Bank of America Merrill Lynch commits to two further years of supporting New Stream
April 8th, 2013
Participants from the New Stream Partnership with the DeVos Institute for Arts Management at the Kennedy Center
Today, Business to Arts announced an extension of its organisational-capacity programme for Irish arts organisations supported by Bank of America Merrill Lynch and run in partnership with the DeVos Institute of Arts Management at the Kennedy Center, Washington DC. This intensive project, run as part of Business to Arts’ New Stream programme, is currently working with 15 organisations across Ireland, and will be extended to a second year, with the addition of five more organisations, bringing the cohort to 20 arts organisations. Closing date for applications is 24 April 2013.
The broader New Stream programme, now in its fourth year and engaging over 170 arts professionals and board members per annum, consists of a number of activities which deliver a range of resilience and sustainability-building resources to arts organisations across Ireland, regardless of size and resource. The overall programme is evaluated annually by Business to Arts as part of their reporting of the project and this has found that the organisations which took part in the training have raised over €5 million in new income over three years, through applying the techniques directly acquired on the programme. This €5.4 million of funds raised is against a total of €400,000 invested by Bank of America Merrill Lynch through the Bank of America Charitable Foundation and €70,000 invested by the Department of Arts, Heritage and the Gaeltacht.
Business to Arts works to support sustainability in the cultural sector through partnership and professional development. The organisation is funded by support from the business community, foundations, arts organisations and the public sector, all of whom share a belief that collaboration between stakeholders can help enhance creativity and deliver a benefit to society.
Speaking at the announcement of an intake of 5 more organisations to the DeVos Ireland partnership, Stuart McLaughlin, Chief Executive of Business to Arts referred to the overwhelmingly positive feedback at each stage of the programme over the first 10 months, and praised the organisations and their Boards for their commitment to the strategy-building process. He said “Having identified that organisational development requirements in the arts stretched far beyond fundraising, we have been delighted the impact of Year 3 New Stream as we broadened the subject matter. The combination of a refreshed approach, and the implementation of skills, has allowed us to continue the trajectory of funds raised by participants in the programme. And now, by extending our partnership with Bank of America Merrill Lynch, we are able to grow the base of knowledge in the Irish sector still further through our collaboration with Michael Kaiser and his team at the Kennedy Center.”
“Bank of America Merrill Lynch has operated in Ireland for 45 years and has been a long standing supporter of education, community development and the arts during that time. We are therefore especially delighted to continue our relationship with New Stream and help build on the tangible results that have been achieved through the programme,” said Andrea Sullivan, Head of Corporate Responsibility, Europe and Emerging Markets (ex-Asia) at Bank of America Merrill Lynch. “The arts help to create connections all over the world, from our own employees through to clients and our communities. Healthy economies need the arts to thrive and we are pleased to be able to connect capital with need to help further development in Ireland.”
“Ireland has such a rich and diverse community of arts organisations, and Business to Arts is such a strong advocate for them. We are proud to continue our relationship with them for a second year,” said Michael M. Kaiser, President of the Kennedy Center and the DeVos Institute of Arts Management. “I look forward to seeing how our work together will continue to strengthen the lively arts scene in Ireland.”
Business to Arts and the Kennedy Center have opened the application process for the second intake of organisations. The application form and further information is available on www.devosireland.org, and the closing date is 22 April 2013.