engleski

Fundraising within the Cycle model for successful business in arts and cultural organization

Fundraising is the skill of collecting additional financial resources from alternative sources such as sponsorships, donations, or crowdfunding ; sources not dependent on the state, county or city budgets. Fundraising also includes ownincome financing, i.e. ways to increase your own revenue through ticket sales, for example. Fundraising is an important part of the functional and sustainable development of organizations in arts and culture (profit and non-profit organizations alike) because financial resources from public sources are not enough to finance their activities and development. Hence, arts and cultural organizations are challenged to search for excellence in their business model management to create and deliver value in a more sustainable way without compromising artistic integrity, mission, and values. In this article, fundraising is observed though The Cycle model, composed of great art, marketing, family and fundraising. These elements are interlinked. Great art is the first step, followed by aggressive marketing that needs to be focused on the potential audience (family – audience, volunteers, board, donors...) which is most important for fundraising. The aim of the paper is to explore fundraising as an extremely important activity in arts and cultural organizations which is not just about raising money that also includes a variety of efforts required to accomplish this objective. Accordingly, the model requires the incorporation of business principles into operation in arts and cultural organizations as particularly crucial for their survival and requiring proper management attention. However, in the majority of arts and cultural organizations, artists perform the management role too. Successful organizations require the use of management skills which requires additional training for leadership in arts and cultural organizations. The paper gives recommendations for the successful implementation of fundraising in arts and culture organizations.

fundraising ; the Cycle model ; arts and cultural organizations ; management skills ; financing

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