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New + Alternative Financial Instruments - Master Report Inc Case Studies (MMM 2007)

New + Alternative Financial Instruments - Master Report Inc Case Studies (MMM 2007)

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This is the original report upon which the Expanding the Financial Toolbox report set is based
This is the original report upon which the Expanding the Financial Toolbox report set is based

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Published by: Mission Models Money on Dec 27, 2009
Copyright:Attribution Non-commercial

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03/01/2014

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New and Alternative Financial Instruments
final report for
Mission, Models, Money
Catalysing a more sustainable arts and cultural sector
 
by Margaret Bolton and David CarringtonThis report has been made possible by thegenerous support of 
 
New & Alternative Financial InstrumentsMission, Models, Money
2
Contents
Section 1 Introduction Page 3Section 2 The challenge Page 5Section 3 Alternative forms of financing Page 11Section 4 Issues & problems: perspectives of A&COsPage 24Section 5 Issues & problems: perspectives of funders/investorsPage 30Section 6 An outline action plan Page 35Annex The financing of A&COs Page 38Glossary Page 40
 
New & Alternative Financial InstrumentsMission, Models, Money
3
Section 1 Introduction
This report considers methods of financing arts and cultural organisations(A&COs) which extend beyond the mainstays of contributed income includinggrants, ticket sales and other earned income. This is not because alternativemethods can replace reduced contributed income or compensate for decliningearned income for example, from box office but because they cancomplement them. And by complementing them, they can help arts andcultural organisations become more sustainable and better able to takecreative risks.So what is meant by ‘new and alternative financial instruments’? At thestage of project initiation we considered that the main focus of the reportwould be access to loans, equity and quasi equity finance (see the glossary).However, as the project developed a range of experts from both financingand A&COs encouraged us to look much more broadly and our case studiesin section 3 include barter and exchange arrangements, public servicecontracts and endowments.The purpose of the report is not to promote particular tools but to promptA&COs to think more broadly about the range available and to encouragethem to use them creatively and well in support of their mission. We shouldstress at the outset however, that this latter objective involves a leap of faith. It is clear from our research that there are issues and problems thatneed to be resolved before A&COs work confidently with a range of newfinancial tools. Many of the problems are problems of perception for example,about what charities – the legal structure used by most not for profit A&COs- can and can’t do. However, others signal capacity issues that need to beaddressed if A&COs are to be able to survive and prosper in an ever morecompetitive funding environment.In addition to arts and cultural organisations, the report addresses financeproviders and infrastructure or second tier organisations. It seeks toencourage funders and financiers to review their funding policy and practiceand infrastructure or second tier organisations to consider what advice,information and support they might best be providing.The report is based on:
 
initial research examining use of loan, equity and quasi equity financeby A&COs ;
 
a meeting with individuals involved in providing finance to charitiesand other organisations with social purposes;
 
a meeting with mature A&COs;
 
the comments of these two groups on a draft of this paper

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