IAIA Economic StudyMay 15th, 1996 | By tcj | Category: 8-1: Governance, Tribal College News
The Institute of American Indian Arts hired an independent consulting firm earlier this year to measure the institute’s economic impact locally and nationally. The report said that the institute generates $15 million per year in economic activity in the state of New Mexico. According to the report, IAIA generates $205,000 in local taxes and $5 million in personal income per year. In addition, the institute has attracted $45 million in federal funds into the state. Nearly half–41 percent–of the alumni who were surveyed are currently working as full-time artists. Many others are involved in museums, education, tribal governance, and community service.
The report concludes that in light of such contributions and its 34 year history, the IAIA has potential for a strong future. Because of the substantial Congressional cutbacks in the Institute’s budget, IAIA must establish a strong base of independent financial support to stabilize its finances. The institute has embarked upon an aggressive fund raising effort utilizing institute alumni.
The institute received a grant from the Economic Development Administration, U.S. Department of Commerce, for the study, which was conducted by Southwest Planning & Marketing and Herzlich & Associates.