Seattle Art Museum is announcing this morning that Chase is giving the museum a one-time grant of $10 million to be paid over the next five years—but that otherwise, the museum is more or less on its own in finding the $4.6 million $5.8 million in annual gross income it was receiving in rent from WaMu.

I have a call in to SAM to find out more about how the museum intends to make up the gap, but here's what we know now about the museum's financial picture: SAM's annual operating budget is $24 million $26.4 million, meaning that a $4.6 million $5.8 million hole will be serious.

Since December, the museum has had a hiring freeze on. In the last year the museum has made a 5 percent reduction in staff, some for restructuring (still adjusting to having three sites instead of two), some from attrition, and some to save money, according to spokeswoman Cara Egan.

More to come.

UPDATE: Egan tells me the actual figure for the income that SAM was receiving from WaMu's tenancy was $5.8 million, not $4.6 million. She also told me the operating budget for fiscal year 2009 is $26.4 million, not $24 million. (Earlier figures came from SAM.)