With names such as Warhol, Mapplethorpe, Mitchell, and Haring, artist-endowed foundations are increasingly visible. Nonetheless, artists interested in using this distinctive charitable form have found practical information hard to come by. That’s no longer the case.
The Aspen Institute’s Program on Philanthropy and Social Innovation (PSI) has announced the release of a new publication for artists about creating private foundations in the US. This new offering is a companion piece to The Artist as Philanthropist: Strengthening the Next Generation of Artist-Endowed Foundations, the groundbreaking Study Report produced by the Aspen Institute’s National Study of Artist-Endowed Foundations, the first research effort to focus on this charitable form in the US. A Reading Guide to the Study Report for Artists and Their Family Members is designed to facilitate use of the Study Report by artists and their family members who are exploring creation of a private foundation in the US. In addition, PSI also has released Study Report Supplement 2013, which updates the Study’s original findings based on 2005 data about trends in this new field. All Study publications can be accessed here.
A Reading Guide to the Study Report for Artists and Their Family Members is organized around questions artists often ask about artist-endowed foundations and points to sections of the Study Report addressing these topics. The purpose of the guide is to familiarize artists and their family members with basic considerations in creating a private foundation in the US so that they may be better informed when discussing these issues with their professional advisors, as well as with persons who might play a role in foundation governance. The goal is to promote understanding as to whether a foundation is an appropriate choice for an artist and, if so, how to plan for a foundation that will be successful in fulfilling its charitable purpose.
Study Report Supplement 2013 details the field’s growth from 2005 to 2010. Artist-endowed foundations in the US reported 2010 assets of 3.48 billion USD (up 44 percent), including 1.99 billion USD in art assets (nearly doubling, with a rise of 83 percent). Charitable disbursements increased almost 60 percent, growing to 131.83 million USD, comprising 69.99 million USD in grants and 61.83 million USD in costs to operate exhibition programs, study centers, artist residencies, art education classes, and the like. The field’s grantmaking is squarely in the arts, representing 84 percent of its giving. Although a small portion of all private foundations in the US, by virtue of their focus and activities, artist-endowed foundations are poised as a force shaping cultural philanthropy and stewarding the country’s post-war and contemporary art patrimony.