Conditions of investment
Payment of any grant or loan, or delivery of Roving Curator time is dependent on the applicant’s acceptance of formal Conditions of Grant/Loan/Time which are contained within the deed or agreement that successful applicants sign prior to receiving the grant/loan/time.
In summary, the applicant undertakes to:
- apply the funds/time to the purpose approved
- (for grants and loans) submit financial statements to Arts Tasmania within three months of the completion of the funded project or the end of the grant period noting that accounts may be subject to detailed inspection under the Financial Management and Audit Act 1990
- (for grants only) identify the grant separately in the financial statement
- (for grants and time) provide a brief evaluation and statistical report on the funded project within three months of its completion or the end of the grant period (see acquitting your grant)
- provide Arts Tasmania, in writing, with any information requested relating to the project funded
- seek approval from Arts Tasmania for material changes in the budget or program before implementing them
- prominently acknowledge financial assistance from Arts Tasmania for the project. This acknowledgment should appear in reports, media releases, posters, newsletters, brochures, advertisements, catalogues and other material
- provide Arts Tasmania with details and adequate advance notice (at least two weeks) of events related to the funded program or project
- observe any special conditions included in the assessment of the application
- acknowledge that acceptance of the grant or loan does not commit Arts Tasmania to future funding
- give access to the Auditor-General for Tasmania or their nominee to all financial statements and records relating to the use and expenditure of the grant upon reasonable notice in writing first being given
- complete the project within the timeframe as stated in the application and as agreed to by Arts Tasmania.
- warrant that the organisation is financially solvent. The onus is on applicants to satisfy Arts Tasmania of their financial viability to meet the contractual obligations. Applicants should not proceed with an application if they are unable to provide evidence of their organisation’s financial viability.
In addition the following conditions apply to loans:
- It is a requirement that all loan repayments are by direct payment authority from your bank
- The applicable interest rate is variable from time to time, and payment in full not received by the specified due date on the respective monthly instalment notice will incur additional interest costs and penalty charges.
- Where loan recipients leave Tasmania permanently, they are required to repay the loan in full. In the event of the loan recipient leaving the arts industry, the interest charged will be adjusted to a commercial rate instead of the assisted rate charged to artists.
- Loans of $10 000 and over require security by way of a mortgage, caveat, registered security interest in personal property and/or guarantor/s. The costs associated with these securities (including, but not limited to, documentation fees and duty) are the responsibility of the borrower. Personal Property Securities are usually registered for 7 years, but if the loan is over a longer period, security will be registered for the appropriate comparable term.
- to keep the items purchased with the loan proceeds in good repair and condition and not to dispose of them without the written consent of the Minister whilst the loan is still current;
- to keep the items purchased with the loan proceeds insured;
- to allow access to Arts Tasmania to inspect the goods upon reasonable notice
- to notify of any change of address within seven (7) working days