Operating Budget Template

The operating budget sets out the detailed, ongoing operational costs of the project, as well as the cost of any financing (e.g. mortgage payments) being carried in the project. When using the Operating Budget Template please note that line items have comments which provide an explanation of the terms, additional guidance and, in some cases, links to our glossary.

Artscape projects operate on a cost-recovery model. Our major source of revenue is the affordable rents paid to us by our individual, organization and residential tenants. Our projects do not receive ongoing operational subsidy.

With over 20 years of experience in facility management, we know that artists and arts organizations make great tenants. Artscape typically experiences a minimal default rate and no loss due to vacancy as we are always able to immediately replace departing tenants with new ones. In a number of our properties, we are able to also generate revenue through providing event management services to external organizations, gallery rental and programming such as arts markets.

In a multi-tenanted facility, the rent you receive from tenants will be the most important source of earned revenue. In addition, your project may generate earned income from a number of other sources which may include services you provide (e.g. space rentals, on-site parking, laundry), revenues from sales from retail or catering) and even revenues from direct programming.

You may have also access to operational funding to support the facility (this is different from any operational funding which supports your organization’s core costs) and/or project grants to support programming at the facility.

Do ensure that you have fully understood the opportunities for the facility and/or your tenants to be partially or wholly exempted from local property taxes, as well as the planning and fiscal incentives available to you to reduce the impact of, or phase in, property taxes.

Click here to read more about planning tools and incentives that may be available to you.

Click here to download template