FUNDING

A.R.T./New York provides a variety of financial resources to help theatres realize their creative potential.
177

Members served by our funding program in the 2015 fiscal year.




113,000


Dollars in grants distributed in the 2015 fiscal year.



9,000


Fully subsidized rehearsal space hours granted in the 2015 fiscal year.





1.2Million


Dollars in loans distributed in the 2015 fiscal year.


LOAN PROGRAMS

THE ELIZABETH STEINWAY CHAPIN REAL ESTATE LOAN PROGRAM

The Elizabeth Steinway Chapin Real Estate Loan Fund is a longer-term loan program that provides up to $200,000 for theatre renovation, purchase, or construction. Real Estate loan requests are reviewed on a case-by-case basis, depending on availability of loan funds and the viability of the applicant’s project. To inquire about a real estate loan please contact Corinne Woods at cwoods@art-newyork.org or call (212)244-6667 x241.

CASH FLOW LOANS

Cash Flow Loans are short-term loans that do not exceed $50,000 over a term of no more than six months.  These loans should be collateralized against high quality receivables such as secured grants and other income that can be reasonably expected in the short term. 

Eligibility and Cash Flow Loan Basics:
  • A.R.T./New York’s loans are made from a revolving, community fund. Every dollar repaid is a dollar that can then be lent out again to another borrower.
  • A.R.T./New York members with 501(c)(3) status and that are considered to be in good standing with A.R.T./New York (no overdue rent, loan, or membership dues balances) are eligible to apply for short-term Cash Flow Loans.
  • The term of a loan is not to exceed six months, and loans can be made in amounts of up to $50,000 (or, 10% of the company’s operating budget, whichever amount is lower). Repayment of loan principal should occur within two weeks of planned receipt of collateral, and proposed repayment plan should reflect this best practice. 
  • Requests for loans under $15,000 incur an application fee of $50. Requests for loans in amounts equal to or greater than $15,000 incur an application fee of $100.
Applying for a Cash Flow Loan:

When applying for an A.R.T./New York Cash Flow Loan, please be aware that the Loan Committee will need to assess the current financial position of the organization, past borrowing history, and the quality of the collateral cited as sources of repayment. Secured collateral is strongly preferred. Examples of secured collateral include:

  • Secured grants (please provide award letter)
  • Donor pledges, with documentation
  • Income from contracts (please provide fully executed contract)

Future box office income is considered unsecured collateral, and it is strongly recommended that it only be used as collateral in conjunction with other sources.

Loan applications will not be processed without all the required documents. You may include additional information, if necessary, by uploading additional documents. Review time of Cash Flow Loan applications is up to two weeks upon receipt of all application material. Additional materials may be requested after your initial application is submitted.

Members wishing to apply for a Cash Flow Loan must submit the following as part of the online application:

    • Three years of financial information, including:

      » Audits or financial review for most recently completed two fiscal years. If audit for the most recently completed fiscal year is not ready, please provided unaudited income/expense actuals for that year.

      » Current Year budget projections (as approved by your Board)

      » Current year-to-date Profit & Loss statement (budget actuals to date of the loan application)

      »Current year-to-date Balance Sheet (to same date as Profit and Loss Statement)

      Note: our goal is to see as much audited financial information as possible, and to understand the financial picture of your organization for three consecutive years, including the current fiscal year. If you are about to move into a new fiscal year, projections for that year (when the loan will presumably be active) are appreciated. For example, A loan application made on Feb 1, 2017 for a company with a July to June fiscal year would provide: Audit for FY16, Audit for FY17, and YTD actuals and balance sheet for FY18. 

    • Proof of General Liability Insurance (Insurance schedule)
    • Proof of collateral (any documentation such as award letters, contracts, box office history. All proposed collateral must include documentation)
    • Proposed repayment sources and schedule (download template)
    • Board resolution (download template here)
    • Board of Directors list and contact sheet

 


 

 

Download A.R.T./New York Loan Policy »

Please take a moment to review A.R.T./New York's Loan Policy to learn more about the program, managing a current loan, and policies regarding delinquent loans.

 

 

 



If you have questions about any of the above documents or the Cash Flow Loan program in general, please do not hesitate to contact Corinne Woods, Programs Coordinator, at cwoods@art-newyork.org or (212) 244-6667 ext. 241.

Programs staff processes each application and may contact the applicant for additional information or further clarification of information provided. 

 

 


Header: 2014 Edith Lutyens and Norman Bel Geddes Grantee The Team’s production of RoosevElvis (Photo by: Sue Kessler)