The Professional Theatre Groups Fund provides professional performance art groups with grants for projects lasting up to a year. Projects for up to two-year periods may also be supported by the Fund under a framework agreement. The annual budget to professional performance art groups are determined by Parliament every year, with the objective of supporting Icelandic performance art in general and improving the conditions of performance art activities. This funding can be granted to various activities, such as performance art activities, children's theaters, puppet theaters, operas and dance.
In 2019, the Fund financially supported 19 projects. Nine of the projects were plays, five dance projects, two children's plays, two puppet theaters and one musical theater project. The theater groups receiving allocations are spread out through the country, with at least one group in every region of Iceland. This gives rural Iceland the opportunity to enjoy and develop high quality art performances, promoting equal access to culture and art throughout the country.
In 2019, 724,956.06 USD was allocated to the fund from the State Treasury (99 million ISK).