CUSFIM501A - Secure funding for projects

CUSFIM501A - Secure funding for projects

CUSFIM501A
Secure funding for projects

This unit describes the performance outcomes, skills and knowledge required to raise money for a creative or artistic project and to participate in negotiations with all parties.

Application

People responsible for securing funding for creative arts projects apply the skills and knowledge outlined in this unit. In this role they are responsible for determining the amount of funding required, locating likely funding sources, developing funding proposals and maximising their chances of ongoing funding opportunities. This role would typically be undertaken by an artist, artist manager, promoter or senior administrator.

Prerequisites

Not Not applicable

Elements and Performance Criteria

ELEMENT	PERFORMANCE CRITERIA
1. Identify financial scope of and potential funding sources for project	1.1 Identify and determine the scope and funding needs of project 1.2 Identify optimum funding arrangements and possible funding sources for project 1.3 Gather information on funding sources, including organisational vision, prior funding initiatives and expected benefits from participation
2. Develop a project proposal	2.1 Plan and critique a project proposal that will attract funding from identified funding sources 2.2 Determine optimum method of presenting project proposal to identified funding sources 2.3 Clearly define structure of funding plan and interest of various parties and ensure proposal is supported by research from appropriate sources 2.4 Seek legal, taxation and regulatory advice where necessary and ensure proposal is checked by appropriate persons to ensure it meets compliance requirements
3. Present proposal and negotiate with funding sources	3.1 Present project proposal to funding sources using appropriate presentation techniques 3.2 Evaluate presentation to identify strengths and weaknesses to inform subsequent presentations 3.3 Negotiate with funding source representatives to clarify terms and conditions of funding agreement 3.4 Discuss funding agreement with all parties in a professional manner
4. Finalise funding agreement	4.1 Document funding agreement and circulate to all parties in a timely and effective manner 4.2 Establish processes to monitor compliance and report progress against funding agreement 4.3 Ensure funding agreement is checked and confirmed by appropriate persons 4.4 Identify opportunities for ongoing funding arrangements with funding sources

Required Skills

Required skills

research techniques sufficient to access information from reliable sources to support project proposals

literacy skills sufficient to prepare project proposals and funding agreements

numeracy skills sufficient to:

analyse funding incentives and tax concession schemes

develop structured funding plans

estimate and calculate the resource requirements of a project proposal

communication skills sufficient to:

conduct negotiations to clarify terms and conditions of funding agreements

establish and maintain relationships with prospective investors

present funding proposals to prospective investors

learning skills sufficient to evaluate and improve own presentation techniques

planning and organisational skills sufficient to envisage project milestones and monitor project compliance

problem-solving skills sufficient to identify and plan for factors affectingcompletion of projecttasks within deadlines

self-management skills sufficient to work within specified timelines

technology skills sufficient to use industry-current financial and spreadsheet software

Required knowledge

approaches used to successfully identify and attract funding opportunities in the creative arts industry

broad knowledge of key creative arts industry terminology

compliance requirements of funding agreements in the creative arts industry

professional behaviour and ethics as they apply to the creative arts industry

OHS requirements relevant to project work in the creative arts industry

range of potential funding sources and channels through which funding opportunities are publicised in the creative arts industry

sources of information on the creative arts industry and ways of maintaining current industry knowledge

issues and challenges that typically arise in the context of securing funding for projects

Evidence Required

The Evidence Guide provides advice on assessment and must be read in conjunction with the performance criteria, required skills and knowledge, range statement and the Assessment Guidelines for the Training Package.
Overview of assessment
Critical aspects for assessment and evidence required to demonstrate competency in this unit	Evidence of the ability to: develop viable funding proposals maintain effective networks with prospective investors negotiate agreed terms, conditions and interests with all parties to a funding agreement.
Context of and specific resources for assessment	Assessment must ensure: access to an appropriate environment to develop and present funding proposals access to appropriate sources of information to prepare and support funding proposals access to appropriate technology to research funding sources and use industry-current software access to relevant creative arts industry networks use of culturally appropriate processes, and techniques appropriate to the language and literacy capacity of learners and the work being performed.
Method of assessment	The following assessment methods are appropriate for this unit: case studies to assess ability to research funding sourcesand apply information to persuasive project proposals direct observation of candidate preparing a project proposal and negotiating a funding agreement authenticated copies of funding proposals prepared by the candidate written or oral questioning to assess knowledge of potential funding sources and channels through which funding opportunities are publicised problem-solving activities to assess ability to estimate and calculate project costs.
Guidance information for assessment	Holistic assessment with other units relevant to the industry sector, workplace and job role is recommended.

Range Statement

The range statement relates to the unit of competency as a whole. It allows for different work environments and situations that may affect performance. Bold italicised wording, if used in the performance criteria, is detailed below. Essential operating conditions that may be present with training and assessment (depending on the work situation, needs of the candidate, accessibility of the item, and local industry and regional contexts) may also be included.
Projects may include:	commercial print advertisement corporate video feature film or video filmed event or performance interactive media product, e.g. CD, DVD and podcast internet production, e.g. website sound music recording or video promotional trailer radio broadcast short film or video television program, e.g. documentary training film or video.
Funding sources may include:	commissioning bodies community organisations corporate contributors early adopters enterprises financial institutions government departments individuals professional organisations prospective investors special public funding programs sponsors suppliers.
Project proposal may include:	analysis of benefits and profile of opportunities compliance requirements, including legal, regulatory, reporting and taxation cost estimates creative and managerial experience of proponents creative possibilities of project demonstrable outcomes funding plan level of risk likely chances of success operational and marketing plan overview and objectives project timelines and milestones projected financial performance promotional and profiling opportunities proposed interest of various parties: acknowledgments percentage of profits product placement share of copyright purpose and amount of required finance.
Sources may include:	discussions with current industry practitioners discussions with industry associations electronic and print media providing: articles journals magazines news reviews subscriptions government funding programs and publications industrial relations publications, such as: bulletins letters magazines newsletters industry publications, such as: directories information sheets reference books technical publications internet libraries and archives suppliers of products and services tender search organisations training programs, seminars, workshops, master classes and professional development opportunities.
Appropriate persons may include:	business and financial managers community representatives copyright representatives employee association and union representatives financial advisers industry association representatives industry managers legal advisers mentors professionals from allied areas.
Funding agreement may include:	compliance monitoring arrangements reporting and review requirements rights and responsibilities of all parties terms and conditions of agreement.

Sectors

Finance - financial management

Employability Skills

Not applicable

Licensing Information

L li Licensing, legislative, regulatory or certification requirements apply to this unit at the time of endorsement.