Since earned income falls far short of meeting the total revenues needed for operations, there is already plenty of risk to be reckoned with in presenting the performing arts. How, then, can we justify more adventuresome programming that might further inhibit a presenting organizations's ability to meet its earned income goals? Risk must be framed in a much larger context than the balance sheet. Risk is the single most important artistic and managerial issue with which artists and arts administrators grapple. Taking risks is a long-term issue. Managing risk is a short term issue. (Pages 1-2).

[APAP was formerly known as ACUCAA, the Association of College, University
 and Community Arts Administrators].

CONTENTS
Why takes risks?
How much risk can you afford?
How do you assess risk?
How can you minimize risk?
What financial strategies can you use?:
     Raising funds for the project.
     Fee support.
     Grants.
     Sponsorship.
     Underwriting funds.
How can marketing help in managing risks?
How can public relations help in managing risks?
How can event design help in managing risks?
How can scheduling help in managing risks?
How can staff become a resource in managing risks?
How to make the final decision.

Since earned income falls far short of meeting the total revenues needed for operations, there is already plenty of risk to be reckoned with in presenting the performing arts. How, then, can we justify more adventuresome programming that might further inhibit a presenting organizations's ability to meet its earned income goals?