Application
This unit describes the skills and knowledge required to set revenue-raising goals, identify potential sources of revenue and to proactively work 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.
No licensing, legislative or certification requirements apply to this unit at the time of publication.
Elements and Performance Criteria
ELEMENT | PERFORMANCE CRITERIA |
Elements describe the essential outcomes. | Performance criteria describe the performance needed to demonstrate achievement of the element. |
1. Set revenue-raising goals | 1.1 Identify potential revenue sources from a range of information sources 1.2 Identify factors that may affect the suitability of potential revenue sources 1.3 Evaluate suitability of revenue sources in relation to own or organisational overall vision 1.4 Identify revenue-raising priorities in line with current direction and vision in consultation with relevant people 1.5 Determine how and from which sources revenue will be raised |
2. Implement revenue-raising strategies | 2.1 Identify processes to follow to access potential revenue 2.2 Build and maintain positive relationships with key stakeholders who can provide financial support 2.3 Coordinate development of funding proposals 2.4 Negotiate terms and conditions of funding agreements 2.5 Clarify commitments made by both parties and communicate these to relevant people |
3. Evaluate revenue-raising strategies | 3.1 Monitor all arrangements to ensure compliance with funding requirements 3.2 Review the impact of funding on self or the organisation 3.3 Review priorities and revenue-raising strategies and amend as required |
Evidence of Performance
Evidence of the ability to:
develop and document a plan that outlines strategies to raise revenue for a given organisation or practice
research revenue-raising opportunities relevant to the organisation or practice
coordinate the development of a funding proposal
monitor and review revenue-raising strategies.
Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.
Evidence of Knowledge
To complete the unit requirements safely and effectively, the individual must:
describe sources of information for potential funding
explain typical avenues through which revenue can be raised in the relevant industry context and their typical objectives and expectations:
outline a wide range of methods used by visual arts practitioners and organisations to generate revenue
discuss emerging trends and different models for revenue-raising activities
explain issues and challenges that typically arise in revenue raising activities
explain the key obligations generally associated with funding agreements, including:
legal requirements to supply services as contracted and ramifications of failure to comply
audit of expenditure
reporting requirements.
Assessment Conditions
Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in creative arts industry environments. The assessment environment must include access to materials, resources and equipment needed to research funding and revenue opportunities.
Assessors of this unit must satisfy the requirements for assessors in applicable vocational educational and training legislation, frameworks and/or standards.
Foundation Skills
This section describes language, literacy, numeracy and employment skills incorporated in the performance criteria that are required for competent performance.
Skill | Performance Criteria | Description |
Reading | 1.1, 1.2, 2.4, 2.5, 3.1 | Interprets and evaluates complex and unfamiliar information about revenue sources, and terms and conditions of funding agreements |
Oral Communication | 1.4, 2.2, 2.4, 2.5 | Uses questioning and active listening techniques to elicit different perspectives about revenue raising priorities Articulates needs clearly using specific, relevant and persuasive language to liaise and negotiate with financial supporters |
Numeracy | 2.4, 3.1, 3.2 | Interprets financial data which may be embedded in a range of documents |
Interact with others | 1.4, 2.2, 2.4, 2.5 | Collaborates with others to generate ideas for revenue raising priorities and solutions to achieve goals Invests time and energy to build rapport with financial supporters as an integral part of the business relationship |
Get the work done | 1.4, 1.5, 2.1, 2.3 3.1, 3.3 | Plans, organises and takes responsibility for revenue raising activities Manages logistics associated with funding arrangements |
Sectors
Finance – financial management