#endowment

#endowment

"My report provides a clear path, with a range of new initiatives that cover everything from new funding models to fundamental systems reform, that will enable ACE to strengthen its key, positive role in sustaining a world-class creative sector for the future," Hodge says in a statement. In the wake of various culture wars over the past 15 years, Hodge stresses that "the government must maintain and strengthen the arm's length principle at all levels of government to ensure that arts funding is protected from politicisation".

This week, lifelong Brooklynite Shelby White gifted the Prospect Park Alliance a $10 million endowment through the Leon Levy Foundation, which she founded in 2004. Brooklyn's tree canopy is our modern cathedral, reconnecting city dwellers to nature even in the heart of the busiest city in the United States,, said Morgan Monaco, president of the Prospect Park Alliance. It is vital for climate resilience, public health, and sustaining biodiversity, and today we celebrate a gift that will secure this legacy for the future.

Tate's plan to secure its future by building an endowment fund worth £150m by 2030 has sparked debate in the UK museum sector about whether such a funding model could sustain national and regional institutions long-term. Endowments are less widespread in the UK than in the US, where the top 45 museums hold such funds worth more than $40bn in aggregate, according to UpStart Co-Lab figures.

Philanthropist MacKenzie Scott donated $70 million to the United Negro College Fund last week. The funds will be distributed to private historically Black colleges and universities that are UNCF members. The $70 million will be spread across 37 member institutions.

I would like to take this opportunity to reassure each and every community member of my deep and unwavering commitment to the safety of our endowment.