This report documents the design, methods, and support of the Working Capital Fund and presents a set of preliminary lessons that the program designers and operators have learned from 1995 to 2001.

Launched in 1995 by the Ford Foundation, Working Capital Fund was developed to assist mid-sized arts groups in building durable and sustainable organizations that support their artistic missions and programs; and to broaden the range of thinking about the targeted capacity development requirements of a mid-size nonprofit organization. By adopting a stage-based approach to capacity and an investment approach to capital, the Working Capital Fund contributes a new framework from which to consider stabilization and operating support for grantmaking. The program provides mid-size arts groups with working capital and consulting assistance to successfully navigate critical organizational junctures and market opportunities. The program is designed to equip its participants with the skills, experience, and knowledge to understand and access working capital once participation in the program is complete. 

CONTENTS
Introduction.

Part One: Program Philosophy and Rationale - 
Chapter 1 - A Stage-based Approach to Capacity.
Chapter 2 - Capital Investments in Capacity.
Chapter 3 -  Developing in Isolation: Specific Challenges of Mid-size Culturally Specific Arts Organizations.

Part Two: Program Description -  
Chapter 4 - Working Capital Fund Program Structure.
Chapter 5 - More Than the Money: The Working Capital Loan Fund.
Chapter 6 - Ten Early Lessons.

Notes.
Image Credits.