Cultivating Individual Donors in the Performing Arts
Cultivating Individual Donors in the Performing ArtsDevelopment & Fundraising through Individual Donations Everyone needs money, and if you are an artist, nonprofit, or dance organization, a good chunk of your income is probably raised through fundraising. In the...
Q&A: Marketing Your Fundraising Event
Q&A: Marketing your Performing Arts Fundraising EventUnveiling the Power of Event Fundraising: Elevate Your Fundraising Efforts! Hosting an event stands out as one of the most collaborative ways to raise funds. From planning to execution, various steps and factors...
How to Apply for a Grant Through a Fiscal Sponsor
How to Apply for a Grant Through a Fiscal SponsorFiscal Sponsors Help Open Doors To Nonprofit Grants Fiscal Sponsors Give You the Ability to Put Your Work Before More FundersOne of the many benefits of having fiscal sponsorship is the ability to apply for grants...
Difference Between Non-Profit and For-Profit Entities
Difference Between Non-Profit and For-Profit Entities What is a Non-Profit Entity? A non-profit, not-for-profit, or NPO, is an organization that does not seek to earn profit for its owners. Rather, all of the money earned is used to keep the organization running and...
What is Fiscal Sponsorship?
What is Fiscal Sponsorship? Definition of Fiscal Sponsorship in the Performing Arts Fiscal sponsorship is a relationship in which a nonprofit organization (the fiscal sponsor) agrees to accept and manage funds on behalf of another organization or individual project...
How to Create a Project Budget
How to Create a Project Budget What is a Budget? A budget is an estimate of income and expenses for a set period of time in the future. You can create a budget for your entire organization or individually for each of your projects/programs. Budgets are meant to be...
What is a LLC?
What is a LLC in the Performing Arts?Definition of LLC A Limited Liability Company (LLC) is defined as a legal business entity that limits the company’s members from risk of loss. The owners of an LLC are usually referred to as “members,” as the structure is more of...
How to Create an Operating Budget
How to Create an Operating Budget An Operating Budget in the Performing Arts An Operating Budget differs from a Project Budget in that it takes into account all of your project budgets, fundraising budgets, and general operating budgets in one report. This type of...
How to Complete a Cash Flow Statement
How to Complete a Cash Flow Statement What is a Cash Flow Statement? A Cash Flow Statement is a financial statement that tracks the movement of a company’s cash over a selected period of time. This is an all-inclusive statement because it includes the inflow and...
Determining the Right Fiscal Sponsor for You
Determining the Right Fiscal Sponsorship for YouTo get a fiscal sponsor, you will need to identify potential fiscal sponsors that align with your mission and work. Below are some things to consider. Research potential fiscal sponsorsLook for organizations with a...
When to Choose Fiscal Sponsorship Over 501(c)3 Incorporation
When to Choose Fiscal Sponsorship Over 501(c)3 IncorporationIf you have a short-term or one-time project, or are just starting out as a creator, incorporating as a 501(c)(3) is not the most practical or cost-effective way to incorporate. Instead, fiscal sponsorship...
History of Fiscal Sponsorship
History of Fiscal SponsorshipWhere does Fiscal Sponsorship in the United States Come From? Fiscal sponsorship, the practice of one nonprofit organization providing administrative and financial support to another organization or project that lacks 501(c)(3) status, has...
Running a Crowdfunding Campaign Through a Fiscal Sponsor
Running a Crowdfunding Campaign Through a Fiscal SponsorRunning a crowdfunding campaign through a fiscal sponsor can be a great way to raise funds for your project. Being able to provide tax deductibility to your campaign contributors can be the factor that pushes...
Fundraising Q&A: Planning a Fundraising Event
Q&A: Planning a Performing Arts Fundraising EventEvent Fundraising in the Performing Arts can be a Great Way to Raise Funds There are a number of ways to fundraise money for a performing arts organization or cause. One of the most collaborative ways to fundraise...
Crowdfunding Versus Fundraising
Crowdfunding versus FundraisingWhat is the difference between Crowdfunding and Fundraising? Crowdfunding is exclusively online while fundraising could be either in person or virtual. The majority of Crowdfunding websites make it free to begin so you retain most of the...
What is a C Corp?
What is a C-Corp?What is a C-Corp, and how does it differ from other types of corporate structures? A C corporation (C corp) is defined as a legal business entity that is taxed separately from its owners or shareholders. This includes performing arts entities. Often...
Should My Dancers Be on Payroll?
Should My Dancers Be on Payroll?Legal Implications of Payroll Employees From the perspective of the New York Department of Labor, if you are a dance company and are dictating when and where your dancers are performing their services, those individuals are considered...
What is a Sole Proprietor?
What is a Sole Proprietor?Definition of Sole Proprietor for Those in the Performing Arts A Sole Proprietor is an entity that is not incorporated (as a C-corp, S-corp, or other corporate structure). This includes performing arts entities. As the name implies, sole...
Tips for Obtaining Institutional Funding
Tips for Obtaining Institutional FundingDevelopment & Fundraising through Institutional Funding Everyone needs money, and if you are an artist, nonprofit, or dance organization, a good chunk of your income is probably raised through fundraising. In the nonprofit...
Creatives and Credit
Creatives & CreditCreatives & Credit Workshop with Tierra Bonds For artists and creatives looking to build good money habits, this fiscal session teaches you how to reach your credit score goals.Have you ever wondered how credit works and how you can use it to...
Latest Arts Admin Job Listings
Searching for Work? Check out the Arts Organizations that are HiringThe sites listed below are consistently updating their job listings to keep their communities informed of work opportunities. If you have an interest in administrative or production work, these...
How to Find and Inspire Volunteers for Your Fundraising Event
How to Find and Inspire Volunteers for Your Fundraising EventFinding volunteers for your performing arts fundraising events It can be challenging to find quality volunteers for your performing arts fundraising events, but it’s an important element of your event plan....
Renting Studio Space at a Discounted Rate
How to rent studio spaces for discounted ratesRent Studio Space at a Discounted Rate Fiscal sponsors typically rent studio space at a discounted rate through negotiations and partnerships with landlords, property owners, or organizations that have available space....
Claiming Tax Deductions for Artistic Work
Claiming Tax Deductions for Artistic WorkHow to Claim Deductions for Your Artistic Work When it comes to claiming tax deductions for your artistic work, there are several factors to consider. Here are some general guidelines that may help you understand the process:...
Venmo and Taxes
Venmo and TaxesIf you receive income through a currency exchange platform such as Venmo, you are required to report it on your tax return. This includes payment for any artistic or administrative work such as rehearsal pay or performance stipends. Even if you earn...
Financial Audit Vs. Financial Review
Key Differences Between a Financial Audit & Financial ReviewA financial audit and review are two different types of financial assessments conducted by professionals to evaluate the accuracy and completeness of financial statements. The main difference between an...
Determining Pay Rates for Your Team
Considerations for Determining Pay RatesDetermining How Much to Pay Your Team Pentacle recommends using the W.A.G.E. calculator to get a sense for how much established institutions are paying for artistic services. Employers can also input their annual budget to see a...
Top CRMs for Non-Profit Entities
Top CRMs for Non-Profit EntitiesSalesforce Salesforce is a widely used CRM system that offers robust features and customization options. Nonprofits can use Salesforce's Nonprofit Success Pack (NPSP), which includes features tailored to the needs of nonprofit...
What is a Board of Directors and What to Consider When Creating One
What is a Board of Directors and What to Consider When Creating OneWhat is a Board of Directors? A board of directors is a group of individuals who are elected to govern and oversee the organization’s operations. The board is responsible for setting the organization’s...
Timeline and Steps Towards 501(c)3 Incorporation
Timeline and Steps Towards 501(c)3 IncorporationIncorporating as a 501(c)3 nonprofit organization can be a lengthy and complex process. Below is an outline of the general steps and timeline toward achieving non-profit status. We recommend working with a lawyer to...
Performing Arts Grants Database Listings
Grant Database Listings for the Performing ArtsBelow is a list of websites serving as databases for funding sources. If you’re interested in applying for a performing arts grant, filter through these organizations' grant listings to research prospective funders....
What Do I Need to Apply for Fiscal Sponsorship?
What Do I Need to Apply for Fiscal Sponsorship?The specific requirements for applying to different fiscal sponsorship programs will vary depending on the nonprofit that is offering fiscal sponsorship. There is no downside to contacting a prospective fiscal sponsor...
Workers Classification in the Performing Arts: Why Does It Matter?
Workers Classification in the Performing Arts: Why Does It Matter? NEXTSTEPS GUEST WRITER: STEFI GEORGE How You Classify Workers Can Make a Big Difference for Workers Compensation and Tax Considerations Workers classification and taxes are two big considerations when...
Top 5 Quickbooks Set-Up Tips
Top 5 Quickbooks Set-Up Tips Managing your organization’s finances can be overwhelming and time consuming. At Pentacle, we use Quickbooks, an accounting software that helps you manage your financial transactions, both internally as well as with our artists...
Understanding A Balance Sheet
Understanding a Balance SheetWhat is a Balance Sheet? A Balance Sheet is a financial statement that summarizes the company’s assets, liabilities, and equity at a specific point in time. The Balance Sheet is an essential tool used by organizational leaders, Board of...
Understanding A Profit and Loss Statement?
Understanding A Profit and Loss StatementWhat is a Profit and Loss Statement? A Profit and Loss Statement (P&L) is a financial statement that measures the revenues, costs, and expenses incurred over a specific accounting period. P&Ls reflect an organization’s...
Accrual Basis Accounting vs Cash Basis Accounting
What is Accrual Basis Accounting vs. Cash Based Accounting? Accrual Basis Accounting Accrual basis accounting refers to a major accounting method that recognizes revenues and expenses at the time a transaction occurs, regardless of when cash is exchanged. Accountants...
Employee versus Independent Contractor
Employee vs. Independent ContractorWhat’s the difference between an employee and an independent contractor? The payment for an independent contractor is performance-based and is determined by the completion of the service they provide while an employee's payment is...
5 Questions to Ask When Hiring an Intern
5 Questions to Ask When Hiring an Intern It’s key to ask an intern these questions before hiring them. Here are a few questions for employers to ask a potential intern, in order to learn about their work ethic and history: 1. Why did you apply for this...
5 Questions to Ask Your Auditor
5 Questions to Ask your AuditorWhat are the key questions to ask an independent auditor? Nonprofits are required to obtain an audit or review each year, depending on their budget size. The first step in any nonprofit audit or review is contacting an independent...
New York City Fiscal Sponsors
New York City Fiscal SponsorsList of Fiscal Sponsors in New York City Organizations that act as fiscal sponsors provide a vital service in the cultivation of new projects and entities. Learn more about what a fiscal sponsor does here. Below is a list of organizations...
What is a Chart of Accounts (COA)?
What is a Chart of Accounts (COA)? Why is a Chart of Accounts (COA) important for your bookkeeping practices? A Chart of Accounts (COA) is a list of the accounts that an organization has identified for recording and allocating transactions in its general ledger....
Checklist for Processing 1099’s and W2’s
Checklist for Processing 1099’s and W2’sEnd of Year Payroll Tax Forms: W2, 1099 Some of the most important payroll tax forms—W2 and 1099 forms—must be mailed out to your employees and contractors shortly after the calendar year ends. Any contractors who were paid more...
5 Ways That You Can Benefit From Fiscal Sponsorship
5 Ways That You Can Benefit From Fiscal SponsorshipFiscal Sponsorship Has Both Financial and Administrative Benefits Fiscal Sponsorship has many financial and administrative benefits. Fiscal sponsorship refers to the practice of non-profit organizations...
What is a S Corp?
What is a S Corp? Definition of S Corp for Those in the Performing Arts An S corporation (S corp) is defined as a legal business entity that is taxed as a partnership rather than separately from its owners. Income is passed through from the corporation (often called a...
Finding the Right Grant Funders for You
Finding the Right Grant Funders for You: Essential Tips NEXTSTEPS GUEST WRITER: ANNA BRADY MARCUSGrant writing means finding the right grant funders for your organization Getting started with grant writing (or Institutional Development) is a daunting process, but it’s...
Quickbooks Desktop versus Online Accounting Software
Quickbooks Accounting Software: Desktop versus Online OptionsComparing Quickbooks Accounting Software: Desktop versus Online Options If you’ve already chosen Quickbooks as your accounting software, the next step is to choose between their various offerings – desktop...
NYC Dance Rehearsal Space for Rent
NYC Dance Rehearsal Spaces for RentBelow is a comprehensive list of studio rental spaces in NYC. If you know of a space not listed on this page, you may submit a studio rental location to nextSteps here. Select the image below to navigate to a map with these listings....
What is a 501(c)(3) Nonprofit?
What is a 501(c)(3) Nonprofit? 501(c)(3) Nonprofit In the arts industry, a common level of incorporation you may come across is a 501(c)3 not-for-profit. Under this incorporation, the nonprofit organization uses the surplus of their revenue to fulfill the entity’s...
Bookkeeper vs. Accountant
Bookkeeper vs. AccountantThe terms bookkeeper and accountant are often used interchangeably. However, they both hold very different roles. So what is the difference between a bookkeeper and an accountant? Bookkeeper A bookkeeper’s job is to keep an organization...