Many MAC grant applications require you to create a budget. Simply put, this budget outlines how much money your project is going to cost and how you plan on paying for it.
Here are some ways to build your best budget:
Map out your expenses
Before starting your application, take the time you need to think about all your expenses. You can lessen the chance of going over- or under-budget by mapping out your budget in advance. For example, some costs in a project budget could include:
- Artists’ fees
- Living expenses
- Materials and equipment
- Production expenses
- Rental space
- Travel costs
- Marketing
Balance your budget
When applying for a grant at MAC, your budget must balance, which means your expenses must be the same amount as your revenues.
If your project will cost more than the grant can cover, show us in the budget how you’ll pay for the remaining costs. This could include ticket sales, fundraising, grants from other funding agencies, or your own personal contribution.
Reflect your project
A good budget reflects the scope of your project and should support everything you’ve outlined in your proposal. For example, if you talk about renting a studio space in your application, there should be a rental fee for that studio reflected in your budget.
“Assessors use the budget to understand the applicant’s capacity to complete their project. A good budget creates confidence that one knows how to do their project and undertake their project with thoroughness.”
– Cheryl Miki, MAC program consultant
Check for eligible expenses
MAC grants are divided into six streams based on what activities they fund, and what expenses they cover. Make sure to read the grant program guidelines thoroughly to see what expenses you can include in your budget, as well as the MAC General Guidelines for a complete list of expenses that MAC can’t cover.
Pay your collaborators
It’s important to pay the people you’re working with a fair wage.
We highly recommend that you pay your collaborators based on industry standards, at minimum. Visit our Professional Fees webpage for a list of standards by artistic medium.
Be realistic
Try to be as accurate as possible in your budget. Feasibility, which measures how possible the project is to complete, is one of three main factors that assessors look at when deciding whether a grant is awarded or not (along with artistic merit and impact).
The budget plays a big role in determining a project’s feasibility, and grant assessors want to know that you can complete your project with the budget you’ve proposed.
We hope this blog has given you some helpful tips on building a budget for your next MAC grant application!
Have an idea for a topic we should cover on our blog? Let us know by emailing esaurette@artscouncil.com.
You can always book a consultation with a MAC program consultant to look over your application and give you feedback before you submit it! Visit our Contact Us page for more information.