How does the patronage work?
The concept of patronage has changed a lot over the past few decades. In the old age, it used to be very close and confidential. The patrons used to provide for the artists and gained advantage and profits from their successes. A very well known example of this sort is the patronage of Pope Julius 2’s aid to Michelangelo during his work on the Sistine Chapel. On the other hand, these days it is all out in the open. The sponsors offer cash in the shape of grants or endowments to universities and museums and people who then transfer these funds forward to the charities and trusts. However, these ventures will empty the patron’s bank balance.
How to display your patronage?
Some methods of starting this task begin from the very beginning. In most cases the process is pre packaged and prepared. Nevertheless, it is recommended to seek the advice of your tax expert before starting the patronage. Tax free companies or non profit foundations are a better alternative than unprotected lump sum investments. Therefore, be careful and consult specialists before going on this patronage venture.
Donations and grants
There is not one artistic foundation that denies cash offers. It is the simplest way of patronage and includes very few people during the transaction. Majority of the artistic organizations have different levels and give awards to the regular donors. If you donate a particular amount it provides you with some privileges. For instance, $25,000 at the Minnesota Orchestra gets you Founder’s Society membership and other privileges like dinner with the music head. Grants are a one time monetary gift to a foundation. They use the principle amount, and use some of its return to fund future investments such as research programs and aids.