PAM Midterm Flashcards

1
Q

Me generation (baby boom)

A

Markers: 1946-1964
Parents
Korean & Vietnam, JFK, Woodstock

Characters: High divorce rate, career-oriented, spenders

Some subscribe to arts

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2
Q

Generation X

A

Markers: 1965-1979
Smallest generation, probably generation skipped in politics

Computers, MTV, challengers, disasters, Sesame Street

Characteristics: non-traditional, cautionary, pessimistic, wait for kids, first generation likely to not do better than parents

Some subscribe to arts

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3
Q

Generation Y

A

Markers: 1980-2001
Internet, school violence, 9/11

Characteristic: most disgressionary, about money, expect immediate info, traditional (marriage and kids early) moral career

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4
Q

Generation Z (I)

A

2002-present
Markers: gun violence
Always had mobile

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5
Q

Types of Organization

A

Sole Proprietorship
Limited Partnership
LLC - Limited Liability Company
L3C Low-profit

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6
Q

Sole Proprietorship

A

Independence, artistic freedom, lots of profits, all capital up front, all risks, personal liability, lots of income tax

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7
Q

Limited Partnership

A

Control venture fully, shared artistic freedom, share profits and losses, some legal protection, fully accountable, taxes

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8
Q

LLC Limited Liability Company

A

Incorporates under agreement, some protection

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9
Q

L3C Low-profit limited liability company

A

Doing it for public good, not quite nonprofit

Personal risk lowers, still taxes

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10
Q

Corporation

A

Private
Public
Non-profit

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11
Q

Private

A

All profits are shared with in company, own entity, it has risks lowers

Perpetual existence, run by board of directors

Organization carries liability

Both pay taxes

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12
Q

Public

A

Traded on NASDAC, shareholders, can earn initial capital by selling stock, often high start up costs, accountable to those with shares, can vote you out

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13
Q

Non-profit

A

Most arts incorporated are 501(c)

Public service mission, exempt for federal taxes (same taxes, SS, medical care)

No lobbying

Public charities, private foundations, educational

Donations can help reduce individual donors taxes, can fundraiser, not required to pay state sales tax

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14
Q

Presenting

A

Presents other arts groups, taxes that info and works with it

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15
Q

Producing

A

Creates scratch

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16
Q

Steps for Incorporation

A

1) begins at state level, read higher lawyer
2) decide on name (some resurrections)
3) draw up articles of incorporation and by-laws, basic facts, goals, how board/trustees is set up, set standards for structure, purpose, power structure, people on board
4) state gives you fed ID then go to ORS fill out 1023 form to become 501(c)3

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17
Q

Steps for non profit status

A

Must fill out 990, public record, tax forms, lists board of directors, public record of what you made/lost

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18
Q

Mature generations

A

Markers: grandparents, depression, WWI

Character: loyal, generous, hard-working, family oriented

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19
Q

Administration

A

Board of directors

Artistic director/music director/ general manager

Executive/managing director

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20
Q

Board of directors

A

SMTD regents of UM, elected, oversee full trust, hire president of the university, the dean and chairs

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21
Q

Executive/managing director

A

Responsible for all administrative aspects

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22
Q

Producing artistic director

A

When artistic and executive director job is merged

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23
Q

Financial departments are led by

A

General/business managers

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24
Q

Financial departments

A

Book keeper
Accountant
Controller
Personnel/human relations

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25
Development definition
Fundraising, deal with those who give major gifts, planned giving, capital gifts (something more concrete) campaigns Special events Membership
26
Front of House/Facilities
House managers, ushers
27
IT department
Only if organization is big enough
28
Marketing & communications departments
Public relations Social media Digital assets Graphic designers
29
Ticketing
often reports to marketing Subscriptions, group sales Telemarketing/televising
30
Outreach/community relations/ education
Another department
31
Literary/dramature/librarian/ballet master
Another department
32
Production manager
Oversees all artistic departments
33
Artistic departments
``` Casting Stage management Company manager Technical director Properties Costumes Electrics Sound ```
34
Technical director
Scenic elements, carpenters, welder, riggers
35
Properties
Props! Moving stage items | Carpenters, welders, crafts, upholstering
36
Costumes
Stitchers, draper (make pattern so costume can be built) crafts, millinery (hat making), cobbler
37
Electronics
Lights (lighting designers)
38
Sound
Roger! Video and sound
39
Case by case hires
Directors/choreographers/music director/conductor Actors/singers/dancers/musicians (can be long term or month contract) Designers **Volunteers, or guild!
40
Board of directors/trustees
Volunteers, not getting paid
41
Purpose of board of directors/trustees
Hold organization accountable, have legal & fiduciary (fiscal) responsibilities
42
Areas of Responsibility
1) policy making 2) fiscal controls and budget 3) fund raising 4) hire chief executives 5) communications 6) planning
43
Policy making
Drafts articles of incorporation and bi-laws (ex. On ctools) Drafts set conflict of interest policies Review all these in regular basis committees (executive) Are we still achieving mission?
44
Fiscal controls and budgets
Personally potentially responsible, can be sued if not doing jobs Who write checks? Limits bidding vs. paid for, reimbursement procedure, approves budget, who uses credit Accounts for spending, public record *compliance
45
Fundraising
Minimum contribution from board, diversity key so they can reach out to multiple communities GIVE GET GO
46
Hire chief executives
Artistic and executive director set the tone, can fire and hire
47
Communications
Link to community (again diversity important)
48
Planning
Set term limits elected by board 3-5 years where is the organization going
49
Paper board
Names but no action, not fulfilling mission Deadweight Board shouldn't be meddling with every day activities
50
Requirements of board membership
Nominating committee, finance, fundraising, special events, personnel, all smaller committees
51
Why Budget
Can help protect company, help make decisions, balanced budget Snafu spending, keep track of money
52
Budget definition
A financial plan, prediction of revenues/expenses
53
Chart of accounts
Lays out line items, different categories System that separates out costs
54
Project budget
Mostly shows for theatre companies
55
General budget
Everyday spending, other expenses
56
Book keeping
Process of summarizing and classifying, a summarizing of financial data
57
Budget process (7 steps)
1. What do I want 2. Costing out that list 3. How much income can you expect and from where? 4. Compare revenue and expense list 5. Set priorities and adjust 6. Board has to approve budget 7. Monitoring and an expense line to keep budget in check
58
Two ways of costing out wish list
Zero based - no idea how much Incremental budgeting - based on previous info
59
Two types of income (spending limitations
Restricted vs. non-restricted
60
Reserve/contingency
Just in case/emergency money
61
Endowments
All money specified for something specific, money is invested, certain percentage can be spent based on interest, everything else invested in fund so it grows, worst case scenario is breaking endowment
62
Financial reasons for accounting
Provides info to people outside organization, follows specific conventions
63
GAAP
Generally accepted accounting principals Set standard for how things should be noted by accounting, insured comparability of stats
64
Managerial Accounting
Provides info to people in organization, not helpful for day to day decisions, budgeting, cash/cost allocations, cash flow, not constrained by GAAP
65
Limits of Accounting
Activity received/expended (limited to this), not about quality volunteers, environment impacts
66
Two types of financial statements
Balance sheet | Income statement
67
Balance sheet
Run in last day of fiscal year, what company owns and owes and leftovers Statement of financial position: states state of things Assets-Liabilities=fund balancing Assets=Fun balancing + liabilities
68
Fiscal year
Varies depending on the company Usually from July to following June
69
Income statement
Financial activity over a period of time (maybe three months) Statement of organization: income-expenses=profit (loss)
70
More about financial statements
Prepared on regular basis Annual report includes both balance sheet and income statement
71
Accounting conventions
Historical cost, recording cost as they were at the time Periodicity and entity
72
Periodicity
Broken down in to periods of time (quarters) consistent
73
Entity
Separate and distinguishable from staff and officers and staff
74
Accounting methods
Cash and accrual
75
Cash
Keeping tech if where cash is moved Income and withdrawals Not big picture, no info on what people owe
76
Accrual
Recognizes expense even the occur, income reorganized when funds committed, more accurate financial picture, much more time consuming
77
Auditing
Most organizations required to be audited, checking conventions are being followed and following GAAP, not #'s
78
Setting financial controls
Board sets these, someone's making sure it's real, monitoring budget/crack, protocol
79
Copyright
General rule of thumb 1841: 42 years 1909: 58 years 1976: 50 years after death of author 1998: 70 years after death
80
Fair use
Being able to use a work without laying royalties
81
Public domain
able to be used, published, sold ad no cost Once in a public domain, always in public domain
82
Royalty holders/sources
Uh
83
Straight Plays (Drama)
Dramatist play service, Samuel French, and dramatic publishing
84
Dramatic publishing
Websites give you an idea of if you're a amateur production what the cost would be, often going through individual artist agent, cost can redirect ability to do shows
85
Musicals
Musical theatre international, Tans Witsmark, Samuel French, Roger & Hammerstein, theatrical rights worldwide Restricted for periods of time (profess companies only) Rights for show and rental materials For amateur productions, no area restrictions
86
Opera/Classical Music
European American Music, Boosey & Hawkes, G Schirmer, Theodore Presser (lesser extent)
87
Popular/music/individual songs
ASCAP, BMI websites to use in search of more Copyright information To use a recording, need recording company rights to it and the published work More than 30% not fair use
88
ASCAP
American Society of Composers, Authors, and Publishers Can hold partial rights
89
BMI
Broadcast Music Incorporated
90
Copyright for dance
Go through individual choreographer, or through their estate Most dance requires someone specific to re-stage their work, company must approve Sometimes it comes with notation Loosest of all rights
91
Artwork
Stays with artist of owner of art Must go through artist, might be going through museum May have to get rights for decent reproduction Vary widely
92
Grand rights
Anything within a production (outside soundtrack or effect), usually not covered by university copyright coverage, All about the lights! If the lights go down before something starts to play than its good
93
Contract definition
An enforceable agreement that binds two or more parties in a legal relationship involving a mutual exchange of rights and or duties
94
What does a contract tell you
What you receive and/or obligated to do
95
Three types of contracts
Express contract Implied contract Quasi contract (or contract implied by law)
96
Express contract
Written or aural agreement where terms are articulated by parties involved, most standard
97
Implied contract
Agreement where there's no evidence (aural or written) but conduct indicates the intention on part of parties to be contractually bound (restaurant)
98
Quasi contract (contract implied by law)
Legal obligation imposed in absence of express obligation owed on account of justice and fairness, implied, assumed duty arising from transaction of the party
99
Requirements of a contract (5)
1) must be competent parties, legal age and mentally competent 2) must be offer and acceptance 3) must be consideration, needs to be able to bargain 4) proper legal form, laws and contract varies from state to state 5) valid and lawful purpose
100
Parts of contract
Face | Rider
101
Face
Basic steps Basic outline of contract, observable by all, plain without external fact
102
Rider
Where anything above and beyond is listed, annexed to the document in order to change it, primary purpose to avoid rewriting
103
Consideration area
Ability to bargain
104
Things to check before you sign
``` Cost Date Title & billing Money, how paid License? Security? ```
105
Agents
Hired by individuals
106
Role of agent
Work to get you acquired work Help negotiate best deal for client Makes cut of what artists makes Arts organization works with agent
107
AEA
Actors Equity Association Members: actors and stage managers Salary determination: for actors equity, make agreements with groups of theaters, LORT looks at gross income over three years
108
AGMA
American Guild of Musical Artists Members: singers, dancers, musicians, stage managers Salary determination: covers mostly operas and dance companies, individual contracts (specific to opera and rolls)
109
SDC
Stage Directors and Choreographers Salary determination: not minimum salary per week, per entire work project or period
110
USA
United scenic artists Members: all designers, properties artisans Salary determination : same categories as equity, flat fee for entire work, designers paid much less :(
111
AFM
American federation of musicians Members: orchestras, studio musician as sometimes Salary determination: individual negotiation organization, groups as well, orchestras often have season contract
112
SAG-AFTRA
Screen Actors Guild -American Federation of TV & Radio artists Members: no writers, maybe directors