Unit of competency details

CUSFIM501A - Secure funding for projects (Release 2)

Summary

Releases:
ReleaseStatusRelease date
2 (this release)Current 02/Nov/2011
(View details for release 1) Replaced29/Oct/2010

Usage recommendation:
Superseded
Mapping:
MappingNotesDate
Is superseded by CUAFIM501 - Source funding for projectsUpdated to meet Standards for Training Packages. Title changed. Elements and performance criteria rewritten to clarify unit outcomes. 14/Jan/2016
Supersedes and is equivalent to CUSFIN01A - Finance a projectUnit has been updated and is equivalent to CUSFIN01A. 28/Oct/2010

Training packages that include this unit

CodeTitleSort Table listing Training packages that include this unit by the Title columnRelease
SIT12 - Tourism, Travel and Hospitality Training PackageTourism, Travel and Hospitality Training Package 1.0-2.0 
CUV - Arts and Culture Training PackageArts and Culture Training Package 1.0 
CUS09 - MusicMusic 1.2 
CUA - Creative Arts and Culture Training PackageCreative Arts and Culture Training Package 1.0 
CHC - Community ServicesCommunity Services 2.0-3.0 

Qualifications that include this unit

CodeTitleSort Table listing Qualifications that include this unit by the Title columnRelease
SIT60212 - Advanced Diploma of EventsAdvanced Diploma of Events 1-3 
SIT50412 - Diploma of Holiday Parks and ResortsDiploma of Holiday Parks and Resorts 1-3 
SIT50212 - Diploma of EventsDiploma of Events 1-2 
SIT50112 - Diploma of Travel and TourismDiploma of Travel and Tourism 1-3 
CUV60211 - Advanced Diploma of Visual ArtsAdvanced Diploma of Visual Arts 
CUV50613 - Diploma of Aboriginal and Torres Strait Islander Visual Arts Industry WorkDiploma of Aboriginal and Torres Strait Islander Visual Arts Industry Work 
CUV50211 - Diploma of CeramicsDiploma of Ceramics 
CUV50111 - Diploma of Visual ArtsDiploma of Visual Arts 
CUS60309 - Advanced Diploma of Music BusinessAdvanced Diploma of Music Business 1-2 
CUS50309 - Diploma of Music BusinessDiploma of Music Business 1-2 
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Classifications

SchemeCodeClassification value
ASCED Module/Unit of Competency Field of Education Identifier 080301 Business Management  

Classification history

SchemeCodeClassification valueStart dateEnd date
ASCED Module/Unit of Competency Field of Education Identifier 080301 Business Management  02/Aug/2010 
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Modification History

Release 

Comments 

Release 2

Created to fix formatting errors only.

Released with CUS09 Music Training Package version 1.2

Unit Descriptor

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 of the Unit

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.

Licensing/Regulatory Information

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

Pre-Requisites

Not Not applicable

Employability Skills Information

Not applicable

Elements and Performance Criteria Pre-Content

Elements describe the essential outcomes of a unit of competency.

Performance criteria describe the performance needed to demonstrate achievement of the element. Where bold italicised text is used, further information is detailed in the required skills and knowledge section and the range statement. Assessment of performance is to be consistent with the evidence guide.

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 and Knowledge

This section describes the skills and knowledge required for this unit.

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
  • copyright, moral rights, intellectual property and legislation, and their impact on 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 Guide

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.

Unit Sector(s)

Finance - financial management

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