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Unit of competency details

CUAFIM411 - Obtain revenue to support operations (Release 1)

Summary

Usage recommendation:
Current
Mapping:
MappingNotesDate
Supersedes and is equivalent to CUAFIM401 - Obtain revenue to support operations 15/Apr/2021

Release Status:
Current
Releases:
ReleaseRelease date
1 1 (this release) 16/Apr/2021


Qualifications that include this unit

CodeSort Table listing Qualifications that include this unit by the Code columnTitleSort Table listing Qualifications that include this unit by the Title columnUsage RecommendationRelease
CUA51120 - Diploma of Visual ArtsDiploma of Visual ArtsCurrent1-2 
CUA50420 - Diploma of Live Production and Technical ServicesDiploma of Live Production and Technical ServicesCurrent1-2 
CUA60420 - Advanced Diploma of Creative Product DevelopmentAdvanced Diploma of Creative Product DevelopmentCurrent1-2 
CUA51020 - Diploma of Screen and MediaDiploma of Screen and MediaCurrent1-3 
CUA40420 - Certificate IV in Live Production and Technical ServicesCertificate IV in Live Production and Technical ServicesCurrent1-2 
CUA40820 - Certificate IV in Arts and Cultural AdministrationCertificate IV in Arts and Cultural AdministrationCurrent1-2 
CUA40920 - Certificate IV in MusicCertificate IV in MusicCurrent1-2 
CUA41320 - Certificate IV in Visual ArtsCertificate IV in Visual ArtsCurrent1-2 
CUA51220 - Diploma of CeramicsDiploma of CeramicsCurrent1-2 
CUA51420 - Diploma of Arts and Cultural ManagementDiploma of Arts and Cultural ManagementCurrent1-2 
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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  16/Apr/2021 
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Unit Of competency

Modification History

Release 

Comments 

Release 1

This version first released with CUA Creative Arts and Culture Training Package Version 5.0.

Application

This unit describes the skills and knowledge required to set revenue-raising goals, identify potential sources of revenue and to proactively work to secure revenue.

The unit applies to those who work with a large degree of independence and who work in variety of roles from sole practitioners through to senior administrators. Revenue could be raised from individual philanthropy, corporate philanthropy, corporate sponsorship or grants from philanthropic trusts or government agencies.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Finance – financial management

Elements and Performance Criteria

ELEMENT 

PERFORMANCE CRITERIA 

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1. Set revenue-raising goals

1.1 Determine organisational goals, vision and revenue requirements

1.2 Identify potential revenue sources from different information sources

1.3 Identify factors that may affect the suitability of potential revenue sources

1.4 Evaluate suitability of revenue sources in relation to organisational goals and vision

1.5 Identify revenue-raising priorities in line with organisational goals and vision in consultation with required personnel

1.6 Determine how and from which sources revenue will be raised

2. Implement revenue-raising strategies

2.1 Identify and follow processes that access potential revenue

2.2 Build and maintain positive relationships with key stakeholders who can provide financial support

2.3 Coordinate funding development according to requirements

2.4 Negotiate terms and conditions of funding agreements

2.5 Clarify commitments made by both parties and communicate these to required personnel

3. Evaluate and document revenue-raising strategies

3.1 Monitor all arrangements and confirm compliance with funding requirements

3.2 Review impact of funding on self or organisation

3.3 Review priorities and revenue-raising strategies and amend as required

3.4 Complete workplace documentation according to organisational policies and procedures

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

SKILL 

DESCRIPTION 

Numeracy

  • Interprets financial data in different documents

Oral communication

  • Elicits different perspectives about revenue raising priorities using questioning and active listening techniques
  • Articulates needs clearly using specific, relevant and persuasive language and liaises and negotiates with financial supporters

Reading

  • Interprets and evaluates complex and unfamiliar information about revenue sources, and terms and conditions of funding agreements

Planning and organising

  • Plans, organises and takes responsibility for revenue raising activities
  • Manages logistics associated with funding arrangements

Teamwork

  • Generates ideas for revenue raising priorities and solutions in collaboration with others
  • Invests time and energy and builds rapport with financial supporters as an integral part of the business relationship

Unit Mapping Information

Supersedes and is equivalent to CUAFIM401 Obtain revenue to support operations.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=1db201d9-4006-4430-839f-382ef6b803d5

 

Assessment requirements

Modification History

Release 

Comments 

Release 1

This version first released with CUA Creative Arts and Culture Training Package Version 5.0.

Performance Evidence

The candidate must demonstrate the ability to complete the tasks outlined in the elements, performance criteria and foundation skills of this unit, including evidence of the ability to:

  • obtain revenue to support at least two different operations.

In the course of the above, the candidate must:

  • develop and document a plan that outlines strategies for raising revenue for a given organisation or practice
  • research revenue-raising opportunities applicable to the organisation or practice
  • coordinate funding development according to requirements
  • monitor and review revenue-raising strategies.

Knowledge Evidence

The candidate must be able to demonstrate knowledge to complete the tasks outlined in the elements, performance criteria and foundation skills of this unit, including knowledge of:

  • sources of information for potential funding
  • techniques for interpreting a range of financial data, including evaluating suitability of revenue sources in relation to organisational goals and vision
  • organisational policies and procedures for obtaining revenue to support operations, including those relating to:
  • workplace documentation
  • avenues through which revenue can be raised and their typical objectives and expectations, including:
  • individual philanthropy
  • corporate philanthropy
  • corporate sponsorship
  • grant writing
  • emerging trends and different models for revenue-raising activities
  • issues and challenges that typically arise in revenue raising activities
  • techniques for building and maintaining business relationships with stakeholders
  • key obligations generally associated with funding agreements, including:
  • legal requirements to supply services as contracted and ramifications of failure to comply
  • audit of expenditure
  • reporting requirements.

Assessment Conditions

Skills in this unit must be demonstrated in a workplace or simulated environment where the conditions are typical of those in a working environment in this industry.

This includes access to:

  • interaction with stakeholders
  • organisational goals and visions for which revenue is required.

Assessors of this unit must satisfy the requirements for assessors in applicable vocational educational and training legislation, frameworks and/or standards.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=1db201d9-4006-4430-839f-382ef6b803d5