A New Model for the Arts

After reading this week's articles and Jessica's post below, I began to think about the L3C model and arts organizations. L3C's is the bridge between the nonprofit and for profit worlds. It's a taxed organization with a social goal and its second goal was to make money. The L3C model can have important implications to arts organization outside of their non-profit model.
ArtsJournal's weblog posted an article on April 29, 2011 called Using the L3C Organizational Model. The author states that creating an L3C as part of a non-profit's organization has the opportunity to further their mission, provide some profit and engage the board.
Non-profit arts organizations could have a broader reach than what is specifically outlined in their mission. However, most focus specifically on their art and possibly education programs. Adding an L3C to the organization brings the potential for new revenue and a new audience. For example, producing popular theater works under an L3C could help to fund new and experimental works under the mother organization.
The most interesting aspect of a L3C model outlined in the ArtsJournal post was the ability to engage board members. Many, if not most, board members come from the corporate, for-profit world. Their ideas and experience can be invaluable to an arts organization especially when working to build an L3C under the original organization. Of course, the organization uses its board to raise funds and awareness within the community, but the L3C model has the chance to further their participation and buy-in to the arts.
The L3C opens up a world of opportunity to arts organizations that they have previously ignored or frowned upon in the past like Jessica said. Exploring new opportunities, especially when the 501ciii may not fully support an organization's needs, will be vital to the evolving nature of the arts.