FML partner Amber Tucker specializes in providing auditing services to nonprofits, with her technical expertise focusing on areas such as the performing arts and museums. She used this knowledge to write an article for Hartford Business Journal in June about how long-term, sustainable giving is the key to arts and culture funding.
When the HBJ was looking to do a story on Hartford-area arts organizations looking to boost their funding reserves as post-pandemic sources begin to dry up, it reached out to Amber.
Here is the excerpt where Amber is quoted:
Endowments have long been an important tool for arts and other nonprofits as a way to promote long-term financial stability. But there’s been a sharper focus post-pandemic by some organizations to establish and/or beef up their nest eggs.
It’s especially important as government support dries up — federal ARPA funding ends this year, while state lawmakers reduced arts funding during the 2024 legislative session.
“It’s tough; they’re coming to their financial cliff,” said Amber Tucker, a partner and CPA with Fiondella Milone & Lasaracina LLP (FML), an accounting firm in Glastonbury.
“ARPA funding is ending, and many of them have also received employee retention credit (ERC) funding,” Tucker said of nonprofit organizations. “They were able to make it through those couple of years with all the additional funding they’ve had, but now that funding is wrapping up.”