Company meeting - Event Budgeting (12.06.10)

Company MeetingEvent Budgeting
December 6, 2010

The Usual
Sign In
Grab Snacks

Icebreaker
What would you do if you won the lottery tomorrow?
What was the most whack event you ever went to? Describe what happened.

What’s New?
Status of Current Projects
KDOL Partnership (Dan)
Building Event Series (Diaris)
YMR Holiday Party – December 10th
YMR 2011 event February 20th – All-ages Music Symposium & AMP’d! Concert at La Pena
Next Member of the Month: Tania
Spring 2011 – Feb 20th – May 20th (No theme yet)
Evaluations for Fall 2010
Any graphic designer friends?

Other Announcements
Can still apply for GRAMMY Camp – see YMR blog
Notes from last week available on blog

Did You Know?
A budget is a list of all planned expenses and revenues. It is a plan for saving and spending.
A sound budget typically ensures a successful event. A structured budget helps in monitoring costs, understanding what you can afford, reporting to management and most of all keeping things under control.

Media Share
Check out this video from featuring a couple of the YMR All-Stars
http://www.youtube.com/watch?v=u6lJRMNYIzc

Budgeting
Events help us personally connect with the community. There are several significant elements to consider when planning an event, as mentioned in the Company Meeting on Event Production last week. One crucial element to planning a successful event is planning to take care of the financials – hence the need for a budget.

Events Budgeting - Site
Track site rental costs. As you plan the event itself and as you meet with your venue sales manager, track all projected rental fees for the event and function space, housekeeping, baggage handling, and related expenses.
Estimate catering costs. This includes all food and beverage charges, including tips and gratuities -- which can account for up to 30%.
Add decor expenses. Most events include expenses for decor, such as centerpieces, flowers, tent rentals, etc. This is where you list those costs.

Events Budget - Program
Document entertainment & equipment fees. Common expenses in this category include the A/V equipment, but it's also a good spot to list honorariums to speakers or if you are hiring entertainers.
Document transportation charges. This includes shuttles, coaches, event transfers, and any related expenses.
Identify activities expenses. If your event includes activities such as golfing, tennis, spa, rafting, biking, or other activities, you will want to note the cost of these fees separately. I suggest summarizing the total cost in your spreadsheet and attaching a breakdown.

Events Budgeting - Publicity
Summarize printing charges. Several small item charges actually combine to make a larger expense line item. These include invitations, name badges, program booklets, event signage and banners.
Set and summarize budget for online marketing. This includes advertisements on Facebook, Google, and local newspapers, blogs and magazines.

Events Budgeting - Miscellaneous
Line item for gifts. One of my event rules is to never allow a guest to leave empty handed. So, whatever gift or gifts you provide, track the cost for them separately; you'd be amazed at how much these items can cost.
Post other expenses. If an expense doesn't fall into any of the above categories, I tend to list them as a miscellaneous expense item here.
Give yourself a contingency fund category. Depending on the size or complexity of an event, you may want to give yourself as much as up to 20% of the event budget here. Despite the best planning, charges are going to exceed projected plans with expenses that you never consider. This will keep you from going over budget every time.

Events Budgeting Process
Summarize projected expenses. As you build your event program, you will have a good projection of the total expenses. This is the information that I will share with my event client to make sure they are aware of the event budget so that there aren't any surprises later on.
Summarize actual expenses. This happens after the event has concluded. I will subtotal the invoices into the above 10 categories and document the actual budget. If extremely favorable, I will identify savings in actual budget vs. the projected budget, demonstrating the value-add of my role.

Activity
Work on event outline and budget for the spring mixtape release event.

Discussion
Questions?
What are your key takeaways from today’s meeting?
What do you still want to learn?
What are the next steps in learning more about this topic?

A Week’s Glance YMR . . .
Workshop Schedule
Tuesday:
Music Production 5PM in Room 257
Artist Development 5:30PM in Studio
Vocals 5PM in Room 302
DJ Crew 5PM in Room 306
Wednesday:
ProTools 5PM in Studio
Freestyle 5PM in Room 302
Thursday:
Vocals 5PM in Room 302
Piano, Bass, Guitar in Room 306
Friday:
Advanced Recording Production 3:30PM in Studio
Holiday Party at Ryan’s house! Meet at YMR at 5PM

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Company meeting - Event Budgeting (12.06.10)

by 1Diaris on Dec 08, 2010

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Company meeting - Event Budgeting (12.06.10) — Presentation Transcript