“Capitalization, Scale, and Investment: Does Growth Equal Gain,” a follow-up report to 2009’s “Getting Beyond Breakeven,” was released TDC after being commissioned by the William Penn Foundation. The report, coauthored by Susan Nelson and Juliana Koo using CDP data, examines changes in arts and cultural organization finances over time and the effect of growth on these organizations’ financial health.

The study found that while many organizations are still challenged by weak finances, the context in which they are operating has changed: competition has increased, and the markets for audience and philanthropic support are rapidly shifting.

Read the full report here.