Does Knoxville need its own George Soros?
George Soros, the hedge fund billionaire whose philanthropy has not previously included the arts, has announced that he will be giving $11 million to New York City arts organizations through his Open Society Institute to help make up for losses of local grants due the economic downturn. Non-profit arts organizations that have budgets in the range of $75,000 to $7 million are eligible for grants for $65,000 to $250,000 over two years.
"This initiative is part of our wide-ranging, ongoing work to address the economic crisis nationwide," said Ann Beeson, executive director of U.S. Programs at the Open Society Institute,"New York City's nonprofit arts and culture organizations employ more than 160,000 people--three times more than the law firms in the city. We're not an arts foundation, but we know the central role arts and culture play in economic stability and social change."
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