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Warhol Foundation gives $10 million to artists

The money is being given to Creative Capital, a nonprofit picking up the slack in arts funding

The Andy Warhol Foundation for the Visual Arts has announced a 10-year, $10 million grant to Creative Capital, a foundation providing grants to artists. The gift will be allocated in annual instalments of $1 million for the next nine years with an additional $1 million for cash reserves. Creative Capital was set up in 1999 in response to the NEA, the federal arts funding agency, abolishing its grants to individual artists. To make the grant, the Warhol Foundation’s board voted to increase its grant budget by 20%.