NFF Receives $485K Grant from Andrew W. Mellon Foundation to Build Financial Health of Arts Organizations
New York City — March 10, 2015 — Nonprofit Finance Fund (NFF) is partnering with The Andrew W. Mellon Foundation on a program to build the financial health of arts and cultural heritage organizations. NFF has received a $485,000 planning grant for the first year of the project, focused on the development of a multi-phased, comprehensive initiative to help small-to-midsize arts organizations navigate, adapt and thrive amid ever-changing economic conditions.
"Financial resilience is critical for arts and cultural heritage organizations; their ability to provide high-quality, innovative and relevant programs depends on the strength of their underlying finances," said Sandi Clement McKinley, Vice President of Nonprofit Finance Fund. "Continued artistic excellence is best served by a well-capitalized sector where organizations can access — and their supporters can provide— the right kinds of support."
In NFF's 2014 State of the Nonprofit Sector survey, 47% of arts organizations named "achieving long-term financial sustainability" as a top challenge, the most popular response to that question. The planning phase will help arts and culture leaders better understand the interplay between business models and financial health in order to position them to secure the kinds of capital that will best fuel their artistic goals.
The initiative will reach 60 organizations across the country over the coming year. In partnership with National Performance Network/Visual Arts Network (NPN/VAN), NFF will work with NPN/VAN’s membership of performing and visual arts presenters; NFF will also work with a group of art conservation nonprofits. NFF's work with the National Performance Network/Visual Arts Network will focus on groups that bring diversity to the field and reach people in small communities.
"This initiative is the fruition of conversations that have been happening for many years," said MK Wegmann, CEO of NPN/VAN. "Mellon's recognition of the importance of arts organizations of color, geographically-isolated and community-based organizations and the Foundation's willingness to engage will have a lasting impact and make the field stronger as a whole."
The project will include organization- and cohort-level financial analyses, seminars that will help participants use financial information in decision-making, and assessments designed to identify core needs that will inform next steps toward financial strength and flexibility. NFF, NPN/VAN and the Foundation will collaborate on the exploration of subsequent project phases, based on what is learned during the coming year that can best support participant financial health needs.