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05/07/2011
£55m To Help Cultural Organisations Build Endowments
A new £55 million scheme to help arts and heritage organisations secure their future financial stability by building endowment funds has been announced by Culture Secretary Jeremy Hunt.
An independent advisory panel chaired by Michael Portillo will review bids from organisations for grants up to £5 million from the Endowment Fund, which will be available to match funds raised from private donors.
“It took the Met in New York over 100 years to build up their £2bn endowment, said Mr Hunt. “I want our endowments century to start today. World class cultural organisations should have world class financial resilience.”
In December 2010 Jeremy Hunt announced an £80 million fund to help increase philanthropy, made up of £50 million from Arts Council England and £30 million from DCMS. This was boosted by an additional £20 million Heritage Lottery Fund (HLF) contribution, taking the total to £100 million. Five million of the HLF money will go towards helping smaller cultural and heritage organisations build their financial resilience and improve their fundraising abilities, with the remainder forming part of the £55 million available for endowments.
To apply for these new grants, organisations will also have to raise money from private philanthropic sources. Different leverage ratios will be required for grants of different sizes, but these should on average raise £2 from private sources for every £1 of public funding. So £55 million in public funding will unlock £110 million from private support, possibly more.
Arts Council England this week announced the detail of how their funding for philanthropy will be allocated through the £40 million Catalyst Arts, programme. An additional £10 million from the Arts Council will form part of the £55 million available for endowments.
(BMcN/GK)
An independent advisory panel chaired by Michael Portillo will review bids from organisations for grants up to £5 million from the Endowment Fund, which will be available to match funds raised from private donors.
“It took the Met in New York over 100 years to build up their £2bn endowment, said Mr Hunt. “I want our endowments century to start today. World class cultural organisations should have world class financial resilience.”
In December 2010 Jeremy Hunt announced an £80 million fund to help increase philanthropy, made up of £50 million from Arts Council England and £30 million from DCMS. This was boosted by an additional £20 million Heritage Lottery Fund (HLF) contribution, taking the total to £100 million. Five million of the HLF money will go towards helping smaller cultural and heritage organisations build their financial resilience and improve their fundraising abilities, with the remainder forming part of the £55 million available for endowments.
To apply for these new grants, organisations will also have to raise money from private philanthropic sources. Different leverage ratios will be required for grants of different sizes, but these should on average raise £2 from private sources for every £1 of public funding. So £55 million in public funding will unlock £110 million from private support, possibly more.
Arts Council England this week announced the detail of how their funding for philanthropy will be allocated through the £40 million Catalyst Arts, programme. An additional £10 million from the Arts Council will form part of the £55 million available for endowments.
(BMcN/GK)
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31 March 2011
BECTU Slams 'Incomprehensible' Arts Cuts
The broadcast union, BECTU, is warning of redundancies and company closures across Britain on top of thousands of job losses in the arts, as the scale of the Arts's Council cuts becomes clear. The Arts Council of England announced that more than 200 arts organisations will lose their funding, in addition to more than 300 facing a cut in real terms.
BECTU Slams 'Incomprehensible' Arts Cuts
The broadcast union, BECTU, is warning of redundancies and company closures across Britain on top of thousands of job losses in the arts, as the scale of the Arts's Council cuts becomes clear. The Arts Council of England announced that more than 200 arts organisations will lose their funding, in addition to more than 300 facing a cut in real terms.
29 June 2011
A Major Boost For Philanthropy
A host of events mark the start of ‘an important and lasting change’ for cultural giving in the UK.
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13 June 2011
World's Poorest Children To Be Immunised By 2015
Major public and private donors achieved a milestone in global health today by committing funding to immunise more than 250 million of the world’s poorest children against life-threatening diseases by 2015 and prevent more than four million premature deaths. At the summit in London, countries are being asked to give an extra £2.3bn ($3.
World's Poorest Children To Be Immunised By 2015
Major public and private donors achieved a milestone in global health today by committing funding to immunise more than 250 million of the world’s poorest children against life-threatening diseases by 2015 and prevent more than four million premature deaths. At the summit in London, countries are being asked to give an extra £2.3bn ($3.
20 July 2011
£14m To Empower Communities And Build Safer Neighbourhoods
Two new funds totalling £14 million are being made available to the voluntary sector to empower communities to take action against crime and antisocial behaviour, Crime Prevention Minister Baroness Browning announced today.
£14m To Empower Communities And Build Safer Neighbourhoods
Two new funds totalling £14 million are being made available to the voluntary sector to empower communities to take action against crime and antisocial behaviour, Crime Prevention Minister Baroness Browning announced today.
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