KOFIC P&A Fund Guidelines for Applicants
Published on | Source
Announced on March 17th 2008
1. Introduction
○ The KOFIC P&A Fund for Korean Films Abroad is a program where KOFIC supports expenses related to theatrical distribution in foreign markets. It will be launched for the first time in 2008 with a budget of 400 million Won ($420,000 USD). The purpose of the fund is as follows.
- To expand opportunities for foreign audiences to enjoy Korean films in theaters
- To reduce the financial risk of releasing Korean films in theaters.
- To nurture distributors specializing in Korean films
○ This Fund is not to substitute for pre-existing investment, but is intended for films to be shown at a larger number of theaters with effective marketing and promotion, by adding value to the investment already being made by distributors for each film.
2. How to apply
○ Eligible for consideration are feature films, documentaries or animations that were produced in Korea, or co-produced with Korea as the main producing country.
○ Distributors who wish to distribute the above mentioned works in their own country by purchasing distribution rights may apply.
○ In general there are no restrictions on regions of distribution. However, the United Kingdom is to be excluded. Korean films distributed in the UK can receive support for P&A expenses from UKFC through the KOFIC-UKFC Co-distribution Support Program, carried out by the Korean Film Council and UK Film Council. The KOFIC-UKFC Co-distribution Support Program supports a total of $100,000USD for at least 2 films every year.
○ The applicant must sign a long form contract with the sales company holding the copyright of the Korean film and obtain confirmation in writing from the company that the applicant has fulfilled all duties of the contract. This confirmation must be along with the application.
○ The selections regarding which film will receive the support are made 4 times a year and the specific schedule for 2008 is as follows.
○ The application form should be prepared and submitted following the process below.
- Visit the website at http://pna.kofic.or.kr and fill out the on-line registration. On-line registration will open from March 31st 2008
- Print the completed application, and along with other required documents, please send them by post to the following address.
International Promotion Dept.
KOFIC (Korean Film Council)
206-46 Cheongnyangri-dong, Dongdaemun-gu
Seoul KOREA, 130-010
- Required documents to be sent with the application are:
① Statutory evidence of the company registration number
② List of titles released by the applicant in the last three years including the number of prints and total box office/admission figures
③ One copy of the long form acquisition contract
④ A list of cinemas where the film applying for the Fund will be released.
*Please write down the names of all the cinemas with city names
⑤ Media & promotion plan
⑥ Full P&A budget breakdown form (format provided)
⑦ Purpose of request
⑧ Licensor's declaration (format provided)
○ The application and other required documents should arrive by the deadline of each round. Those arriving late may be excluded from the considering.
○ The status of the application, whether it is arrived, registered, or in the process of being reviewed, can be checked online at http://pna.kofic.or.kr.
○ The Korean sales company of the film applying for support is granted with rights to review the application and all attached documents relevant to that film.
3. The selection process
○ A committee of 5 judges will review submitted applications and documents to decide on the films to receive support and the amount. The amount of support can range up to 100 million won, at a level that does not exceed 50% of the total P&A spend.
○ The committee shall proceed with the selection based on the following assessments.
- Quality of the film
- Ability of the distributor - review of previously distributed films, scale of distribution, proposals on media & promotion.
- Pertinence of the P&A budget plan.
- Necessity of KOFIC's financial support, and its level of contribution to a successful distribution.
○ If necessary in the course of the selection process, the committee may interview the Korean sales company of the film under review.
○ The notification of the result of the selection and the amount of support awarded will be announced on http://pna.kofic.or.kr as well as to the registered email of each applicant.
○ The applicant selected to receive support and the Korean Film Council will sign a contract designating the rights and obligations of the two parties arising from the financial support provided by the KOFIC P&A Fund for Korean Films Abroad.
4. Payment
○ The finalized award will be paid in two installments.
○ The award may be used for the following purposes.
- On items designated in the attached Full P&A Budget form which includes release prints, promotion fees, PR agency fees, previews, promotion tours(director, actors, etc.), printed promotional materials, etc.
- Only receipts dated in a range from 5 months before to 3 months after the date of release will be acknowledged.
○ The first payment is for 50% of the decided amount, and will be paid when the applicant submits the following documents soon after the film's release.
- finalized plan of cinema release (including the list of cinemas)
- finalized P&A budget
- administrative documents (classification certificate form, permission for release, etc.) needed for local cinema release.
- documents or materials that can verify the local cinema release (articles in newspapers or magazines, figures from box office services such as Nielsen EDI)
○ The first payment may be smaller than the initially decided amount under the following circumstances. The right to reduce the amount of payment resides fully with the Council.
- When the total amount of the finalized P&A budget form, submitted to request the first payment of the award, is smaller than the budget set in the submitted application.
- When there are items in the submitted P&A form that cannot be accepted under the Allowable P&A Items.
○ In cases where the immense changes have taken places in the finalized cinema distribution and P&A budget plans compared to the initial application, the Council may cancel its decision to provide support. The right to cancel the decision of support provision resides fully with the Council.
○ The second payment is for 50% of the decided amount, and will be paid after the submission of the statement of accounts on the budget execution result. The statement should cover 3 months from the date of release and should be submitted within 4 months from the release.
○ The form for statement of accounts on the budget execution result is available at http://pna.kofic.or.kr. The complete form should be printed and sent by post to the following address along with other necessary documents.
International Promotion Dept.
KOFIC (Korean Film Council)
206-46 Cheongnyangri-dong, Dongdaemun-gu
Seoul KOREA, 130-010
○ After the statement is reviewed, items that fall under the following conditions will be excluded from the recoupment. The items for recoupment are identical to the items listed in the P&A budget form provided by the Council, and if the item is not listed here, the Council will make a decision taking into account the recoupable distribution costs designated by the IFTA.
- in case there are items that cannot be accepted as allowable P&A items.
- in case there are items in the spent P&A expenses list that are not supported by proper documents.
○ If the following instances are discovered as a result of the review on the submitted statement of accounts, the second payment may be reduced. The right to reduce the amount of the second payment resides fully with the Council.
- in case the P&A total budget expenditures are less than the total finalized P&A budget submitted to request the first payment.
- in case there are items in the spent P&A expenses that cannot be accepted as allowable P&A items recognized by the Council.
- in case there are items in the spent P&A expenses list that are not supported by proper documents.
5. Report on distribution results
○ The report on distribution results shall be made 3 times according to the schedule below.
○ 1st report
- Covering up to 3 months from the date of release, and should be submitted within 4 months of the release.
- Contents
① the number of screens and admissions, box office revenues, all for each week.
② income reserved for the distributor from the theatrical revenues.
③ strategies on distribution, marketing, PR.
④ articles and reviews - writer, media that published it, summary of content
⑤ overall review - concentrating on elements of success and failure
○ 2nd report
- Covering up to 6 months from the date of release and should be submitted within 7 months of the release.
- Contents
① the number of screens and admissions, box office revenues, all for each week.
② income reserved for the distributor from the theatrical revenues.
○ 3rd report
- Covering up to 12 months from the date of release and should be submitted within 13 months of the release.
- Contents
① the number of screens and admissions, box office revenues, all for each week.
② income reserved for the distributor from the theatrical revenues.
○ However, for a month after the release, weekly reports should be made on the number of screens, box office revenues and the number of admissions.
○ The report shall be made on-line at http://pna.kofic.or.kr.
6. Recoupment
○ The applicant shall recoup the expended amount of P&A cost as agreed in advance with the Council from the distributor's share of box-office receipts. This includes the MG paid to the Korean sales company.
○ Should there exist a balance after the applicant recoups its expenditures, KOFIC shall retrieve it. In such cases the amount retrieved by KOFIC shall not exceed the original KOFIC fund amount given to the applicant
○ The revenues subject to retrieval by KOFIC are limited to theatrical revenues raised within 12 months of the cinema release.
○ The amount retrieved by the Council shall be decided according to the 1st, 2nd, and 3rd reports on release results submitted by the applicant, and the money should be sent to the account designated by the Council within a month from the date this amount is notified to the applicant.
7. Etc.
○ In case the film is not released within one year from the date on which KOFIC's decision is notified, the decision is cancelled automatically.
○ Promotional materials, i.e. posters, fliers, invitations to various events and a DVD or VHS of the local version should be submitted along with the 1st report on distribution results.
○ The fact that the release has received support from the Council should be indicated. In case the fund exceeds 50,000 USD the name and logo of the Council should be included in the opening credits.
File attached : http://www.koreanfilm.or.kr/common/modules/Download.jsp?filePath=/eng/news&fileName=1205713791796175616_KOFIC+P%26A+Fund+Guidelines_English.doc
1. Introduction
○ The KOFIC P&A Fund for Korean Films Abroad is a program where KOFIC supports expenses related to theatrical distribution in foreign markets. It will be launched for the first time in 2008 with a budget of 400 million Won ($420,000 USD). The purpose of the fund is as follows.
- To expand opportunities for foreign audiences to enjoy Korean films in theaters
- To reduce the financial risk of releasing Korean films in theaters.
- To nurture distributors specializing in Korean films
○ This Fund is not to substitute for pre-existing investment, but is intended for films to be shown at a larger number of theaters with effective marketing and promotion, by adding value to the investment already being made by distributors for each film.
2. How to apply
○ Eligible for consideration are feature films, documentaries or animations that were produced in Korea, or co-produced with Korea as the main producing country.
○ Distributors who wish to distribute the above mentioned works in their own country by purchasing distribution rights may apply.
○ In general there are no restrictions on regions of distribution. However, the United Kingdom is to be excluded. Korean films distributed in the UK can receive support for P&A expenses from UKFC through the KOFIC-UKFC Co-distribution Support Program, carried out by the Korean Film Council and UK Film Council. The KOFIC-UKFC Co-distribution Support Program supports a total of $100,000USD for at least 2 films every year.
○ The applicant must sign a long form contract with the sales company holding the copyright of the Korean film and obtain confirmation in writing from the company that the applicant has fulfilled all duties of the contract. This confirmation must be along with the application.
○ The selections regarding which film will receive the support are made 4 times a year and the specific schedule for 2008 is as follows.
Application deadline | Results announced | Release to take place | |
1 st round | April 30 th | June 5 th | after June 30 th |
2 nd round | June 30 th | July 31 st | after August 31 st |
3 rd round | August 31 st | September 30 th | after October 31 st |
4 th round | October 31 st | November 30 th | after December 31 st |
○ The application form should be prepared and submitted following the process below.
- Visit the website at http://pna.kofic.or.kr and fill out the on-line registration. On-line registration will open from March 31st 2008
- Print the completed application, and along with other required documents, please send them by post to the following address.
International Promotion Dept.
KOFIC (Korean Film Council)
206-46 Cheongnyangri-dong, Dongdaemun-gu
Seoul KOREA, 130-010
- Required documents to be sent with the application are:
① Statutory evidence of the company registration number
② List of titles released by the applicant in the last three years including the number of prints and total box office/admission figures
③ One copy of the long form acquisition contract
④ A list of cinemas where the film applying for the Fund will be released.
*Please write down the names of all the cinemas with city names
⑤ Media & promotion plan
⑥ Full P&A budget breakdown form (format provided)
⑦ Purpose of request
⑧ Licensor's declaration (format provided)
○ The application and other required documents should arrive by the deadline of each round. Those arriving late may be excluded from the considering.
○ The status of the application, whether it is arrived, registered, or in the process of being reviewed, can be checked online at http://pna.kofic.or.kr.
○ The Korean sales company of the film applying for support is granted with rights to review the application and all attached documents relevant to that film.
3. The selection process
○ A committee of 5 judges will review submitted applications and documents to decide on the films to receive support and the amount. The amount of support can range up to 100 million won, at a level that does not exceed 50% of the total P&A spend.
○ The committee shall proceed with the selection based on the following assessments.
- Quality of the film
- Ability of the distributor - review of previously distributed films, scale of distribution, proposals on media & promotion.
- Pertinence of the P&A budget plan.
- Necessity of KOFIC's financial support, and its level of contribution to a successful distribution.
○ If necessary in the course of the selection process, the committee may interview the Korean sales company of the film under review.
○ The notification of the result of the selection and the amount of support awarded will be announced on http://pna.kofic.or.kr as well as to the registered email of each applicant.
○ The applicant selected to receive support and the Korean Film Council will sign a contract designating the rights and obligations of the two parties arising from the financial support provided by the KOFIC P&A Fund for Korean Films Abroad.
4. Payment
○ The finalized award will be paid in two installments.
○ The award may be used for the following purposes.
- On items designated in the attached Full P&A Budget form which includes release prints, promotion fees, PR agency fees, previews, promotion tours(director, actors, etc.), printed promotional materials, etc.
- Only receipts dated in a range from 5 months before to 3 months after the date of release will be acknowledged.
○ The first payment is for 50% of the decided amount, and will be paid when the applicant submits the following documents soon after the film's release.
- finalized plan of cinema release (including the list of cinemas)
- finalized P&A budget
- administrative documents (classification certificate form, permission for release, etc.) needed for local cinema release.
- documents or materials that can verify the local cinema release (articles in newspapers or magazines, figures from box office services such as Nielsen EDI)
○ The first payment may be smaller than the initially decided amount under the following circumstances. The right to reduce the amount of payment resides fully with the Council.
- When the total amount of the finalized P&A budget form, submitted to request the first payment of the award, is smaller than the budget set in the submitted application.
- When there are items in the submitted P&A form that cannot be accepted under the Allowable P&A Items.
○ In cases where the immense changes have taken places in the finalized cinema distribution and P&A budget plans compared to the initial application, the Council may cancel its decision to provide support. The right to cancel the decision of support provision resides fully with the Council.
○ The second payment is for 50% of the decided amount, and will be paid after the submission of the statement of accounts on the budget execution result. The statement should cover 3 months from the date of release and should be submitted within 4 months from the release.
○ The form for statement of accounts on the budget execution result is available at http://pna.kofic.or.kr. The complete form should be printed and sent by post to the following address along with other necessary documents.
International Promotion Dept.
KOFIC (Korean Film Council)
206-46 Cheongnyangri-dong, Dongdaemun-gu
Seoul KOREA, 130-010
○ After the statement is reviewed, items that fall under the following conditions will be excluded from the recoupment. The items for recoupment are identical to the items listed in the P&A budget form provided by the Council, and if the item is not listed here, the Council will make a decision taking into account the recoupable distribution costs designated by the IFTA.
- in case there are items that cannot be accepted as allowable P&A items.
- in case there are items in the spent P&A expenses list that are not supported by proper documents.
○ If the following instances are discovered as a result of the review on the submitted statement of accounts, the second payment may be reduced. The right to reduce the amount of the second payment resides fully with the Council.
- in case the P&A total budget expenditures are less than the total finalized P&A budget submitted to request the first payment.
- in case there are items in the spent P&A expenses that cannot be accepted as allowable P&A items recognized by the Council.
- in case there are items in the spent P&A expenses list that are not supported by proper documents.
5. Report on distribution results
○ The report on distribution results shall be made 3 times according to the schedule below.
○ 1st report
- Covering up to 3 months from the date of release, and should be submitted within 4 months of the release.
- Contents
① the number of screens and admissions, box office revenues, all for each week.
② income reserved for the distributor from the theatrical revenues.
③ strategies on distribution, marketing, PR.
④ articles and reviews - writer, media that published it, summary of content
⑤ overall review - concentrating on elements of success and failure
○ 2nd report
- Covering up to 6 months from the date of release and should be submitted within 7 months of the release.
- Contents
① the number of screens and admissions, box office revenues, all for each week.
② income reserved for the distributor from the theatrical revenues.
○ 3rd report
- Covering up to 12 months from the date of release and should be submitted within 13 months of the release.
- Contents
① the number of screens and admissions, box office revenues, all for each week.
② income reserved for the distributor from the theatrical revenues.
○ However, for a month after the release, weekly reports should be made on the number of screens, box office revenues and the number of admissions.
○ The report shall be made on-line at http://pna.kofic.or.kr.
6. Recoupment
○ The applicant shall recoup the expended amount of P&A cost as agreed in advance with the Council from the distributor's share of box-office receipts. This includes the MG paid to the Korean sales company.
○ Should there exist a balance after the applicant recoups its expenditures, KOFIC shall retrieve it. In such cases the amount retrieved by KOFIC shall not exceed the original KOFIC fund amount given to the applicant
○ The revenues subject to retrieval by KOFIC are limited to theatrical revenues raised within 12 months of the cinema release.
○ The amount retrieved by the Council shall be decided according to the 1st, 2nd, and 3rd reports on release results submitted by the applicant, and the money should be sent to the account designated by the Council within a month from the date this amount is notified to the applicant.
7. Etc.
○ In case the film is not released within one year from the date on which KOFIC's decision is notified, the decision is cancelled automatically.
○ Promotional materials, i.e. posters, fliers, invitations to various events and a DVD or VHS of the local version should be submitted along with the 1st report on distribution results.
○ The fact that the release has received support from the Council should be indicated. In case the fund exceeds 50,000 USD the name and logo of the Council should be included in the opening credits.
File attached : http://www.koreanfilm.or.kr/common/modules/Download.jsp?filePath=/eng/news&fileName=1205713791796175616_KOFIC+P%26A+Fund+Guidelines_English.doc
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