Over the past few years, the Irish arts sector has
suffered significant grant cuts and is braced for more. In this environment,
fundraising from various sources (other than the Arts Council) may well be the
only way for arts organisations to survive and thrive. Thus, Irish arts
organisations will need to become more ready to apply for and to receive funds
from private and philanthropic sources. For this, they may require different
governance structures, including more transparency and financial accountability.
What is clear is that good corporate governance is an enabler for funding.
While corporate governance in the arts sector is currently being driven largely
by funders, it is increasingly important for arts organisations to be able to
demonstrate that they are well run and well governed as a prerequisite for
receiving funds. Corporate Governance for the Irish Arts Sector is an
invaluable resource for any stakeholder in an Irish arts organisation, from
artists, arts administrators and board members to funders, directors and
financial advisors alike. It addresses key questions for the sector,
including:
- How is a good corporate governance framework defined in the arts sector?
- What will be the key benefits of good corporate governance for the arts sector?
- In the changing landscape for funding in Ireland, will good corporate governance, transparency and accountability affect funding in the arts sector?
- How can arts organisations utilise good corporate governance in order to achieve their funding goals?
"In explaining the challenges that arise in applying good governance
principles to arts organisations in Ireland, this book gives a comprehensive
analysis of all key issues that need to be addressed. Using its guidelines,
checklists and ‘how to-s’ will enable arts bodies to get closer to that virtuous
cycle that is to be aspired to: by managing their organisations to good
governance standards, they will better achieve their artistic goals and
objectives."
Terence O’Rourke, Chair of the Board, Enterprise Ireland; Chair of the Arts Council’s 2014 Strategic Review Group.
For further information, contact publishing@charteredaccountants.ie or telephone on (+353) 01 637 7204
The Author
Penelope Kenny is a Fellow of Chartered Accountants Ireland,
a former member of the Institute’s Council and also former Chair of the
Leinster Society of Chartered Accountants. With over 20 years’ accounting
experience, she is principal at ArtsGovernance, which offers consulting on
corporate governance specialising in the arts and cultural sectors. Penelope is
a non-executive director, treasurer and head of the finance and audit committee
of a large non-profit organisation with assets of over €500 million. She holds
an MA degree from University College Dublin, for which her thesis was corporate
governance.
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