A Guide to the Best Revenue Models and Funding Sources for your Digital Resources Page: 73
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A guide to the best revenue models and funding sources
for your digital resources
Nancy Maron, Ithaka S+Rinvestment that are used by the project for its ongoing costs. In practice, however, this model can be difficult to
implement and carries certain risks, such as a dependence on the market's performance, which is completely out
of anyone's hands.147
The National Endowment for the Humanities (U.S.) has an office of Challenge Grants.148 The grants are intended
to be matched by fundraising the project team will do, and past and current grantees have sought the grants
specifically to build endowments. During autumn 2012, NEH awarded 15 new Challenge Grants, of which ten
were specifically to build endowments, and two were specifically aimed at digital humanities projects.'49
Case Studies
Stanford Encyclopedia of Philosophy
The Stanford Encyclopedia of Philosophy is a dynamic open-access reference source whose entries are written
by philosophy scholars and then reviewed by an editorial board before they are made public.SEP has reported
that it is making progress towards its endowment goal of $4 million (2.45 million):s'5 over $2.2 million (1.35
million) has been raised by contributing library partners (that total includes a $500,000 (3o5,9oo) challenge
grant from the NEH), and Stanford University has raised $1.125 million (688,200,000) through its own
development efforts.
Encyclopedia Virginia
The Encyclopedia Virginia, developed by the Virginia Foundation for the Humanities, is an interactive online
resource that explores the cultural, political, and economic history of Virginia. In 2008, project leaders raised s$.5
million (917,6oo,ooo) from corporate and individual donors to create an endowment that would help the
Encyclopedia begin to have an additional revenue stream, apart from the support it gets from the Virginia
Foundation for the Humanities.'5'
Benefits
> An endowment offers an ongoing, steady revenue source
> Raising an endowment encourages community support and buy-in for a well-established resource
Disadvantages
> Projects funded through an endowment will always have to support free riders-those who never choose to
contribute, but still benefit from using the resource, and the number of such users is likely to grow if reliance
on endowments proliferates
147 Kathryn W. Miree, 'From Theory to Practice: Three Successful Models to Build Endowment,' 200oo3, Kathryn W. Miree and Associates, Inc.,
kathrynmireeandassociates.com/PDF/Three%2oSuccessful%2oModels%2oto%2oBui Id%2oEndowment.pdf
148 National Endowment for the Humanities, Office of Challenge Grants, neh.gov/divisions/challenge
149 NEH Office of Challenge Grants, 'Challenge Grants Awards List November 2012,'
neh.gov/fi les/divisions/challenge/cha lengegrantsawardslist-november22.pdf
150 Julie Bobay, 'Stanford Encyclopedia of Philosophy,' PowerPoint presentation at2ol2 ALA Conference,
http://ala2.scheduler.ala.org /fiesaa2JuieBobayStanfordEncyclopediaOfPhilosophy.pdf
151 Interview with Matthew Gibson, Director of Digital Initiatives and Editor, Encyclopedia Virginia, 18 June 2013._Js
Philanthropy
73
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Maron, Nancy. A Guide to the Best Revenue Models and Funding Sources for your Digital Resources, report, March 2014; Bristol, UK. (https://digital.library.unt.edu/ark:/67531/metadc282585/m1/76/: accessed April 26, 2024), University of North Texas Libraries, UNT Digital Library, https://digital.library.unt.edu; .