How to Submit a Funding Bid to OUDS
The purpose of a funding bid is to convince a funding body to give a portion of its funds to your production, rather than to the other productions applying for funding. As a result, you bid should aim to answer three questions:
· Why is your production a worthwhile project?
o This should be answered through your director and designer statements.
o You need to explain the artistic merit of your productions, and how your show will be interesting and exciting.
o Understanding the sensitivities of Oxford as a space of producing drama is also a useful thing to include.
o These statements will be like those included within your venue bid.
· What kind of return on their investment can a funding body expect by investing in your production?
o This question will probably not be within your venue bid as it is more funding specific.
o You need to show a clear budget and how you intend to manage it.
o Answering this question will need to show what the money being asked for as a loan will be spent on, and how you have the appropriate skill to manage the sum.
o You are trying to convince the treasurer and committee that the money will be returned in full, if not with a bit of a profit.
o Therefore, all production costs need to be accurate, well researched, that the breakeven percentage is not too high, and the number of seats required to reach this breakeven is realistic. We, usually, recommend a breakeven of no more than 50-60%, and would expect a compelling argument for a breakeven higher than 65%. Essentially, the higher the breakeven, the riskier the loan appears.
o Here, the producer and marketing statements can be used to convey this information, and the gameplan in how to get enough bums on seats.
· How can the funding body be sure that your production will be delivered as it is described in your bid?
o This final question requires you to outline how you will get the production from the funding bid to the stage.
o Here, you must outline the processes each department will take and how the team will function as a team.
o You may wish to use the producer’s and/or director’s statement to outline this, if you haven’t already in your venue bid.
o The budget will also help answer this question, and it may be challenged in how accurate the figures you have included are.
o The budget is central to making a funding bid compelling and desirable, so make sure that you spend time researching figures and costs so that it is well considered.
o As far as changes from your venue bid are concerned, consider adding budget break-downs with itemised costs for individual departments, if they exist at the time you apply for funding (don’t forget to include VAT and make sure hire costs are for the correct amount of time!).
o Adding cost break-downs will show the funding body committees that you have thought about your expenses in detail and that you have practical plans on how to achieve your vision on the production.
o Funding body committees are largely made up of students with a large amount of experience on theatrical productions, so questions they ask here are designed to help you consider the costs to realise the show in the bid.
The bid created for your venue will often have lots of overlap and therefore much of it can be reworked and repurposed.
In summary, all bids will be slightly different because no project, or venue, is the same. Therefore, as a team, you must consider how you will answer theses three questions within your bid. If this is achieved, then your application will appear safe and strong, and there will be no requirement to change it, unless the plans for the project/budget change. You should also consider whether your venue bid contains any information which does not contribute to any of the questions above and shorten it when applying for funding in that case.
Admin Considerations:
1) Is your production company registered with OUDS?
2) Do you have a production bank account and email?
3) Have you clearly stated your breakeven on the first page of your bid?
4) Have you sent the script for new writing?
5) Have you done a risk assessment?
Bid checklist:
1) Does your bid include statements from the Director, Producer, a designer, welfare officer, and your marketing manager?
2) Will you have held a production meeting prior to your interview?
3) Have you updated your bid since your venue was confirmed?
Budget checklist:
1) Are you using the OUDS budget template (this is not a requirement but strongly recommended and easy to use)?
2) Have you got a breakeven of around 60%, or a good explanation for why not?
3) Have you set aside ~10% of the total expenditure for marketing?
4) Have you considered insurance costs (~£100)?
5) Have you included the cost of rights, if required?
6) Have you included the box office commission in your budget?
7) Have you updated your budget since confirming your venue?
We recommend that all teams, even experienced ones, ensure that their bid (bid pack with statements, budget, risk assessment, and scripts for new writing) adheres to all these checklist points, and are thorough and accurate. We would never reject applications on technicalities, but we may delay your application until we receive accurate and up-to-date information. Remember that expenditure often changes between applying to a venue and applying for a loan, so make sure you revisit your documents regularly. You may wish to consult with your venue contact to check that the budget is accurate for their expectations, too.