KULT6700 Financial Management in Arts Organisations Course description

This course enables students to analyze and manage the financial performance of an arts organization. Moreover, it provides a foundation for communicating economic and financial concepts effectively.

Language of instruction is English.

None.

After completing the course, the student should have the following overall learning outcomes defined in terms of knowledge, skills and general competence:

Knowledge

The student

• understands how micro-economic concepts apply specifically to arts and cultural organizations (for example, supply and demand of seasonal program offerings and the impact of grants).
• understands how accounting concepts affect decision-making in arts and cultural organizations (for example, the going concern assumption and the use of budgets).
• has knowledge of finance concepts relevant to arts and cultural organizations (such as managing cash flows).

Skills

The student can

• determine the financial impact of program offerings of an arts organization (such as program cost, ticket price, need for liquidity and funding).
• assess economic risks associated with a cultural undertaking or the organization at large.
• analyze the financial performance of an arts organization, including a comparison with peer organizations in the arts.

General competence

Students will be equipped to take part in board level discussions about the economic conditions and financial performance of an arts organization.

The course is taught in plenary lectures, and students work on and discuss cases in groups and plenary sessions.

The following coursework requirements must have been approved in order for the student to take the exam:

• Coursework 1: Written individual assignments, approx. 3-5 pages (including tables), during the first part of the semester.
• Coursework 2: Written individual assignments, approx. 3-5 pages (including tables), during the second part of the term.

The purpose of both assignments is that students apply and integrate the course content to a specific organization. This can be the arts organization that they are currently working for or a different arts organization of their choice. Students will receive a list of requirements on what they would have to complete per assignment (e.g. create a budget and analyze financial information).

All required coursework must be completed and approved by the given deadline in order for the student to take the exam. If one or more coursework requirements have not been approved, the student will be given one opportunity to submit an improved version by the given deadline.

The exam in the course is a supervised exam of 5 hours.

The following aids are permitted:

• Calculator (see regulations for the use of calculators in the programme description)
• One dictionary (either first language-English/English-first language or English/English)

Students will be provided access on the exam computer to one pdf file containing all lecture presentations.

Grade scale A - F

The exam papers are assessed by one internal and one external examiner.

At least 25% of the exam papers will be assessed by two examiners. The grades awarded for the papers assessed by two examiners form the basis for determining the level for all the exam papers.

Christophe Van Linden