NEW YORK – Citing a chronic shortage of financial backing for independent publishers and nonprofits dedicated to writing and reading, a coalition of seven charitable foundations has established a Literary Arts Fund that will distribute a minimum of $50 million over the next five years.

The idea for the fund was initiated by the Andrew W. Mellon Foundation, the country's largest philanthropic supporter of the arts. Mellon President Elizabeth Alexander cited literature as a vital source of expression.

Recommended Videos

“Novelists, poets, and all manner of creative writers have shaped and driven our collective discourse and capacity for invention since the nation’s founding,” Alexander, an acclaimed poet who joined Mellon in 2018, said in a statement. “American philanthropy can and

See Full Page