The LA Times’s Culture Monster blog directed us to this small but telling story in Indianapolis about the local Penrod Society:

Police are investigating the theft of $380,000 from the organization. Penrod officials say it was embezzled by its former assistant treasurer. The society hosts the Penrod Arts Fair each September at the Indianapolis Museum of Art. The fair typically draws a crowd of 30,000 and serves as Penrod’s principal fundraising source for the $50,000 to $110,000 the group gives out in grants each year.

Penrod officials say the loss of funds will not affect the 2009 art fair. But it has jeopardized the organization’s grants to support the arts at a time when the economy has put a strain on funding for such groups. “This is not only devastating for us,” said Jimmy Art, the Penrod Society’s president, “but it’s about as bad a time that it could happen for the arts community that counts on us.”

Penrod loses $380k in Possible Inside Job (Indiana Star)