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Presentation Description:
Weathering the storm: Fostering Resilient Cultural Nonprofits
Even before the COVID-19 pandemic, arts organizations were cash-strapped and unprepared for another economic downturn, and average attendance was declining. Then, the health crisis halted arts programming. The stock market’s precipitous decline dealt a blow to endowments and household wealth, ushering in a recession. As arts organizations experienced substantial declines in earned revenue and prepared for potential declines in philanthropy, their leaders were forced to make difficult decisions about which staff to keep, artists to pay, and how to stay in business while maintaining creativity.
Approaching 2021, we now better understand the fallout. What should arts leaders do to navigate tough times, and begin to rebuild? How have grantmakers restructured their support during this time and what is still needed to support recovery, operations and rebuilding? We will engage participants by sharing new data about the financial position of arts organizations, and discuss common strategies utilized to achieve financial stability, particularly after turnarounds. We'll impart recommendations for mitigating future losses and rebuilding liquid assets and hear from a philanthropic program that advances resiliency among small and midsize organizations. Participants will be invited to share how they are adjusting their own engagement and funding strategies to help organizations weather the storm.
Presentation Speakers:
- Dr. Zannie Voss, Director, SMU DataArts
- Rebecca Thomas, Principal, Rebecca Thomas & Associates
- Bronwyn Bevan, Director of Research, The Wallace Foundation
- Tom Clarendon, Project Director, Performing Arts Readiness Project
- Jan Newcomb, Performing Arts Coordinator, Performing Arts Readiness Project