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Stringent assessment criteria and a new applications process will face Welsh arts organisations seeking revenue funded status under a major investment review by the Arts Council of Wales (ACW). Additionally, applications will be by invitation and will be open only to current ACW revenue funded organisations, organisations in receipt of Beacon funding, organisations that have received more than £80,000 of ACW project funding since April 2006, and “any named organisation identified as a priority within the Arts Council’s Artform or other strategy documents”. ACW is aiming to agree a ‘portfolio’ of revenue funded organisations “that will be at the heart of the Arts Council’s future strategy”, by March 2010. However, these plans are “dependent on the Arts Council of Wales receiving funding from the Welsh Assembly Government in 2010/11 and 2011/12 which is at least equivalent to that being received in 2009/10”. In its draft document ‘Striving to Excel’, issued in May ACW outlined a “one size fits all” template for monitoring and assessment, and sets out assessment criteria in line with priorities set out in its Corporate and Regional Plans. Currently, all regularly funded organisations in Wales have to reapply for funding every year, and ACW is seeking a way of replacing this with a system of 3–5 year funding agreements. Radical changes in the application process are likely. Rather than filling in forms, organisations will be required to submit a Business Plan with a cover sheet to capture essential data. Nick Capaldi, ACW’s Chief Executive, issued an open letter to the sector on 7 September, indicating that the format of such business plans would be subject to guidance, and addressing four other ‘hot topics’ which had arisen from the consultation so far. These include a revised submission deadline for grant applications, which has now been extended by six weeks to 14 December. This means that the timing of the decision-making process and announcement of funding decisions will also be affected. A new timetable for the entire process, and a revised version of ‘Striving to Excel’, was ratified by the ACW Council on 17 September.