We have made some changes to FACTOR’s Program Guidelines and Business Policies, effective November 1, 2014. Most of the edits were corrections to typographical errors, or are clarifications to the existing rules or policies.
These are the significant changes:
All Program Guidelines
For ease of reference, we’ve reorganized the Program Guidelines so that they now contain all of the Eligible Costs sections that were previously listed in the Business Policies.
Business Policies - Deadlines and Extensions
We’ve enhanced section 21.4 dealing with Spot Audits and Full Audits. All clients should read this section to understand their reporting obligations.
Business Policies – Standards for Grant-Writers
We’ve added a new section 39 setting out FACTOR’s expectations with respect to clients who hire grant-writers.
Company Rating for Artist Managers – Business Development Program
At the next Annual Review (deadline February 27, 2015), Artist Managers hoping to achieve a Company Rating of 3 (which makes them eligible for the Business Development Program) must submit financial statements that demonstrate their company has gross revenues of at least $100,000 in the most recent fiscal period. Artist Managers can no longer claim their artists’ gross revenues for the purpose of achieving the Company Rating of 3. This is set out at section 22.6 of the new edition of the Business Policies.
Comprehensive Artist and Comprehensive Music Company Programs
The Board approved an increase in the limit to the amount of advance that FACTOR may pay out from $20,000 to $50,000 (all Components). Please see the Funding and Payments section of the Program Guidelines.
As always, if you have any questions or concerns regarding these matters, please do not hesitate to speak with your Project Coordinator or contact me directly.