Course Description
Objectives
- Design and implement short- and long-term personal budgets that aid in personal financial health.
- Analyze your personal budget over time to be able to anticipate cash flow and create more accurate financial projections.
- Assemble a personal budget that accommodates creative endeavors while safeguarding living expenses and other goals.
- Achieve financial independence so that your creative endeavors can thrive.
• Articulate what a budget is and what it can communicate; Identify at least two reasons to keep a project budget.
• Define the term “living document.”
• List the three most common sections of a project budget and what needs to be included in each, as well as a project’s three phases.
• List potential sources of income and expenses, and the categories that could be used to organize them.
• Organize and execute a sample budget or your own project budget as a roadmap.
• Explain the difference between the terms net and gross, secured and pending.
• Articulate why it is important to include an artist fee in your budget--both from your perspective and the perspective of a funder.
• Define contingency and explain why it is important to include one in a budget; Estimate approximately how much of the total budget it should be.
• Differentiate between a profit, a deficit, and a balanced budget.
• Explain an in-kind contribution and what qualifies as one.
• Identify the major differences between a project budget and the budget for an organization or yearly practice.
• Construct a sample operating budget or your own operating budget.
• Explain what owner investments and owner contributions may be, and why they may have lines in a budget.
• Contrast personal versus project funds.