More than €1 million was raised for arts organisations through a philanthropic initiative last year.

The Irish Museum of Modern Art, the Dublin Theatre Festival and the Limerick Corridor Art Programme were among the 31 beneficiaries of a Government-backed scheme to make up for the loss of exchequer funding towards arts organisations.

A total of €863,000 was raised from the private sector, a figure that was matched by €202,000 from the Government.

Given the state of the public finances, Minister for Arts Jimmy Deenihan has told the arts community that it will have to depend more on companies and individuals to source funding, something that is done routinely by arts organisations in the United States.

The next phase of the project this year will focus on arts initiatives that will have an educational dimension.

“I hope that the philanthropy initiative will also get arts and culture organisations engaging creatively with children and young people and adding to their education,” Mr Deenihan said.

“In doing so, they will be helping to foster the artists, and the audiences, of the future.”