Creative Capital, a New York City-based national nonprofit that provides awards and advisory services to artists in thirty-four different disciplines, has announced that it is moving to a fund-based model and has received $10 million in pledges in support of the approach.
Launched in conjunction with the organization's twentieth anniversary, the 20th Anniversary Fund was inspired by models in the social enterprise sector and entails securing multiyear support from individuals, foundations, and corporations. The organization has already received commitments in support of the new model from the Andy Warhol Foundation for the Visual Arts, the Doris Duke Charitable Foundation, the Surdna Foundation, the Scherman Foundation's Rosin Fund, the Lambent Foundation, Toby Devan Lewis, and its board of directors.
The organization also announced a $100,000 investment in the Local Initiative Support Corporation's NYC Inclusive Creative Economy Fund. Launched in partnership with Upstart Co-Lab, the fund is a targeted investment opportunity that finances affordable creative workspaces supporting quality middle-skill jobs in the creative economy.
"Twenty-nineteen has been a year of tremendous growth and excitement at Creative Capital," said the organization's president and executive director, Suzy Delvalle. "From the announcement of our new annual award cycle to the pursuit of new ways of sustainably supporting artists, we've been celebrating our twentieth anniversary by laying the groundwork for the twenty years to come."