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Financial Management and Project Funding

Module name (EN): Financial Management and Project Funding
Degree programme: Cultural Management, Master, ASPO 01.04.2020
Module code: MAKM-220
SAP-Submodule-No.: P440-0004
Hours per semester week / Teaching method: 4V (4 hours per week)
ECTS credits: 6
Semester: 2
Mandatory course: yes
Language of instruction:

[still undocumented]
Exam recurrence:
The information regarding exam recurrence is found within the exam policy of the study programme (ASPO).
Applicability / Curricular relevance:
MAKM-220 (P440-0004) Cultural Management, Master, ASPO 01.04.2020, semester 2, mandatory course
60 class hours (= 45 clock hours) over a 15-week period.
The total student study time is 180 hours (equivalent to 6 ECTS credits).
There are therefore 135 hours available for class preparation and follow-up work and exam preparation.
Recommended prerequisites (modules):
Recommended as prerequisite for:
Module coordinator:
Prof. Dr. Kerstin Heuwinkel
Dozenten des Studiengangs

[updated 20.06.2022]
Learning outcomes:
After successfully completing this module students will:
_        be able to identify the possibilities of financing and the tasks of financial management in all three sectors (government, market and third sector) as well as to explain them using examples and discuss them critically,
_        be able to provide an overview of the concept of financing, as well as its tasks and sources of finance, and determine the origin and areas of application of equity and debt capital,
_        be able to provide an overview of the concept and the tasks of investment,
_        be able to explain, analyze and discuss questions from and the peculiarities of financing cultural institutions and distinguish them from financing companies,
_        be able to identify financing and funding possibilities for cultural institutions by state and private institutions,
_        be able to analyze and evaluate the financing of an organization over its entire life cycle (including start-up financing and insolvency) and identify dependencies on various stakeholders,
_        be able to present current research findings in financial management and funding and apply these to cultural management practice.
After successfully completing this module students will have acquired the following social skills:
_        Students will be able to develop and present their own opinions and argumentation,
_        They will be able to solve theoretical and practical questions in a team, organize themselves and solve conflicts (improvement of leadership skills, e.g. initiative, ability to work in a team, integration, delegation, conflict and assertiveness, self-confidence, willingness to take responsibility and risks),
_        Students will be able to communicate more efficiently and manage interaction with third parties and groups efficiently and effectively,
_        They will be able to work with the different, modern presentation techniques,
_        Students will be able to understand complex scientific and practical texts and apply them to practical problems.
After successfully completing the module, students will be able to demonstrate the following practical professional skills:
_        Students will be able to explain and evaluate possible job profiles in financial management and in the acquisition of funding in the cultural sector and the challenges they could face in everyday working life,
_        They will be able to develop, critically question and apply financial management concepts,
_        Students will be able to translate findings from current research into practical applications and independently develop solutions to challenges in everyday professional life.

[updated 24.09.2020]
Module content:
First, the module will lay the foundations for a comprehensive understanding of financial management and its objectives. We will discuss the basics of investment calculation, e.g. the calculation of return on investment and the net present value method. In addition, basic knowledge about financing through, for example, the handling of capital structure decisions and the possibilities of covering capital requirements through equity and debt financing or internal and external financing will be developed. We will then discuss the financing of organizations over their life cycle, with particular emphasis on start-up financing, financial planning and insolvency. Current financing instruments, such as crowdfunding, will be analyzed and discussed based on case studies.
Furthermore, the particularities of financial management in the public sector will be discussed. These are especially important for cultural institutions in Germany (cameralism, budgeting, interest rate policy). The special features of financial management in the third sector (nonprofit sector) will also be discussed, with the focus on the financing mix and the generation of their own and third-party funds by cultural institutions. Special features of financing such as capital campaigns or fundraising for non-profit cultural institutions will be analyzed and discussed on the basis of case studies and examples.
Sources for the acquisition of public and private funding across sectors will be discussed and the structure of a funding application will be practiced.

[updated 24.09.2020]
Teaching methods/Media:
_        Lecture with tutorials
_        Talks from professionals
_        Case studies
_        Group work (concept development, as well as presentation and, if necessary, implementation)
_        Discussions with fellow students and third parties
_        Presentations and preparation of documentation/papers
On the basis of selected data material and case studies, students willlearn to develop concepts independently, implement and reflect on them.

[updated 24.09.2020]
Recommended or required reading:
Current literature lists will be made available to students at the beginning of the semester (exemplary references):
_        Bieg, H. et al. (2015): Finanzierung, 3. Auflage, Vahlen
_        Peffekoven, R., Einführung in die Grundbegriffe der Finanzwissenschaft, 3. Auflage, Wissenschaftliche Buchgesellschaft, Darmstadt, 1996
_        Backhaus, K. & Werthschulte, H. (Hrsg.) Projektfinanzierung, latest edition, Schäffer-Poeschel Verlag, Stuttgart.
_        Bals, H. (2011): Neue Haushaltssteuerung, in: Handbuch zur Verwaltungsreform, 4. Aufl., hrsg. von Bernhard Blanke u.a., Springer, Wiesbaden, pp. 395-407.
_        Beccarelli, C. (2005): Finanzierung von Museen, Haupt Verlag, Bern, Stuttgart, Wien
_        Bieg, H. & Kußmaul, H.: Finanzierung, latest edition, Verlag Franz Vahlen, München.
_        Bieg, H. & Kußmaul, H.: Investitions- und Finanzierungsmanagement, Band III: Finanzwirtschaftliche Entscheidungen, Verlag Franz Vahlen, München 2000.
_        Eichhorn, P. (1993): Verwaltungskameralistik und Kostenrechnung, in: Das neue Öffentliche Rechnungswesen, hrsg. Von Brede, H., Buschor, E., Nomos, Baden-Baden, pp. 107-117
_        Frohne, J. et al. (2015): Kultursponsoring, Springer, Wiesbaden
_        Lücke, M. (2016): Crowdfunding: Neue Finanzierungsform für kulturelle Projekte oder Medienhype? in: Zeitschrift für Kulturmanagement, Jg. 1 (1), pp. 75-93,
_        Perridon, L. & Steiner, M./Rathgeber, A.W.: Finanzwirtschaft der Unternehmung, latest edition, Vahlen-Verlag, München.
_        Portisch, W.: Finanzierung im Unternehmenslebenszyklus, München 2008.
_        Prätsch, J. & Schikorra, U./Ludwig, E.: Finanzmanagement, latest edition, Hanser Verlag, München und Wien.
_        Rösler, P. & Mackenthun, T./Pohl, R.: Handbuch Kreditgeschäft, latest edition, Gabler-Verlag, Wiesbaden.
_        Gerlach-March, R. (2010): Kulturfinanzierung, Springer, Wiesbaden
_        Hausmann, A.: Kunst- und Kulturmanagement, Verlag für Sozialwissenschaften, latest edition
_        Heinrichs, W.: Kulturpolitik und Kulturfinanzierung, München, latest edition
_        Hierl, S. & Huber, S. (2008): Rechtsformen und Rechtsformwahl: Recht, Steuern, Beratung, Gabler Verlag, Wiesbaden
_        Klein, A. (2011): Der exzellente Kulturbetrieb, Springer, Wiesbaden
_        Perridon, L. (2012): Finanzwirtschaft der Unternehmung, Vahlen-Verlag, München
_        Prätsch, J. et al. (2012): Finanzmanagment, 4. Auflage, Springer, Wiesbaden
_        Scheidewind (2013): Controlling im Kulturmanagement, Springer, Wiesbaden
_        Scheuerle, T. et al. (2013). Social Entrepreneurship in Deutschland: Potentiale und Wachstumsproblematiken. Heidelberg: Center für soziale Investitionen und Innovationen der Universität Heidelberg.
_        Singer, O. (2003): Die Förderung von Kunst und Kultur, in: Wissenschaftliche Dienste des Deutschen Bundestages, Nr. WF X-060/03, pp. 1-50
_        Stahl, B. (2014), Stakeholderorientierte Führung großer Stiftungen: Ein kausalanalytischer Erklärungsansatz der Stiftungsperformance, Springer Gabler, Leipzig.
_        Vogelsang, E., Fink, C. & Baumann, M. (2013): Existenzgründung und Businessplan, Ein Leitfaden für erfolgreiche Start-Ups. 2. bearbeitete Aufl., Erich Schmidt Verlag, Göttingen
_        Vilian, M. (2001): Finanzierungslehre für Nonprofit-Organisationen, Springer, Wiesbaden
_        Wigand, K., Heuel, M., Stolte, S., Haase-Theobald, C. (2011): Stiftungen in der Praxis, Recht, Steuern, Beratung, Gabler Verlag, Wiesbaden
_        Zimmer, A., Priller, E.: Gemeinnützige Organisationen im gesellschaftlichen Wandel, Springer, latest edition

[updated 24.09.2020]
[Thu Oct  6 16:53:59 CEST 2022, CKEY=kfufa, BKEY=kmm4, CID=MAKM-220, LANGUAGE=en, DATE=06.10.2022]