Music 416

MUSC 416: Fund-raising and Finance for the Arts

Prerequisites: MUSC 104, ACTG 211, and FINC 251 or FINC 331; or permission of instructor

Credit Hours: (3)

An intensive study of financial and funding issues in the arts and entertainment industries, and the role of the financial manager and development director in these affairs. Topics covered include financial planning and reporting, budgeting, and grant writing and research.

Detailed Description of Content of Course

This course offers students an opportunity to examine the arts industry using a combination of financial theory and application through experiential learning experiences. Students will gain in depth knowledge of the dynamic financial marketplace in which the arts exists. Emphasis will be placed on current financial and funding issues facing arts and entertainment organizations. Areas covered will include:

(1) The Arts and the World of Money
        (a) Diverse Sources and Resources
        (b) Financial Planning
        (c) The Fundraising Plan
        (d) Economic Impact
(2) Individual Support
        (a) Face-to-Face Solicitation
        (b) Direct Mail
        (c) Special Events
        (d) Planned Giving
        (e) Earned Income
(3) Organizational Support
        (a) Foundations
        (b) Corporations and Businesses
        (c) Government Support
        (d) Sponsorship
(4) Financial Reporting
        (a) Non-profit vs. commercial
        (b) Expenses vs. Revenue
        (c) Audits
        (d) Annual Reports
(5) Grants
        (a) Research
        (b) Writing

Detailed Description of Conduct of Course

The course will make use of readings, case materials, interactive lectures, student projects and presentations, and exams. Students will be required to demonstrate their understanding of course concepts and financial management principles through exams and a term project. Exams will present realistic situations facing arts and entertainment organizations and will require students to demonstrate creative thought and problem solving ability.

Goals and Objectives of the Course

The goal of this course is for the student to gain a more detailed and comprehensive understanding of financial and funding issues and techniques appropriate for arts and entertainment organizations. This will be achieved upon successful completion of the following objectives:

• A demonstrated understanding of an historical perspective of financial and funding issues as related to the arts and entertainment industries.
• An understanding and working knowledge of financial management techniques and theories as applied to the arts.
• A demonstrated knowledge of the ability to apply relevant financial management concepts and techniques to real life situations facing the arts and entertainment industries.

Assessment Measures

Students will be assessed via their regular attendance, class participation, weekly assignments, exams, and oral and written presentations.

Other Course Information

Students majoring in Music Business must complete this course with a grade of C or better in order to receive credit towards their degree program.

Approval and Subsequent Reviews

Revised 2013

May 2006 Reviewed E. Fellin, Chairman