Author: Buttino, Nicholas A.

Publication Year: 1974

Media Type: Report

Summary:

It is no longer feasible to request and expect public support for the Arts on the basis of culture for culture's sake. Instead, a more meaningful economic justification is in order. Justification of this nature is best developed by first examining both the subjective and objective social benefits or externalities resulting from the activities of the arts organization. Then, based on the findings of the benefits analysis, a comparison can be drawn between the corresponding social cost involved.

Abstract:

It is no longer feasible to request and expect public support for the Arts on the basis of culture for culture's sake. Instead, a more meaningful economic justification is in order. Justification of this nature is best developed by first examining both the subjective and objective social benefits or externalities resulting from the activities of the arts organization. Then, based on the findings of the benefits analysis, a comparison can be drawn between the corresponding social cost involved.

The latter is typically represented by the direct financial support or public grant made to the arts organization. Since the primary objective of this study is to develop a sound justification for the continuation and expansion of local public support for the Lake George Opera Festival, a presentation of the social benefits of this arts organization follows. (p. 14). For the 1970-1974 period, the report estimates a total of $839,621 in secondary (indirect) income based on $220,954 in box office revenue. (p. 22).

CONTENTS
A. Brief history of Lake George opera festival.

B. Financial analysis: 

1. Operating revenue 1970-1974.
2. Operating expenditures 1970-1974.

C. Benefits analysis: 

1. Subjective benefits.
2. Objective benefits:
    a) Income sources.
    b) Expenditure analysis.

D. Cost-Benefit summary.

Arts & Intersections:

Categories: Economic Impact