Developing socio-cultural funding: from traditional models to new financial instruments

The is devoted to the issues of financing the regional culture sphere. The article analyzes the current financing mechanism based mainly on dependence on targeted budget sources: federal budget funds, inter-budget transfers and consolidated budgets of the constituent entities of the Russian Federation. The structure of the regional financing system of the culture network includes support within the framework of the Culture National Project launched in Russia in 2019, as well as support outside the framework of this project. It is proved that the current traditional budget model of financing the regional sphere of culture needs to be reformed in favor of creating conditions for attracting extra-budgetary sources of financing. The new financing model should include new financial instruments and social impact bonds should become a priority financial instrument in the regional sphere of culture. A possible mechanism for financing the regional sphere of culture through social impact bonds is proposed and justified. Its implementation will generate a synergetic effect for all stakeholders of the regional sphere of culture, unload and redistribute budget financing to other types of economic activities and attract extra-budgetary financing to the cultural sphere.

financing, financial mechanism, budget financing, extra-budgetary sources, social impact bonds, socio-cultural sphere, Culture National Project