American Culture In Search of Angels?III.

This article presents an argument pertaining to the finance of cultural institutions in the U.S. In the old days, the financing of such institutions was considered to be the job of the president and board of trustees; they were the ones who had to convince the legislature in the case of public institutions, or raise endowments from private sources in the case of private ones. With this total of nearly $47 million a year, recipient institutions have available an income equivalent to the earnings at five percent of an endowment not far below $1 billion.