After losing 30 percent of its endowment as a result of the ongoing financial crisis, Chicago's Field Museum has begun taking cost-cutting measures including layoffs, salary reductions, and the cancellation of an exhibition, the Chicago Sun-Times reports.

The natural history museum's endowment has lost $95 million in the past six months, dropping from $315 million to $220 million.

On Tuesday, Field president John McCarter announced that the museum will not debut Lucy, a 3.2 million year old fossil of an ape-man, this fall as planned.

In addition, 68 employees have been offered buyouts, and 23 took them; 14 employees will be or have been laid off since August. And starting this month, employees earning more than $75,000 will take a 3 percent pay cut, and those earning more than $85,000 will take a 5 percent cut. McCarter is taking a 20 percent cut from his annual salary of $450,000.

McCarter told the Sun-Times that despite the museum's hardships, selling assets is out of the question.