Endowment. Much like the word “elite” or “patronize,” the term “endowment” seems to have acquired a negative connotation.
The traditional endowment model was sold as a core strategy of sustainability for an organization; the interest provided reliable budgetary support, and the principle was the legacy of dedicated arts patrons. But organizations began to use the fund’s annual draw in place of fundraising.
Then, when times got tough, the principle became a financial lifeline. When this happened, a new trend emerged; funders began to redirect their initiatives towards innovation and creative placemaking instead of endowment.
But, as with most trends, there are exceptions to the rule.
Springfield, MO is nationally recognized as a collaborative community, as highlighted recently by Mayor Robert Stephens on the Huffington Post. With consistent job growth in the city as well as lower than average unemployment rates, Springfield’s collaborative nature has helped the community weather the recession.
In the arts community, more than 30 local groups share The Creamery Arts Center. The 35,000-square-foot building, once home to the Springfield Creamery Co. and later the first distribution center for O’Reilly Automotive, includes administrative offices, as well as an exhibition hall, board room, arts library, arts classroom, film editing bay, a shared costume shop, and set design/fabrication studio. Read the rest of this entry »