Neither star nor starving! Economics and marketing of the artist-endowed foundation

Abstract Independent foundations deliver grants for the welfare of communities. The founder can be an artist and the artist, as philanthropist, is a very recent topic and issue in social sciences, whose approaches usually mean the artist either as a starving or a star. Their foundations can be both operating and grant-making and relationship marketing can shape community engagement, both as regards fundraising in order to increase endowments and as regards grant-making thanks to multiple sponsors and financing mechanisms. Effective communication is crucial for relationship marketing and essential for helping foundations to understand their audiences. In addition to the website, communication of these foundations can include digital communication strategies and social media, that allow real-time communication among many actors. The aim of this paper concerns American artist-endowed foundations, managing with arts or community issues with different performances and communication. The methodology includes the analysis of mission statements, websites and 990 Forms, and a cluster analysis of 2016’s accounting data. Thanks to the cluster analysis, economic performances, fundraising and fund-giving are highlighted and a concentration ratio indicates the degree of involvement either in specific arts (visual, performing, etc.) and creativity or in community welfare and other issues.