The University of Maryland offers some practical advice for arts organisations who can't know what the future holds.
'Dear Friends:
We write in recognition of the severe hardship faced by many Americans in the wake of the Coronavirus pandemic, and in solidarity with our colleagues in the arts and culture sector who face an increasingly daunting array of challenges.
Not only have ticket sales and entry fees been lost, but many organizations have mounted entire productions that now must be cancelled. Others have cancelled spring fundraising galas – vital sources of contributed income. As 401Ks, endowments, and corporate profits falter, immediate and near-term fundraising efforts are all but certain to suffer.
Like many small and mid-sized businesses nationwide, the average arts organization in the United States has scant reserves to cover these losses. A 2018 report from the National Center for Arts Research at SMU found that the average US-based museum or performing arts organization had less than two months of working capital; the average orchestra, only 15 days. This means that cash disruptions grow more likely, by the day, for all but the wealthiest cultural organizations.
For many, it is a lack of clarity on the duration of the crisis that causes the most anxiety. Should we proceed with rehearsals for a new production scheduled for May? Do we issue next season’s subscription brochure? Should we move forward with our capital campaign? Will our reserves outlast the downturn, or are more drastic measures necessary? These are some of the sensible and challenging questions we have heard from arts leaders across the nation' ... Keep reading on DeVos Institute of Arts Management
'Dear Friends:
We write in recognition of the severe hardship faced by many Americans in the wake of the Coronavirus pandemic, and in solidarity with our colleagues in the arts and culture sector who face an increasingly daunting array of challenges.
Not only have ticket sales and entry fees been lost, but many organizations have mounted entire productions that now must be cancelled. Others have cancelled spring fundraising galas – vital sources of contributed income. As 401Ks, endowments, and corporate profits falter, immediate and near-term fundraising efforts are all but certain to suffer.
Like many small and mid-sized businesses nationwide, the average arts organization in the United States has scant reserves to cover these losses. A 2018 report from the National Center for Arts Research at SMU found that the average US-based museum or performing arts organization had less than two months of working capital; the average orchestra, only 15 days. This means that cash disruptions grow more likely, by the day, for all but the wealthiest cultural organizations.
For many, it is a lack of clarity on the duration of the crisis that causes the most anxiety. Should we proceed with rehearsals for a new production scheduled for May? Do we issue next season’s subscription brochure? Should we move forward with our capital campaign? Will our reserves outlast the downturn, or are more drastic measures necessary? These are some of the sensible and challenging questions we have heard from arts leaders across the nation' ... Keep reading on DeVos Institute of Arts Management