Maurine Knighton, program director for the arts at the Doris Duke Charitable Foundation, and Kerry McCarthy, vice president for philanthropic initiatives for The New York Community Trust, write how arts and cultural organizations in diverse neighborhoods deserve greater philanthropic attention and support.
According to Knighton and McCarthy, investing in organizations, such as Brooklyn's Weeksville Heritage Center or Billie Holiday Theatre, remove inequities that have an often unseen, yet profound, impact on society.
Both authors share research that shows investment in the arts contributes to educational outcomes and overall civic health.
Knighton and McCarthy also provides three steps funders can take to drive change toward more inclusive arts philanthropy:
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Morgan Simon, Pi Investments and Transform Finance, explains the concept of impact investment that supports economic and community development. Simon notes that this concept, while gaining attention from varying financial contenders, is an exciting, but potentially problematic trend seen over the last decade.