Information for applicants: Preparing your budget
The budget table outlines how you will spend your funding, should you be successful. A detailed, balanced budget is essential.
Applications must demonstrate value for money. The level of funding requested should reflect the project outcomes. Do not inflate or underestimate the request; ask for the amount required to complete the project. In general, artsACT will not offer partial funding.
Applicants seeking support for large projects are encouraged to seek funding from a variety of sources. Follow this link for some other options for funding and support. Provide details of other partners or sponsors, including funding bodies and in-kind support from individuals and/or organisations.
If additional funding is to be sourced through crowd funding, provide details of any previous experience and success in running a crowd funding campaign and/or the strategies you will use to achieve your funding target.
Where there is a level of unconfirmed funding, applicants need to consider the impact on the delivery or quality of the activity should the funding not be secured.
Clarify any elements of the budget that are complex or require further explanation in the Budget Justification space provided after the budget table.
Attach as support material, quotes for major expenditure items.
- Include all the costs associated with your project, for example, venue hire, salaries, and materials.
- Indicate the costs you would like covered by the Project Funding request.
- Salaries and fees should include payments made to artistic and other personnel as well as any on-costs such as superannuation, and travel and accommodation expenses.
- If it is a complex project with significant expenditure on fees and salaries, attach a detailed budget including payment rates and number of hours employed.
- Quotes must be provided for significant items of expenditure.
- Include all the expected income, such as the Project Funding request, other funding and sponsorships, your own contribution (which can be financial or in-kind), and any estimated earned income, such as ticket, CD or book sales.
- Do not include royalties or sales that may be earned after the Project funding calendar year.
- It is expected that organisations applying for large scale projects/funding will demonstrate their own significant financial contribution to the project.
- The estimated earned income should be realistic and earned as a result of the project.
- Include in-kind support, such as free or discounted goods and services, free use of rehearsal space or volunteer labour.
- In-kind support should be recorded in both the income and expenditure columns. For example, if the cost of hiring the rehearsal space is usually $2,000 but it is given to you for free, in your expenditure column you would write ‘rehearsal space; $2,000’ and in the income column you would write ‘rehearsal space: in-kind; $2,000’. Do not seek funding for expenditure items that are being provided as in-kind support.
The bottom line of the budget must balance/be equal. This means the total expenditure and the total income figures (which includes the funding request) must be the same.
Incorporated organisations may be requested to provide a copy of the organisation’s most recent audited financial statements at any time during the assessment process. These do not need to be included in your application.
artsACT expects fair payment to professional artists being engaged in the project in recognition of their professional status, skills and experience. Applications need to include in the budget fair payment to artists at a level that is appropriate to the skill and experience of the artists employed and reflect the accepted rates in the sector. You may wish to state the basis of these rates in your application.
The following organisations may be of assistance in obtaining information about professional artists’ fees:
- Fair Work Ombudsman
- National Association for the Visual Arts
- Media, Entertainment and Arts Alliance
- Musicians Union of Australia
- Australian Performing Rights Association
- Australian Society of Authors
- Australian Writers’ Guild
Where applicants are seeking payment for their own time on a self determined project, it may be more appropriate to seek assistance with living expenses than the payment of an artist fee. Artist’s fees will generally not be supported for an applicant being mentored, or to attend a workshop, conference or other professional development opportunity.