Step 8: Build Your Budget
Once you have an estimate of what your budget will be, you can determine your needs. In building the budget for your program you will need to consider the following:
Artistic fees - How much will your artist(s) be paid for their services? Some artists may base their compensation on an hourly rate while others may simply ask for a flat fee. Be sure you're comfortable with the fee rate requested by the artist. If the artist's fees are based on a flat rate it may be a good idea to consider the number of hours for which the artist is providing services. This will help ensure that the flat fee requested is fair to you and the artist. After your initial phone interview with the artist(s) it may be appropriate to compensate the artist for their planning and preparation time leading up to the project.
Supply costs - Determine what supplies you will need for the duration of the project and calculate the overall cost. You will need to research the costs of your supplies with the vendor(s) you will use and itemize this portion of your budget. The supply budget for your project can be up to 25 percent of the total budget of the project (for arts education programs funded by the Oklahoma Arts Council).
Other associated costs - Be sure to include other costs for items associated with your project. Marketing, travel expenses, space rental, office supplies and other items should be considered. Some of these costs may be eligible expenses for grant support.
Match Requirements - Depending on the grant program for which you are applying, your cash match may range from 10 percent of the requested amount to a match of $1 for every $1 requested. Because the match requirement for the Small Grant Support for Schools is relatively small, applicants are required to meet their match with cash. Be mindful to review and understand the match requirements of the individual grant program or category to which you are applying.
In-Kind Costs - Your project may need the support of donated goods and services. If so, be sure to include such donations as in-kind expenses on your budget. The actual costs of any donated goods may be listed, while volunteer services may be listed at $10 per hour. Donated professional services such as legal or other specialized services may be listed at $20 per hour.
Cash on hand - What cash resources do you have available for use with your project? Remember, because our grants require a cash match, the dollars that you actually have available is a key factor in determining how much you are able to request in grant funding.
Sources for your cash amount may be a combination of actual dollars, grant dollars from sources other than the OAC, and/or tuition or registration fees (if this applies to your project).