The New York State Council on the Arts is awarding $500,000 for the establishment or expansion of cash reserve funds to small and mid-sized organizations that are currently supported by the Special Arts Services Program.

Registration for this program will open on August 14, 2008.  The registration and application forms must be completed by midnight on October 10, 2008.

Each organization receiving funds from this program must place the awarded funds in a cash reserve bank account that is separate from its regular account.  The account should be used as working capital and replenished when cash flow permits. The original amount of the award must be restored for at least thirty consecutive days during the course of the organization’s contract period. Organizations with existing cash reserve funds must state the amount of the fund and length of time in operation. 

These funds are not intended to be used as one-time solutions for projects.

Eligibility Criteria

• Applicant organizations must have received at least three consecutive years of funding from the Special Arts Services Program for their core artistic activities.
• Applicant organizations must have had total cash expenses between $100,000 and $1,000,000 for Fiscal Year 2007, as evidenced by their final reports to the Council.
• Organizations that received a Stabilization award in the past two years are not eligible to apply this year.

Evaluative Criteria

• Record of success with previous NYSCA grant awards;
• The applicant organization’s capacity to manage the reserve fund, including managerial and fiscal competence;
• Potential impact on the financial stability of the organization;
• Clarity and cogency of the answers to the applicant questions.

Awards

Awards will range from $10,000 to $25,000, according to the following table:

A panel will review the applications competitively in November 2008.  The panel recommendations will be brought to the Council’s December 2008 meeting for approval. 

1. Cash Flow Profile: Please fill out the the provided Cash Flow Chart for your most recent fiscal year. Provide a narrative explanation for variances between income and expenses.  


2. Managerial and Fiscal Competence: How are your finances currently managed? Do you have dedicated finance staff? If not, who on staff manages the finances? What role does your board currently play in overseeing finances? Is there a board treasurer and/or finance committee? How would the reserve fund be managed and who would be charged with its oversight?


3. Potential Impact: Describe the potential impact that a stabilization grant would have on the financial stability of your organization. Please state whether this would build upon an already existing reserve fund or if it would establish a reserve fund for the organization.  
   
   
4. Current Budget: What is your organization’s project Fiscal Year 2009 operating budget, and what are the principal reasons for changes in that budget from the Fiscal 2007 actual budget?

Applicants must also complete and submit  a Cash Flow Chart supplemental from.  The form is available here in Excel and PDF formats.  Detailed instructions can be found here. 

Completed Cash Flow Statements must be received by October 10th, 2008. Submit  completed  form to: