This two hour online course aims to give an overview of the long and short term considerations needed to avoid insolvency.
The long term considerations include levels of reserves, what you are holding reserves for, developing a financially opportunistic mindset, income diversification and expenditure control within your strategic planning. The short term considerations include how to access the seriousness of the situation focusing on cash flows, steps to take immediately, battening down the hatches and weathering a storm.
Agenda (2 hours)
- Introductions and concerns
- First Part – immediate action – short-term funding
- Arts Council COVID Emergency fund – budget and cash flow forecast
- Other sources of funds.
- Second part – longer term financial planning
- Income diversification
- Reserves and risk management
- Scenario planning
This course is aimed at people who have financial responsibilities and wish to expand their knowledge and skill base. ITC are also running Finance Explained online.
This two-hour online Zoom session is presented as a workshop with the opportunity to ask questions, share their experiences and concerns.
Maureen McCulloch is a senior lecturer in accounting at Oxford Brookes University. She is a qualified accountant specialising in the not-for-profit sector, particularly theatre. She has been the Finance Director of The Reading Agency, Malvern Theatres and the Swan Theatre in Worcester. She has been a freelance trainer in the arts for twenty years. she has also spent part of her training in the Insolvency Department of a large firm of accountants before moving into charity and arts management.
How to Book
Book your place via this web page. Places are limited.
The day before we will send you the Zoom joining instructions. Please read Top Tips for using Zoom below for ensure the smooth running on the session.
As there is are limited places on this course places are allocated on a first come, first served basis. Please find our full booking terms and conditions, including the cancellation policy here.
Top Tips for using Zoom
- Make sure you have a strong reliable internet connection. This is imperative to getting the most out of the session and connecting with people.
- It is best to use Zoom on a PC or laptop, tablets can be used but some of the features are limited.
- Your video/webcam and microphone will need to be on for this course.
- If possible, try to use a headset instead of your computer’s built-in audio. Zoom works just fine with the built-ins, but the quality is even sharper with higher quality hardware.
- Your camera should be at eye level. Adjust your camera if it is too low or high, if possible seeing you from the chest or waist up is good, instead of just seeing your face. Make sure you have a comfortable chair.
- Lighting can make a difference - position yourself so that most of the light is coming from in front of you (behind your monitor), instead of behind you. If you have a window behind you, shut the blinds, otherwise your face will be difficult to see.
- Find a quiet space for the duration, shut the door, ask people not to disturb you, silence all notifications from all devices, including phones and mute yourself as necessary.
- Have some water to drink, a notebook and a pen available.