statements format, with its focus on net income generation (the bottom line). This paper proposes an income statement format that uses the income gap to understand/discuss/present the financial viability of a not-for-profit entity in the arts sector, specifically a museum. We apply the framework to the British Museum’s income statements from 1999–2000 to 2018–2019. This allows us to analyze institutional narratives in the context of the evolution of the museum’s financial viability over two decades, and to assess the performance of the museum’s neoliberal reform agenda from the end of the 1990s. Enlarging the …