More Than Money

The Metcalf Foundation is deeply committed to both the value of the performing arts and to the success of its people and organizations. [...] Along with these shifting views of the structures and models that sustain the non-profit arts sector, there is a growing emphasis on public engagement and the social benefits of the arts among funders and arts organizations alike.1 Public funders are increasingly requesting information from organi- zations on the social impacts of their work, and are using evidence and As development of the sector [...] Contributing to the case for the social benefits of the arts Developing clear and consistent impact measures that help investors evaluate projects can also increase understanding and awareness of the value of the arts in our communities and society. [...] The issue of how arts organizations can navigate within the financial world of measurable returns and outcomes, and manoeuvre through the murky waters of defining and articulating both the intrinsic and the instrumental value of the arts, is also addressed. [...] The 2014 State of the Nation: Impact Investing in Canada report highlighted that the social finance field in Canada is growing overall but remains highly fragmented, and that “creating the conditions for all market actors to harness the potential of impact investing will require coordinated action within and across sectors and regions.”5 Latest estimates of the size of the impact investing market