The Council is awarding $250,000 for the establishment of cash reserve funds to small and mid-sized organizations that are currently supported by the Folk Arts Program, the Literature Program, and the Visual Arts Program.

Registration for the Stabilization program will open on July 20, 2009.  The registration and application forms must be completed by midnight on September 14, 2009. 

Each organization receiving funds from the Stabilization program must establish a separate cash reserve bank account.  The account should be used as working capital and replenished when cash flow permits so that the original amount of the award is restored for thirty consecutive days during the course of the organization’s contract period.

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 any of the three above-named Programs (Folk Arts, Literature, or Visual Arts) for their core artistic activities.



• Applicant organizations must have had total cash expenses between $100,000 and $1,000,000 for Fiscal Year 2008, 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

• The applicant organization’s artistic and programmatic quality including the track record for cultural activities.



• The applicant organization’s capacity to manage the reserve fund, including managerial and fiscal competence.



• Service to the public.



• Clarity and cogency of the answers to the application questions.

Awards

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

A panel will review the applications in October 2009.  The panel recommendations will be brought to the Council’s October 2009 meeting for approval.  

1. Cash Flow Profile: Please fill out the the provided Cash Flow Chart for your most recent fiscal year.
   
   During your organization’s operating year, there may be times that expenses for your programs are greater than income.  What are the reasons for those times and how have you managed to meet those expenses?



2. Effect of Stabilization Award: If your organization received a Stabilization award, how would it assist you in managing expenses and income?   What would you do to maintain the reserve fund?



3. Current Budget: What is your organization’s projected Fiscal Year 2010 operating budget, and what are the principal reasons for changes in that budget from the Fiscal Year 2008 actual budget?