The low-down on crowdfunding
If you’ve been on the internet in the last couple of years you have no doubt heard of crowdfunding. A community-based source of fundraising, crowdfunding can be an easy and efficient way of acquiring project funding.
The Australian Cultural Fund (ACF) is a crowdfunding platform managed by Creative Partnerships Australia (CPA). It works slightly differently to the more well-known platforms pozible and kickstarter in that is only open to artists and non-profit arts or heritage organisations and does not offer rewards to donors. This is a double-edged sword. While donors cannot receive tangible goods in return for their money, their donations can be claimed as tax deductions. This makes the ACF particularly attractive to large companies who look to reduce their taxable income through philanthropic donations.
Creative Partnerships Australia aims to promote and increase private investment in the arts and cultural industries. Funded by the Ministry for the Arts, they have a range of programs and resources for both arts organisations seeking funding and other businesses that want to become involved in arts philanthropy.
This invaluable resource, by CPA, provides an overview of how crowdfunding works, compares available platforms and sets out the steps to get started on your own campaign.