1. Successfully Budgeting an Event

2. LEARNING OBJECTIVES
Demonstrate effective methods of creating a budget for an event.
Understand that managing OA finances requires a business-like approach.
Create a line-item budget for an event.
Understand the importance of post-budgetary reporting and documentation.
Successfully Budgeting an Event

3. Why Must We Budget
So that you do not accidentally go over your spending limit
You are given a fixed amount of money for an event, and it is your responsibility to get the biggest bang for your buck without going overboard
Budgets give some sense of accountability when it comes to analyzing and evaluating the event afterwards.
Successfully Budgeting an Event

4. Budgeting Pointers Any event should be at least self-supporting
You should not need to draw in tons of money from other parts of your organization’s operating budget to fund the event.
Determine a “break-even” attendance number to base figures from
If your event budget relies on income from participant registration, how many people must show up for you to do everything you want to do at the event?
Make a preliminary outline budget highlighting major areas.
Include basic things such as food, lodging, supplies, etc., and estimate the expenses for each.
Successfully Budgeting an Event

5. Budgeting Pointers
Figure out a feasible registration fee for the event
What is an amount someone would be willing to pay considering what they will personally get out of the event, while meeting the needs of the event?
Special registration offers.
Plan for some catchy bonuses. “Register by <date> and receive a $3 discount!” … “Pre-register now and get a $2 off coupon at any vendor or the snack bar when show up”
These types of promotions can easily be built in to the price.
Don’t make people registering late feel guilty by tacking on “fees,” but make the early birds feel special by giving them a good deal.
Successfully Budgeting an Event

6. Budgeting Pointers
Find out if any money from the current lodge or chapter budget contributes to the event
Sometimes your lodge may contribute to the event.
For instance, it might be nice to be able to lower the cost to participants of a leadership development conference.
Find out if the event needs to produce a profit to be returned to the general operating budget.
Some events need to yield a profit.
For instance, a fundraiser benefit dinner might help send Arrowmen to NOAC or another event, and thus you would want to have fewer expenses than income.
Successfully Budgeting an Event

7. Budgeting Pointers
Use your resources to take advantage of possible donations.
Before purchasing anything, ask around to get donations.
If you get donations, you can go more “all-out” with other things you might have needed to cut back in your budget.
Successfully Budgeting an Event

8. Budgeting Considerations
What type of items to do we need to consider when budgeting for an event?
Food (all meals, cracker-barrels, and snacks)
Site usage fee or lodging fee
Insurance
Patches
Certificates
Training supplies (copies, flipcharts, pens, incentives)
Games and prizes
Promotion costs.
Successfully Budgeting an Event

9. Creating a Budget Exercise
Groups
Construct a detailed line item projected budget for your event
Include both income and expenses
Spokesperson.
Successfully Budgeting an Event

10. Budget Presentations What if? Did you estimate accurately?
Successfully Budgeting an Event

11. Budget Reporting
Include anticipated expenses and income, and then the actual expenses and income
Documentation of each purchase and registration will ensure that records are always up-to-date and accurate
If all records are accurately kept, everyone’s books should balance in the end.
Successfully Budgeting an Event

12. Conclusion
Remember…the most important resource is people, and through people we have access to all other resources.
Successfully Budgeting an Event