Arts & Business have joined with philanthropy website The Big Give to launch The Big Arts Give, a campaign to raise millions of pounds for arts organisations from individuals. Launched at the Museum of London, the campaign got underway with an initial challenge fund of at least £500,000.
The Big Arts Give is designed to help arts organisations build and develop the income they receive via individual giving. It is hoped that it will raise at least £3 million by Christmas 2010.
The establishment of a challenge fund to stimulate individual philanthropy for the arts is one of five priority recommendations contained in Arts & Business' Private Sector Policy for the Arts, consultation on which closes today.
Each participating arts charity creates their own charity matching fund using pledges from their trustees and major donors. Initial public donations in December are then doubled by this fund. Charities that fully match their fund, by receiving the same amount in public donations as is pledged in their charity matching fund, are then able to compete for the additional Arts & Business Challenge Fund.
The Arts & Business Challenge Fund doubles further public donations on a first come, first served basis, until the Challenge Fund is exhausted. The maximum a charity can receive from the Arts & Business Challenge Fund is equal to their total pledge amount from trustees and major donors.
The Big Arts Give will be launched as part of The Big Give Christmas Challenge 2010 in December 2010. Funded by philanthropist Alec Reed, the 2009 programme raised over £8 million in just one week.