Operating lines of credit are a useful tool to help nonprofit arts organizations manage the uneven cash flows stemming from factors like the timing of production costs, ticket sales, and grant and government revenue. Loans are offered by program administrator IFF and program partner Fifth Third Bank, ranging in size from $10,000 to $150,000.
About the Program
The MacArthur Arts and Culture Loan Fund (ACLF) is a program designed to help small- and medium-sized arts and culture organizations in Chicago to manage uneven cash flows and strengthen financial capacity. The program includes the opportunity to access an operating line of credit, as well as financial management workshops, customized coaching, technical assistance on financial projects, and conversation on incorporating diversity, equity, and inclusion into your organization’s operations. The program is funded by the MacArthur Foundation and administered by IFF in partnership with BDO FMA LLC (formerly Fiscal Management Associates).
The program includes:
Financial experts from program partner BDO FMA LLC (formerly Fiscal Management Associates) deliver a series of virtual workshops that will explore the values, practices, and resources characteristic of financially resilient organizations. Participants will learn best practices and discuss how to apply them in their day-to-day activities. The interactive training series highlights an inclusive financial management approach and is designed to be experienced as a team.
BDO FMA also takes on financial projects — from writing policies and procedures manuals, to customizing your Chart of Accounts to maximize reporting — that arts leaders haven’t had the time or expertise to do themselves.
An immersive series of workshops from program partner Restart Consulting designed to help organizations better understand and explore how they can incorporate Diversity, Equity, and Inclusion into their operations.