Americans for the Arts

Content presented by the Institute of Financial Wellness for the Arts (IFWA).

As arts professionals, we value the importance of exploration, play, and experimentation—these are vital to the creative process. At the same time, as professionals, we also know that the key to success for any creative venture depends on taking action—and that requires discipline and a plan. Not unsurprisingly, a large number of artists and arts professionals tend to be more impulsive and less strategic when it comes to managing their finances. Some of this is a long-standing cultural misconception—believing (incorrectly) that artistic endeavors ought to be unencumbered by financial realities—and some of this is circumstantial: a lack of access to educational resources or sound financial advice. At The Institute of Financial Wellness for the Arts, we’ve spent a lot of time understanding the unique financial challenges and constraints that arts professionals face. Here are some of the strategies and tips our financial coaches come back to time and time again. 

Content presented by the Institute of Financial Wellness for the Arts (IFWA).

If you’re an employee of Veterans United Home Loans, one of the “100 Best Companies to Work For” on Fortune magazine’s 2019 list, you might be invited to a crawfish boil or a party “welcoming the seventh employee named Emily to a department.” Hilton, the hotel company, provides massage chairs for workers on break. And many companies routinely offer stock bonuses for innovative ideas. But for arts organizations operating on lean budgets, those employee perks are impractical. Young actors, dancers, musicians, and arts staffers have more pressing needs than crawfish boils, and one of the aims of the Institute of Financial Wellness for the Arts (IFWA), launched in 2018 and expanding nationally this year, is to provide advice on handling money to artists of all stripes.

Content presented by PatronManager.

In economic news, we sometimes hear that the arts aren’t doing so well. So, how can your arts organization defy this trend and become a sustainable entity for years to come? I have three letters for you: CRM.

Content sponsored by University of Massachusetts Amherst Arts Extension Service.

Advocacy is fundamental to building a vibrant and lasting cultural community. In our chapter on advocacy in “Fundamentals of Arts Management,” published by the UMass Amherst Arts Extension Service, you will learn the ins and outs of arts advocacy from creating strategy, to building alliances, to the details and protocol of conducting a meeting with an elected official. 

Content sponsored by University of Massachusetts Amherst Arts Extension Service.

Identity, cultural democracy, excellence, justice—just a few of the “whys” behind our work. We have many spiritual ancestors who can help us articulate our “why” because, as discussed in Fundamentals of Arts Management 6th edition, this work has been weaved throughout our country’s history. I urge us all to take to time to connect with our own sense of “why.”

Content sponsored by University of Massachusetts Amherst Arts Extension Service.

Arts organizations are leaders in their communities, and they can lead by example and inspire individuals and other organizations to also do their part in reducing the need for energy, water, and fuel. In the new 6th edition of Fundamentals of Arts Management, Sarah (Brophy) Sutton and I have mapped out a step-by-step process for how to transform your arts institution into a sustainable one, regardless of scale or budget size.