Popular Financial Reporting in Heritage and Cultural Hybrid Organizations: The First European Experience

The research objective is to highlight how the Popular Financial Reporting applied to a cultural sector can increase transparency and accountability involving citizens and members. Moreover, through the tool, it is possible giving immediate feedback on the transformation of the inputs into outputs and the absorption of resources provided by the public through fu nding in cultural impact. The analysis is conducted through a "Circolo dei Lettori" case study; it is a hybrid organization. The legal form is of a private foundation with public participation. The initiative of the Piedmont Region (Italy), the "Circolo de i lettori" is a cultural center. The role of the "Circolo dei Lettori" is to make melting 'pot expressive and influenced by the hurricane of stories, signals, and emotions from the digital society and revitalization of culture with presentations and meetin gs. The use of the resources made available is strictly linked to the sustainability of the creative industries. Therefore, an instrument that guarantees transparency, participation, and control at the same time is essential. Very often, there is not a rea l perception of the resources made available and of the results obtained, leading to a removal of the financing partners and the stakeholders. The integration of the theory developed through reality, together with different currents of thought in conjugati on with practical evidence, is essential to define knowledge better. In particular, the analysis highlights the characteristics of the Popular Financial Reporting used for the first time in the cultural sector to increase sustainability, transparency, and accountability.