Media Expenditure Responsibility Grants
Many individuals seek out grants to help fund specific projects. Grant money is given by the government, private companies and foundations to assist people in achieving a goal. This money can range from $500 to $15,000. Media expenditure responsibility grants are specific grants created to give individuals money to work on specific projects in the area of media. This includes music, television, radio and newspaper.
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Definition
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Media expenditure responsibility grants are set up differently from other kinds of grants. The Internal Revenue Service defines expenditure responsibility grants as grants where the organization giving out the money is responsible for seeing that the grant money is spent for its specific purpose, that full records are kept regarding the spending of the money and to give detailed reports regarding this information to the IRS. These grants place more responsibility into the hands of the entity distributing the money.
Application
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The application process for media expenditure responsibility grants differs from other grants. In addition to the grant application, applicants must submit a statement of purpose and letters of support from other individuals or organizations applicants have worked with in the past. Grant recipients also must agree to keep any grant funds in a separate account so the donor can keep track of the funds and report them to the IRS at the end of each year.
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Purpose
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The purpose of media expenditure responsibility grants is to provide individuals with money to pursue certain projects in the arts. One example of this kind of grant is The Aaron Copland Fund for Music, which gives grants to individuals to promote American composers. The goal of this grant is to create an audience for contemporary American composers and to expand the listening of this new music to online media as well as recordings.
Benefits
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Media expenditure responsibility grants provide many benefits to their recipients. These include grant money up to $20,000. In exchange for the money, recipients must agree to supply information for annual IRS expenditure responsibility forms. The organization may also require periodic updates on the project or for the final project to be completed within a specific period of time. There also may be certain conditions placed on the project's copyrights by the organization.
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