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The Big Arts Give 2010 established to raise extra millions in individual philanthropy for the arts
On Wednesday 26 May 2010, Arts & Business launched a new pilot challenge fund for the arts with an initial fund of at least £500,000. In partnership with UK philanthropist Alec Reed and his Big Give website, Arts & Business has designed The Big Arts Give which will dramatically reanimate individual cultural philanthropy in this period of economic difficulty.
What is The Big Arts Give?
The Big Arts Give is a new challenge fund scheme to help arts organisations build and develop the income they receive via individual giving. Through this scheme, which we have devised with The Reed Foundation and The Big Give, we aim to raise at least £3million for the arts by Christmas 2010. Announced as one of the core initiatives in Arts & Business’ Private Sector Policy for the Arts, this new scheme will use a proven mechanism to raise millions for culture and the arts.
How will it work?
Stage 1
Each participating charity creates their own Charity Matching Fund using pledges from their trustees and major donors. Initial public donations in December are doubled by this fund. Charities that fully match their fund - by receiving the same amount in public donations as is pledged in their Charity Matching Fund - are then able to compete for the additional Arts & Business Challenge Fund.
Stage 2
The Arts & Business Challenge Fund doubles further public donations on a first come, first served basis, until the Challenge Fund is exhausted. The maximum a charity can receive from the Arts & Business Challenge Fund is equal to their total pledge amount from trustees and major donors.
The Big Arts Give will be launched as part of The Big Give Christmas Challenge 2010 in December 2010. Funded by noted philanthropist Alec Reed, the 2009 programme raised over £8 million in just one week.
For further information please download the Big Arts Give information sheet below. Click here to find a launch event near you
Why is this important?
Our research shows that individual giving is a significant and vital source of private income for the arts in the UK. Building on this research and our experience of the sector, we have recently been consulting on our Private Sector Policy for the Arts (closes May 28th 2010). The establishment of a challenge fund to stimulate individual philanthropy for the arts is one of our five priority recommendations contained in the policy.
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