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Budgets are a crucial part of project planning and grant applications. They force you to prioritize and help you make decisions. They need to be clear and accurate. Our sample budget is divided into two parts.
Part 1 reviews expenses:
artists' fees, production / administration / marketing costs, etc. There may be costs specific to your project for which you will have to add lines. Expenses should be based on real costs, calculated using market or union rates for fees/wages, and quotations from suppliers. Show your calculations in the budget. For example:
- Per Diem: 3 people x 10 days x $45 per day = $1350
Part 2 reviews revenues (or income) divided into three sections:
- Earned Revenue: box office, performance fees, concession sales, etc.
- Private Revenue: donations from individuals, corporations or foundations (i.e. Laidlaw Foundation) and in-kind support (goods or services donated to the project)
- Government Revenue: grants from local, provincial and federal funding agencies, departments and ministries.
Budgets should be examined in conjunction with the proposal's project description. Expenses must relate directly to the specifics of the project -- the number of dancers (wages), where the project is taking place (travel costs, venue costs), who is involved (visual artist, tour manager). Your revenues must reflect how money is being generated and from what sources.
TIPS!
- Be realistic in your box office projection.
- Be realistic in your fundraising projections. If they are too ambitious, the project will not look feasible.
- Indicate which revenues, such as grants, are confirmed, and which are pending announcement. Indicate when these funding decisions will be announced.
Article originally contributed by Meredith Potter
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