Most philanthropists have been reluctant to extend funding support to the arts. For some of them, there is no apparent advantage in doing so.
Funders were asked their opinion about supporting the arts, and some of them believe that it is just a minority interest reserved for philanthropists with financial resources to spare. In addition, they think that arts philanthropy produces no measurable impact that would justify contributions. They find matters such as poverty, hunger, and others as demanding more urgency.
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While the previous statement is valid, arts philanthropy can benefit both the economy and the community.
Supporting the arts also means aiding cultural organizations that fuel the local economy. In Washington State alone back in 2014, more than 35,000 jobs had been directly and indirectly created by such organizations, equivalent to a little less than $1 billion in labor earnings and benefits and more than $100 million in tax revenue.
Providing financial aid to the arts can foster connections within the community. Arts have given a reason for diverse groups of people to share common experiences and insights, enabling them to understand one another and to accept different perspectives.
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| Image source: dcmsblog.uk |
John Kleinheinz, a global leader in the hedge fund industry, is an avid philanthropist. Together with his family, he has supported various endeavors, including giving a $2 million gift to Southern Methodist University’s Department of Art History, which was used to establish an endowed chair. Read more about the family’s philathropic work on this website.
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