Summary
Seven philanthropic foundations have set up a Literary Arts Fund to provide financial support to nonprofit literary organizations. The fund plans to distribute at least $50 million in grants over the next five years to help these groups, which have seen reduced federal funding. Applications for these grants will open on November 10.
Key Facts
- A new fund called the Literary Arts Fund will distribute $50 million in grants.
- The fund is aimed at supporting nonprofit literary arts organizations.
- The grants will be available over the next five years.
- The fund was organized in response to cuts in federal funding for the arts.
- The Mellon Foundation started the fund with contributions from other foundations.
- Applications for the fund open on November 10.
- The literary arts often receive less funding compared to other artistic fields.
- Candid’s study shows only 1.9% of arts grants went to literary arts in 2023.
