Raising revenue

CUAFIM401 Obtain revenue to support operations

This unit is about setting revenue-raising goals, identifying potential sources of revenue and proactively working to secure revenue. It applies to individuals 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 corporate sponsorship or grants from philanthropic trusts or government agencies.

 

How you will be assessed

You will be assessed through:

• Assessor observation on the job
• Supervisor reference (if the assessor is not the supervisor)
• Review of your workplace documents (e.g. procedures)
• Interview/assignment based on the requirements below.

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Practical

You will be assessed in the workplace as a safe environment. You must demonstrate consistent performance of typical activities in creative arts industry environments. You will need access to materials, resources and equipment needed to research funding and revenue opportunities.

You need to show that you have:

1. Developed and documented a plan that outlines strategies to raise revenue for a given organisation or practice
2. Researched revenue-raising opportunities relevant to the organisation or practice
3. Coordinated the development of a funding proposal
4. Monitored and reviewed revenue-raising strategies.

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Interview/assignment questions

1. Describe sources of information about potential funding
2. What are the typical avenues for raising revenue in your industry context? Explain their typical objectives and expectations.
3. Outline at least five methods used by creative arts practitioners and organisations to generate revenue. What factors that might affect the suitability each one?
4. What are the emerging trends and different models for revenue-raising activities?
1. Which are most applicable to your organization?
2. What factors that might affect the suitability each one?
5. What are the main issues and challenges that typically arise in revenue raising activities? How can you resond most effectively to each one?
6. What are the the key obligations generally associated with funding agreements? Explain them. In your answer, include:
1. legal requirements to supply services as contracted and ramifications of failure to comply
2. audit of expenditure
3. reporting requirements.

Note: Your assessor may also ask you a variety of what if questions.

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Detailed requirements

1. Set revenue-raising goals

1. Identify potential revenue sources from a range of information sources
2. Identify factors that might affect the suitability of potential revenue sources
3. Evaluate suitability of revenue sources in relation to your or organisational overall vision
4. Identify revenue-raising priorities in line with current direction and vision in consultation with relevant people
5. Determine how and from which sources revenue will be raised

 

2. Implement revenue-raising strategies

1. Identify processes to follow to access potential revenue
2. Build and maintain positive relationships with key stakeholders who can provide financial support
3. Coordinate development of funding proposals
4. Negotiate terms and conditions of funding agreements
5. Clarify commitments made by both parties and communicate these to relevant people

 

3. Evaluate revenue-raising strategies

1. Monitor all arrangements to ensure compliance with funding requirements
2. Review the impact of funding on self or the organisation
3. Review priorities and revenue-raising strategies and amend them as required

 

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