Cultural organisations will be encouraged to harness extra funding through a new online match funding initiative launched by the Arts & Business charity.
The Big Arts Give is a pilot scheme that allows charities to compete for a share of the £500,000 Arts & Business Challenge Fund.
This funding is provided by Arts & Business and the Reed Foundation, a non-profit organisation founded by entrepreneur Alec Reed.
An Arts & Business statement described how the Big Arts Give could work: “You have, for instance, secured £20,000 for your charity matching fund in pledges [from major donors, corporations and trustees].
When the online challenge goes live in December, your online donors will be matched £1 for £1 with the money in your matching fund up to the £20,000 you’ve had pledged.”
The Arts & Business Challenge Fund may then match any further online donations once they exceed the initial agreed target.
But the project statement warned: “It’s a competitive scheme and the charities that secure the most online donations before our total fund of £500,000 is exhausted will gain the largest share.”
Culture minister Ed Vaizey welcomed the move, saying that he hoped the initiative “would unlock additional funding for some of our smaller cultural bodies”.
Adrian Babbidge of heritage consultancy Egeria said: “My impression is that this initiative is focused on organisations that are already switched on to individual giving.
"It will be hard for others to meet the requirements from a standing start. I’m sure that those few local authority museums that have created arrangements to encourage charitable giving will find a way to participate.
“One of its interesting features is the emphasis on trustees putting their hands in their pockets to contribute. This is at odds with the board culture of UK museums, where trustees contribute skills and time, rather than hard cash.”
Applications for the Big Arts Give must be submitted by 9 July.
www.thebiggive.org.uk
The Big Arts Give is a pilot scheme that allows charities to compete for a share of the £500,000 Arts & Business Challenge Fund.
This funding is provided by Arts & Business and the Reed Foundation, a non-profit organisation founded by entrepreneur Alec Reed.
An Arts & Business statement described how the Big Arts Give could work: “You have, for instance, secured £20,000 for your charity matching fund in pledges [from major donors, corporations and trustees].
When the online challenge goes live in December, your online donors will be matched £1 for £1 with the money in your matching fund up to the £20,000 you’ve had pledged.”
The Arts & Business Challenge Fund may then match any further online donations once they exceed the initial agreed target.
But the project statement warned: “It’s a competitive scheme and the charities that secure the most online donations before our total fund of £500,000 is exhausted will gain the largest share.”
Culture minister Ed Vaizey welcomed the move, saying that he hoped the initiative “would unlock additional funding for some of our smaller cultural bodies”.
Adrian Babbidge of heritage consultancy Egeria said: “My impression is that this initiative is focused on organisations that are already switched on to individual giving.
"It will be hard for others to meet the requirements from a standing start. I’m sure that those few local authority museums that have created arrangements to encourage charitable giving will find a way to participate.
“One of its interesting features is the emphasis on trustees putting their hands in their pockets to contribute. This is at odds with the board culture of UK museums, where trustees contribute skills and time, rather than hard cash.”
Applications for the Big Arts Give must be submitted by 9 July.
Links
www.thebiggive.org.uk