Today we will talk about the brain aspect of events..the budget!
Time consuming but so important: no event can live on without the allocated funds to support it.
Here’s a list used from a source as a creditable back-up to what might be common sense to some of you, and a whole new world for those just embarking on the event planning journey. As a good rule, add 20% to each item to account for inflation or unexpected charges.
Site rental costs. Is there a local spot free of charge you can use? Outdoors?
Catering costs. Can you have food and beverages donated?
Document transportation charges. If your guests are traveling on their own, will you pay for parking or make money off of this expense?
Decorations. Will you need decor, wristbands, flowers..?
Document entertainment & equipment fees. Will you need honorariums for your speakers? Be sure to include A/V charges.
Print costs. Check with local competitors to get the best price!
Gifts Will you provide an event for your volunteers? Will your guests leave with a token of your appreciation?
Identify activities expenses. Will there be a kids area?
Post other expenses. Is there something unique to your event that will need to be included?
Summarize actual expenses. This will be a helpful tool in planning next year’s event- or even passing along to a new event coordinator.
Check if your organization is tax-exempt. (501 (C) (3) non-profit organizations will be)
Check to see if you can have sponsors donate any of the above items.
Check to see if a board or volunteer organization has the funds, time or resources to donate any of your expenses.