There are limited methods to accurately track the income sources of artists. It is estimated that artists working in the USA (performing, visual, and cultural) earn about $1.4 million a year. It becomes difficult for working artists to finance the exhibition, creation, and marketing of arts due to low earnings. This explains why they are always in need of money for art materials, travel, fabrication costs, exhibition, studio space, and other expenses.
Nowadays, a lot of foundations offer grants to nonprofit firms only. Unfortunately, artists are not covered by this rule as grants and fellowships are quite popular.
Fellowships and grants
These are usually offered by private foundations and some art agencies which are publicly funded. Funds take care of fees and expenditures offering the artist freedom to worry about his or her creativity. You should note that grants are quite competitive and offer assistance of various terms like awarded amount, stipulations, and procedures for application. Others are more restricted as compared to others with openness and eligibility varying from application and nomination, to awards.
Artist residencies
Funding opportunity for artists needs displacement from normal duties and environment to benefit from housing, studio space, travel, and living stipends.
Fiscal sponsorship
You can contract with an organization for fiscal sponsorship when you have projects which are related to their mission. This can offer an important funding opportunity for the artists. This type of funding implies that artists utilize tax-exempt regulations of sponsors to get charitable contributions that are tax-deductible.
Discounted or free services
Certain agencies and organizations are dedicated to making tax, legal, and healthcare services available to artists facing difficult times. Some of the services are offered discounts that are free of charge.
Although there are various funding opportunities for artists like cash grants, employment, internships, and residencies, there is a need to understand eligibility and qualification issues. As an artist, you should pay attention to that. In fact, poor proposals account for several artists getting overlooked for funding. Therefore, an artist should carry out extensive research to get valuable information and seeking services from a reputable grant writer. All these will enhance chances of getting the funding.
The above are some of the ways artists can get funding to support their work and live a good life. Before applying for any particular grant or sponsorship, ensure you meet the requirements for funding.