What is an artistic foundation?
Art Foundation can be a number of things in the field of non -profit funds. In some contexts, the art foundation is an art gift that has some limitation on it a specified donor. These restrictions may include a ban on the sale of arts or a requirement based on any art sold that is used to buy other works of art. In other contexts, the art foundation can be a gift of money that gives it a donor that requires investment of money and interest used to buy works of art. The cultural foundation is sometimes described as an artistic foundation simply because the donor supports the exhibition, education and training involving art.
Foundations are the life of institutional non -profit organizations such as museums and universities. This type of donation is provided to maintain a critical part of the institution. It is usually an essential gift and is designed to prevent changes in the management of the institution in influencing the gift of remaining as a donor inheritance. Most of the gifts come up with a written contractualBy agreeing that specifies how the foundation can be used. As soon as the institution receives a gift and signs the agreement, he is legally obliged to observe the gift conditions forever, otherwise he risk the gift will cancel.
Cultural institutions such as museums and galleries are often gifted with a certain type of foundation. The artistic foundation is usually a gift of a work of art for the museum, produced under the conditions specified by the donor. For example, some wealthy individuals collect works of art. After death or simply allow the public to appreciate the collection, the individual can donate the art of the museum. Instead of simply giving up a work of art with the hope that it will be used as the donor intends, the individual can create an artistic foundation.
The restriction on the use of a artistic work can ensure that the museum never does anything to circumvent the original intention of gifts, such as selling works to another private investor to get operational money. WellThe museums have artistic foundations that form the basis of their main collections. Donor restrictions that can be included in real gifts of works of art can be anything the donor assumes, including restrictions on sale, the use of yield from any sales for anything other than buying more works of art or leaving works of art for more than a handful of months of the year.
In some cases, the artistic foundation may take the form of a cash gift. This gift is given by a museum or other art institution to provide a stream of income that can support the institution's operations. Usually, the director of the gift and the institution is invested in use to support operations. Museums sometimes receive this type of cash foundation, which is used to create the art of purca.