What is a Resolution of the Board of Directors?
The Resolution of the Board of Directors is a required document, if your Board has not authorized your application to the Arts Loan Fund at a Board Meeting. It authorizes officers of your company to borrow money from the Arts Loan Fund. All members of your Board must sign the Resolution. This can take a fair amount of time. We have two versions available.The first version includes the specific information regarding the grants used to secure the loan. Some Boards will prefer this document as they are authorizing a specific transaction. The second version, the “preapproved” one, allows your Board to approve the concept of borrowing from the Arts Loan Fund prior to having a specific need. It authorizes certain individuals to supplement the Resolution at the time of application with the information on the specific grant used to secure the loan.
