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Time Management

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  1. Time Management • Write things down • Avoid procrastination • Keep your desk and files organized • Systematize • Plan adequate sleep • Attend a speed reading class • Develop your communication skills • Develop your people network • Do daily planning • Prioritize it • Don’t get out of balance in your life • Take a lunch break

  2. Risk Strategy Steps to mitigate risk: Identifying risk Measuring it Formulating strategies to limit it Carrying out specific tactics to implement those strategies Continuously monitoring the effort

  3. Risk Strategy Risk Management Tools: Insurance environmental issues financial safeguards security services backup systems government regulations each business will have different types of risks Contingency planning for other potential hazards is just as important as insuring against losses.

  4. Development Plan

  5. Disclaimer on What Comes Next • Your accountant knows more than me. • This isn’t legal or financial advice, just information you can use when you’re ready to consult with an accountant or attorney.

  6. Non-Profit Route • Incorporate as a Non-profit in the State • Apply for tax exempt status with the IRS • Profits are reinvested to mission: • “No part of the net earnings of the Corporation shall inure to the benefit of, or be distributable to, its directors, officers, or other private persons, except … to pay reasonable compensation for services rendered …”

  7. Non-Profit Advantages • Tax Exempt • Donations to 501c3 are Deductible • Eligibility for grants • Formal structure means organization exists beyond its founders • Limited liability

  8. Non-Profit Disadvantages • High cost of incorporation • Greater paperwork burden: taxes, records • Shared Control: Board of Directors • Public Scrutiny: Open Tax Filings

  9. For-Profit Route • Profits are distributed to shareholders

  10. Sole Proprietorship • You are the company • No incorporation or other, separate filing • Will still have to comply with State & Local laws and ordinances • Full liability

  11. Limited Liability Corp (LLC) • Limited Liability • Tax filing is part of personal tax return • Less paperwork or scrutiny than other corporate forms • Most flexible corporate form – can have multiple owners • Difficult to transfer ownership

  12. S-Corp • Limited Liability • Losses are deducted on tax returns • May carry tax advantages above LLC • More paperwork than LLC

  13. C-Corp • Unlimited number of shareholders • Attractive for Venture Capitalists • May retain & accumulate earnings from year-to-year • Carries greatest burden of paperwork and scrutiny • Faces double taxation

  14. Alternatives • L3C: Low-Profit LLC • Available in: IL, LA, ME, MI, NC, UT, VT, WY • IRS: Program Related Investment • For-profit venture to support charitable activity • B Corporation • Not a Corporate Form, but a Certification • Triple Bottom Line: People, Planet, Profit • Regular Audit

  15. Fiscal Sponsorship • Sponsored Organization may raise tax-deductible contributions, passed through a 501c3 organization • Good alternative for arts organization or artist who does not want to incorporate as a non-profit • Typically, project-based • Fractured Atlas is the largest fiscal sponsor of any type in the US

  16. “Exempt Purposes” :: IRC 501(c)(3) The exempt purposes set forth in section 501(c)(3) are charitable, religious, educational, scientific, literary, testing for public safety, fostering national or international amateur sports competition, and preventing cruelty to children or animals. The term charitable is used in its generally accepted legal sense and includes relief of the poor, the distressed, or the underprivileged; advancement of religion; advancement of education or science; erecting or maintaining public buildings, monuments, or works; lessening the burdens of government; lessening neighborhood tensions; eliminating prejudice and discrimination; defending human and civil rights secured by law; and combating community deterioration and juvenile delinquency.

  17. Charitable Giving to the Arts • Why is it considered charitable?

  18. Arts Money • Half of all dollars come fromearned revenue • Organizations and artists who can figure out a way to sell goods (e.g., a painting) & services (e.g., teaching) present a stronger case for support when asking for government or foundation money.

  19. Individual Giving • Contributed revenue from individuals come second to earned revenue • Economics and altruism • People with substantial assets & income are advised to give • People give to people they trust & believe in, want to make the world a better place. • Video: Why did Kenny give?

  20. Individual Giving • Through Earned Revenue • Best case: this is your primary source • Set aside for investments: improves your position for grants • Through Contributed Income • Appeal Letters • Begin with non-monetary contributions • Events come with caveats

  21. Individual Giving • Find them! • Start with your inner circle and work out • The creative economy is a social economy • Get people involved with your art • Pursue networking opportunities • Get contact info, keep people informed

  22. Institutional Giving • Very competitive, decreases year-to-year • Corporate Marketing • Corporate Giving • Private Foundations • Government Agencies

  23. Distribution of Foundation Grants Source: Foundation Center (2010)

  24. Foundation Grants: Arts & Culture

  25. Government Support • Why?

  26. Government Support • Quality of Life • Often provide first institutional support • Interest of the government: health, safety welfare of the people • Interest of the people: diversity, inclusion, peer reviewed

  27. Private Foundations • In most cases, offer grants only to 501c3 nonprofit organizations • In some cases, they do not allow for fiscal sponsorship • Foundations are required to give a minimum of 5% of their assets annually

  28. Corporate Giving • Charitable giving policies align with bottom line • Reasons: Brand recognition, new product marketing, highlight goodwill • Ways: employee matching, cash grants, donated products, sponsorships, in-kind

  29. Three videos for bed time • Grant Makers on Their Rolehttp://www.youtube.com/watch?v=ZeGoOybL3K0 • GrantCraft: Amplifying New Voices • Part 1http://www.youtube.com/watch?v=jffCUUHbua8 • Part 2http://www.youtube.com/watch?v=iQLmiR1PccQ

  30. Free Sources for Finding Grants • NYFA Source @ nyfa.org • Includes regional & discipline-specific grants • Includes residency programs • The Foundation Center @ fdncenter.org • Can visit library location in Atlanta for free • Corporate Websites • Look for “Community Giving,” “Corporate Contributions,” or “Community Relations”

  31. Additional Resources • Scholarship or Fellowship programs • Local Arts Councils • Foundation Center subscription:$19.95 per month

  32. 3-Year Forecast • What is profit? (not philosophical)

  33. Wall Street #FAIL

  34. 3-Year Forecast • Profit = Net Income • (Gross Income = Income before Expenses) • Net Income = Revenue – Expenses

  35. How many units will you sell?

  36. How much revenue will that generate? (5 pieces sold x $1,500)

  37. What are your one-time costs?

  38. What supplies do you need for each unit? (5 pieces sold x $500)

  39. How does it all add up?

  40. How many do you need to sell? Breakeven Point:

  41. Reminder to Joe • Video?