Interview: What Finance for the Arts in Canada can do for you!

This past summer, Heather Young attended the PACT conference in Nova Scotia, and ran into arts administrator Alan Wrenshall, who shared how much they enjoyed Heather's Finance for the Arts in Canada books! Alan was kind of enough to answer some questions we sent their way - enjoy!

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Tell us a bit about yourself, and your arts administration role!

Alan Wrenshaw (left) and Heather Young at the 2025 PACT conference

My name is Alan Wrenshall (they/them) and I am a Queer, neurodivergent arts administrator for theatre, currently working as the Managing Director of Playwrights' Workshop Montréal. Founded in 1963, PWM is a nationally-mandated play development centre devoted to exploring and advancing artistic practices that support the creation of new works. To give you a sense of scale, in an average year, PWM collaborates with 250 artists and supports the development of more than 70 new works or translations.

Like many arts admin before me, I began my career in theatre as a Stage Manager, working behind the scenes on productions across Ontario. I gained invaluable experience and skills as an SM and loved being part of the creation process, but when Covid hit I briefly left the arts. Theatre kept calling me back though, and I moved to Montéal to join PWM’s administration team as a Coordinator. The previous MD left shortly after I started, and with the support of the rest of the team, I was able to take on the role. I'm incredibly grateful for the whirlwind opportunity that brought me here and the projects and artists we've been able to collaborate with.

Why did you purchase "Finance for the Arts in Canada," and how has the book met that initial need? Do you think it might be of use to others?

As a Stage Manager turned arts admin, my experience with budgets and finances before getting into arts admin was limited to say the least. Despite taking (most of) an accounting course in University, I did not have training in business. I knew the basics, but, in reality, the biggest budget I'd had to manage up to that point was for one production at a time. If Stage Managing taught me anything, though, it was how to be resourceful in finding information. The toughest part for me was sorting through all of the information that doesn't quite apply to arts nonprofits in Canada. Heather Young's Finance for the Arts in Canada was recommended to me by someone who had worked in my role previously to help me round out my knowledge and skills. 

Which section or concept in the book did you find most valuable or impactful?

For me, the sections that Heather included on understanding more about Accounting principles and financial documents were the most helpful. Sections such as detailing what a trial balance is, or how the purpose of the balance sheet differs from that of the income statement, or what information you get from a statement of cash flow. Coming into the role I felt comfortable with budget tracking and planning, but having a resource that helped me understand the context for why the accounting processes are the way they are, and the different information they are collecting or intended to explain gave me a much more fulsome ability to engage with that part of my job. 

Who would you recommend read this book, and find it useful?

I recommend this book to anyone who has taken on an arts leadership role and is stepping out of their comfort-zone working with running a business, or finances and accounting. I know that there are other new arts leaders out there that come from an artistic background with minimal finance experience, but want to learn. Concepts are explained clearly and thoughtfully. Even for topics you feel comfortable with, it's a great resource to be able to refer back to. It felt like being able to ask my bookkeeper questions without flooding her inbox, and gave me a better vocabulary for speaking with the auditor and my Board. I think it's useful information for anyone!

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Many thanks to Alan for sharing their perspective with us!

You can learn more about Finance for the Arts in Canada here: youngassociates.ca/explore-book

New Report: Arts Across Ontario

Ontario's arts and culture sector is a powerhouse, generating nearly half of Canada's cultural GDP and employment. The Ontario Arts Council (OAC) is launching "Arts Across Ontario," a groundbreaking report.

This new tool provides municipalities and regions with robust data on their culture sector's economic output, empowering local decision-makers with the insights they need. The report is the first-ever complete economic assessment of Ontario's arts, showcasing how a $1 OAC investment generates $25 in other revenue and that the sector creates more jobs than real estate, auto manufacturing, forestry, and mining combined. We’re proud to be supporting an industry with so much impact!

If you're an arts or culture organization looking to leverage this new data for your financial planning or strategic development, Young Associates can help you navigate these insights. You can also explore more about financial management in the arts by purchasing Finance for the Arts in Canada.

A Message from the Canada Council for the Arts

In a candid open letter, Michelle Chawla, Director and CEO of the Canada Council for the Arts, addresses the arts community's anxieties amidst growing economic uncertainties, particularly the looming threat of tariffs. She highlights the sector's crucial role in fostering national cohesion, driving economic growth, and showcasing Canada's global identity, even as rising costs and cautious spending patterns create significant challenges. Chawla emphasizes the need for sustained support and collective advocacy, urging the arts community to articulate its value to decision-makers and Canadians alike.

You can read the full open letter to the Canadian arts community on the Canada Council website, here.

Young Associates can help your organization navigate these fluctuating economic conditions, ensuring that your financial strategy aligns with these evolving realities.

Tariffs and the Arts Community

The Canadian live performing arts community faces a climate of uncertainty amidst proposed international trade tariffs and shifting political landscapes, though the tariffs themselves don't directly target services.

Our friends at CAPACOA are actively addressing these concerns by reinforcing its network, advocating for artists, and providing resources to navigate potential challenges. With a focus on maintaining strong international connections and supporting labor mobility, CAPACOA is working closely with U.S. counterparts and Canadian authorities to mitigate the impact of these changes.

Young Associates can also assist your organization in navigating the financial and operational complexities that arise from these international trends, ensuring your continued success.

Tis the season (for grant deadlines)!

With grant deadlines galore falling in the winter and early spring, many arts managers are poring over budgets and reports for funders – while at the same time juggling the demands of artistic programming in full swing.

These can feel like “weeks of reckoning” where you’re justifying your existence to grantors while working like crazy to maximize today’s successes.

If you’re run off your feet and wondering why you chose this crazy business, check out this short excerpt from Finance for the Arts in Canada, which may help provide some perspective on budgeting an the real world:

The ability to stick to a budget is held as an important benchmark: it’s senseless to invest a lot of time and energy into a plan that’s going to be discarded the moment things change. However, rigid management stifles creativity, and extreme meticulousness can produce needless bureaucracy. The degree of rigour beneficial to a given company depends on factors such as its size and complexity, the risk inherent in its programming (e.g., a choreographic workshop or artist-run centre may need more flexibility than a classical ballet company or major art museum), the skill level of decision-makers, and the attitudes and preferences of the leadership.

Managers are expected to know how to implement a budget (that is, to follow the script, as it were, by setting activities in motion, making the planned purchases and generating the targeted revenues). A complementary expectation is that managers will have the “chops” to manage change while maintaining stability. No year goes fully according to plan — not ever! When confronted by the unexpected, leaders are expected to step up and decide what to do next. These expectations, by the way, come from all directions. Volunteer board members look to paid managers for expertise. Senior staff look to the director for coordination, and more junior staff to managers for specific instruction on what to do.

When you take on a financial management role, you agree not only to balance the demands of a script (your budget) against the exigencies of daily life (the improv element), but also to do so while responding to the expectations of colleagues, your employer (the board) and perhaps other stakeholders. With so many factors at play, it is clear that to thrive, an organization needs more than a skilled manager, it needs recognized and shared processes that provide a framework for adapting to circumstances. In the absence of functional collaboration amongst staff members and between the board and staff, the best financial manager can be thwarted. A productive combination of smarts and structure equips the organization to move forward. An outcome may differ from expectations, but if there’s general agreement that contingencies were handled as well as possible, then the result may be considered a success.

From Finance for the Arts in Canada, Volume 2: Financial Management; Chapter 4: Managing Successfully Throughout the Year

Toronto's New Culture Plan

Toronto is taking a significant step towards fostering a vibrant cultural landscape with its ambitious 10-year plan to invest in arts and culture. A CBC news article provides an overview of the new culture plan: Toronto reveals 'ambitious' plan to invest in arts and culture over next decade

This plan aims to double funding for local arts service organizations, expand cultural spaces, and make arts and culture accessible to all residents. By supporting diverse communities, artists, and cultural organizations, the city seeks to strengthen its position as a global cultural hub. We are thrilled to see this important investment in local arts and culture.

Young Associates can assist organizations in this sector in navigating the financial complexities of budgeting as government programs and priorities change. Consider purchasing Finance for the Arts in Canada to gain deeper insights into the financial strategies that can drive cultural growth.