Guarantee against loss
A guarantee against loss (GAL) is available for a wide range of professional arts events that may involve an element of financial risk relating to ticket income. A GAL provides security by underwriting a reasonable shortfall.
When applying for a GAL you should supply a budget that shows planned income and expenditure for the event. The GAL amount will be the difference between the estimated worst-case income and the estimated expenditure. The amount paid out, if any, will be the deficit (the difference between the actual expenditure and the actual income) up to the approved GAL amount. Verification of actual income and expenditure will be required as per Arts Tasmania’s financial reporting requirements or through the provision of audited accounts if specified as a Condition of Grant.
Terms of guarantee against loss
Payment of any guarantee against loss is dependent on your acceptance of formal conditions which are contained within the deed that successful applicants sign prior to holding the event. The conditions that apply to the guarantee against loss are the same as those that apply to grants.