Now more than ever, arts, culture, and heritage organizations must explore new revenue models to ensure a secure future for their institutions.
This toolkit will investigate how your organization can take steps towards financial sustainability with earned income, facility use, food service, e-commerce, travel programs, and philanthropy.
Gift Shops and E-Commerce
The Museum Store Association (MSA) is dedicated to advancing the nonprofit retail industry and the professionals engaged in it. Through advocacy, education, and collaboration, MSA provides the tools and community to help cultural institutions, vendor members, and their commercial partners to expand the visitor’s experience, enabling them to take a piece of that experience home.
Filming at your Institution
Of the nineteen museums and galleries I approached, all declared at least some income from film and television productions.
The following is a compilation of guidelines from a number of museums: the Natural History Museum of Los Angeles County, the Los Angeles County Museum of Art, the Boston Museum of Fine Art, the Museum of Modern Art, the National Gallery of Art, and Hampton Court Palace, blended together and sorted into topics.
More than half of the Canadian investors that you know are likely making vales-based choices. Responsible Investing (RI) is taking off in Canada and we wanted to know why.
Business and Corporate Events
Cynthia will take participants through making an inventory of their current resources, preparing a high-level environmental scan to assess local business, developing a business plan, and sharing some of the collateral and documentation required to implement a robust venue rental program
One of the key income streams often overlooked and certainly under-valued is what can be generated from the often unique attributes of the venue itself, whether from corporate hospitality hire or hosting other commercial or private events throughout the year.
A number of local museums are exhibiting revenue growth from a non-traditional source: facility rentals for weddings, corporate events, and private parties. While most say rentals generate a fraction of their annual revenue, they note that events make a significant contribution to their business and fundraising.
Free Fundraising Consultation
Take advantage of your BCMA Membership to receive a free 30 min fund development consultation with our partners at Global Philanthropic!
Will museums continue to be supported by major gifts? Will the next generation of philanthropists share the values and commitments of those who have historically supported a museum? What about the new wealthy class, who have become philanthropic from wealth gains in technological innovation? Will they donate to museums to the same degree as past generations of museum donors?
BCMA Podcast: Financial Sustainability Week and Food Services
In recent years, major art museums across the U.S. have been ditching run-of-the-mill cafeterias and making way for restaurants that are destinations in their own right, with top chefs and unique menus regularly written up in Michelin and Zagat guides and reviewed in magazines such as Bon Appétit, Food & Wine and Travel & Leisure.
Cafes are rather like good exhibitions – the best have real passion, plus good organization, to come alive and make money. The downside is that cafes are not static exhibits – food goes off, labour costs can ruin your budget and customers rightly don’t appreciate queues, poor quality food, dirty tables or service without a smile.
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