SUBMITTED BY ARTSPRING
In what has been a banner year for ArtSpring’s 25th anniversary, board president Sandra Heath took to the stage at July’s donor appreciation event to announce the launch of ArtSpring’s first-ever endowment fund, with proceeds already nearing $1 million. The organization’s goal is to reach that figure by end of August.
Thanks to the extraordinary bequest of stocks from former ArtSpring board member George Ehring, who died in 2020, ArtSpring’s dream of securing greater financial stability in the future has been set in motion.
Like many arts organizations, ArtSpring has expressed being vulnerable throughout its history and particularly through the pandemic, which saw the closure of both small and renowned institutions around the world. The economy, increasing costs, shifting audiences, changing volunteer patterns and the unpredictability of annual community fundraising efforts have all been cited as contributors to ArtSpring’s uncertain financial position each season.
ArtSpring maintains surprisingly little of its budget is supported by government funding. In 2023, it accounted for approximately 10 to 15 per cent, with the vast majority coming from facility rentals, ticket sales and donations, which fluctuate year to year.
“This position impacts operations, programming, community learning and accessibility programs,” said executive and artistic director Howard Jang. “It also impacts our ability to keep this remarkable facility and asset to the community functioning and thriving, at a time when the arts are more important than ever in fostering empathy, bringing people together and creating lasting impacts.”
As an added advantage, establishing an endowment fund now qualifies ArtSpring to apply for matching funds from the federal Department of Canadian Heritage, multiplying the impact of each donation dollar. Since the Ehring donation, five other significant donations have joined the fund, which currently sits only $30,000 short of reaching its goal by end of August.
“George’s transformative donation spotlights the importance and impact that planned giving can have as a legacy and tax strategy,” said Jang. “However, donations of all sizes are crucial towards our short-term and long-term sustainability as a community arts centre.”
Reaching the $1-million threshold marks the important first phase of ArtSpring’s longer-term campaign of raising $5 million in upcoming years. The fund, managed by the Victoria Foundation, will direct the portfolio’s annual investment income back to ArtSpring to help support operations, people and diverse programming on a permanent basis. Attaining a $5-million endowment will translate into approximately $250,000 of secure funds per annum.
“This does not replace the ongoing annual need to raise funds for operations, artists and capital improvements, but it provides a more secure starting platform,” said Jang.
At the same time the legacy endowment fund was announced, a new list of donor benefits was rolled out in what is being called a pilot project.
Eight donor categories, distinguished by name and donation level, are now matched with a corresponding set of benefits ranging from acknowledgement credits to “first-to-know” status, VIP events to backstage tours, artist meet-and-greets to season’s tickets.
“Escalating donor benefits are common in larger centres but haven’t significantly been introduced yet on Salt Spring,” said Kirsten Bolton, communications and donor engagement manager. “The intent is to recognize, encourage and engage our donors with value-added experiences that make giving about more than just a tax receipt. It’s a relationship.”
For more information about donating, visit artspring.ca/donate where funds can be directed to legacy fund, operations or Theatre Angel programs. For larger gifts or planned giving, contact Howard Jang at ead@artspring.ca or 250-537-2125.