Bishop Museum is uniquely positioned to tell the story of Hawaii. That remains its primary function — housing and studying artifacts from the islands’ natural and cultural history.

It needs to continue carrying out that function, 127 years after it was founded in Kapalama by Charles Reed Bishop, whose wife was Princess Pauahi, the Kamehameha heir.

But its mission also encompasses other stories, said Blair Collis — narratives told for the benefit of Hawaii residents who often don’t have the resources to travel elsewhere for them.

The lure of these myriad presentations for a wide audience, including tourists, also can help support the museum’s larger purpose.

Keeping all these interests in balance will challenge museum leaders, who risk diminishing the museum in pursuit of a route past its current budgetary crisis.

Collis, president of the museum that has lost $3 million in annual income from federal sources, recently announced plans to pare down its holdings, streamline operations and work to focus better on the prime directive.

It’s regrettable that Bishop Museum is looking to sell off valuable assets on Hawaii island: 12 acres in Captain Cook where the Amy B.H. Greenwell Ethnobotanical Garden is located, and 537 acres in Waipio Valley now being farmed for taro.

Land is precious, and precipitous decisions to sell it are unfortunate. Better planning and partnering with other agencies, and less reliance on federal grants that had been secured by the late U.S. Sen. Daniel K. Inouye, might have avoided this outcome.

Collis acknowledged that this dependence went on far too long.

However, Collis said, the anticipated $10 million in sales revenue is not the reason for the disposition of the land: It’s the changing economics of land management. Taxation and other costs have overtaken agricultural lease rent revenue, producing a loss of $50,000 to $100,000 a year, he said.

Given that analysis and the current fiscal woes, the sale decision is a rational one — as long as new owners can be found capable of better stewardship of such an important cultural location: Waipio is the birthplace of Kamehameha I.

Collis said there are prospects for a buyer but declined to specify; the museum must find one willing to protect Waipio; preserving the garden also should be a goal.

Another difficulty faced by the cash-strapped museum is the support of its research staff.

The plan is to shift eight scientific staffers from the museum payroll to status as casual hires, paid through grants that they secure for their work. Most are on grant support already, in part or entirely, Collis said, adding that this approach is common in academic settings.

But critics are correct that this arrangement saps research time from staffers, since they’d shoulder the burden of grant writing.

Collis said the museum administration is meeting with staff to assess the impact of reorganization; it should do what it can to support the revenue-seeking effort, so that as little time as possible will be lost from research.

In addition, he said, the museum will expand on partnerships with the University of Hawaii, Hawaii Pacific University, the Smith- sonian Institution and other entities to make the most of limited resources. That will be essential to success.

Finally, the museum will need to do more to capitalize on what it does have, to ramp up communications and marketing outreach in the coming year.

It means booking exhibits that have wide appeal — the sort that will bring in visitors who also will take the opportunity to learn about Hawaii.

Much of this already has been underway. The current “World of Wearableart (WOW)” exhibition, a spectacle that’s running through Feb. 1, is an example. Collis said it’s been well received and well attended, but clearly the museum could amplify its outreach.

More of the community should take advantage of what the museum has to offer — witness some of the visiting shows and simply enjoy the traditional displays of Hawaiian Hall, resplendent in koa.

Those who have done so recognize the importance of maintaining care and deepening the understanding of the rare keepsakes from Hawaii’s past.

The responsibility of fulfilling that objective lies with the Bishop Museum, more than any other institution in the state.