BUDGET TERMS — GENERAL
Independent Audit: A series of procedures followed by a professional CPA used to test, on a selective basis, transactions and internal controls in effect, all with a view to forming an opinion on the fairness of the organization’s annual financial statements. Required if an organization’s actual gross revenue from the most recently completed fiscal year is $300,000 or greater.
In-Kind Contributions: The real or estimated value of goods and services that are provided to an organization by outside parties at no cash cost to the organization. In-kind goods and services may not be used as a match or as part of a programming or project budget.
Internal Review: An internal review consists of the following three items for the specific fiscal year: 1) a profit and loss statement, 2) balance sheet, 3) and a letter, signed by three board members (including the treasurer), stating that they have reviewed the organization’s financial records. An internal review may also be prepared by a CPA. A 990 is also required but does not substitute for the profit and loss statement required as part of the Internal Review. Required if an organization’s actual gross revenue from the most recently completed fiscal year is less than or equal to $299,999.
Matching Funds: Funds matched at least dollar for dollar with earned or contributed cash support.
BUDGET TERMS — INCOME
Admissions/Ticket Sales: Revenue derived from the sales of admissions, tickets, season subscriptions, memberships, etc., for events presented or sponsored by the applicant.
Advertising: Income received from sale of space in programs, newsletters, online, etc.
Board Members: Donations received from members of the current board of directors.
CORAC: City of Raleigh Arts Commission
Corporate Match: Business or corporate contributions that match its employee contributions.
Foundations: Grants received for operating or project support from private, corporate, or community foundations.
Interest: Interest earned from all bank accounts and investments, as well as interest earned from endowments and trusts if being used for operations or programs.
Membership Fees: Fees collected annually from individuals or other entities by agencies incorporated as membership organizations. Membership fees do not include tuition funds earned from services provided to members.
Other Individuals: Donations received from all individual donors, except board members.
Program/Exhibit Fees: Income received from sale of services of your organization, such as performance or residency fees, charges for services to other community organizations, government contracts for specific services, etc.
Rentals: Income from fees for use of facilities, equipment, costumes, etc.
Sales/Concessions: Income from catalog sales, gift shop income, concessions, CDs, etc.
Special Fundraising Events: Gross income received from events or activities that are typically social in nature and may have a higher ticket price than regular season performances/programs and are done by an organization to raise money to support its programs, e.g., a gala, dinner dance, auction, raffle, etc.
Sponsorships: Income received from businesses/corporations in exchange for recognition as sponsors of an event, exhibition, performance or series resulting in public relations/marketing value.
Workshop/Class Tuition: Funds earned from adult/student participation in classes, workshops, etc.
BUDGET TERMS – EXPENSE
Administrative Salaries/Benefits: Any salaries, hourly wages or other compensation paid to administrative staff or temporary employees, including any payroll taxes and benefits such as insurance, workers’ compensation and parking.
Artistic Salaries/Benefits: Any salaries, hourly wages or other compensation paid to professional artistic staff, including any payroll taxes and benefits such as insurance, workers’ compensation and parking. This category includes actors, musicians, curators, etc.
Bank/Credit Card Fees: Expenses associated with bank accounts and transactions. Merchant fees charged for credit card transactions.
Contracted Services: Compensation paid to firms or persons for the services of individuals or groups who are not normally considered employees or staff of applicant but who are consultants, employees of other organizations or freelance workers. Includes fees paid for guest artists, master teachers, technical services, attorneys, accountants, auditors, etc.
Education Salaries/Benefits: Any salaries, hourly wages or other compensation paid to education staff, including any payroll taxes and benefits such as insurance, workers’ compensation and parking.
Equipment: Expense for purchasing expendable office equipment, maintenance agreements, equipment leases, etc. This does not include capital expenditures.
Insurance: Expense for liability, property or other insurance. This does not include benefits for employees.
Loan and Interest Repayment: The total expense involved in loan and interest repayment.
Office Rental: Expenses associated with office rental.
Office Supplies: Expenses for consumable and small items for office needs.
Performance/Exhibit Hall Rental: Expenses associated with performance/exhibit hall rental.
Postage: Expenses for postage not included in the PR/Development/Marketing expense line or special events line.
PR/Marketing/Development: Expenses for materials such as brochures, advertising, direct mail, newsletters, etc. Does not include payments to individuals or firms that belong under “Administrative Salaries/Benefits” or “Contracted Services.”
Printing: Expenses for printing/copying not included in the PR/Development/Marketing expense line or special events line.
Remaining Program Expenses: Expenses related to an organization’s programs not included in administrative fees, personnel expenses, or performance/exhibit hall rental. This includes fees or rentals that are directly related to performances or exhibitions (e.g., renting exhibitions, costumes, lights, staging, sets, shipping, licenses, royalties, ASCAP, etc.). Include all costs directly related to travel of individual(s) specifically identified with the programming.
Special Fundraising Events: Includes all expenses for special events, including rentals, printing, advertising, mailings, postage, etc.
Technical Production Salaries/Benefits: Any salary, hourly wages or other compensation paid to technical personnel on staff, including any payroll taxes and benefits such as insurance, workers’ compensation and parking.
Travel: Reimbursement or direct payment for mileage and other travel costs for staff and volunteers.
Utilities: Expenses for electricity, gas, water, telephone, long-distance service and Internet connections for office.
Provide participation figures for only those individuals who attended or participated in the program for which you are requesting funding. If you did not have any grant-relevant activities that took place during the specified fiscal years, then leave the tables blank but provide an explanation in the box provided.
Artists (paid and volunteer): # of People: The number of individual paid artists/service providers and/or the number of volunteer artists/service providers associated with the organization during that fiscal year.
Classes/Workshops for Adults: # of Events: The number of distinct classes/workshops. Do not multiply by the number of days a class or workshop runs. # of People: The total number of participants for all classes/workshops. Example: Agency XYZ offers “Introduction to Dance” on Mondays and Fridays with 10 participants. They also offer the same class on Tuesdays and Thursdays with 10 participants. Count as two distinct classes with a total 20 participants.
Classes/Workshops for PreK–12th Grade: # of Events: The number of distinct classes/workshops. Do not multiply by the number of days a class or workshop runs. See example above. # of People: The total number of participants for all classes/workshops.
Concerts/Performances: # of Events: The total number of concerts/performances. For theatrical productions use total calculated by multiplying each production times the number of performances. # of People: The total attendees for all concerts/performances.
Exhibitions: # of Events: The total number of distinct exhibitions. Do not multiply by number of days each exhibition is open. # of People: The total attendees for all days of all exhibitions.
Festival: # of Events: The number of distinct festivals. Do not multiply by number of days for each festival. # of People: The total number of attendees for all days of all festivals.
Residencies: # of Events: The total number of residencies. Do not multiply by number of days in the residency. # of People: The total number of students for all residencies.
Services: (For service organizations. All other organizations contact staff for further instructions) # of Events: The number of events for which services were provided. # of People: The total number of people served or receiving services. This number may include web-based activities for Arts Services applicants.
Special Fundraising Events: # of Events: The number of distinct special fundraising events. # of People: The total number of attendees for all special fundraising.