Creating an Event Budget
Budgets don't have to be overwhelming; they're your roadmap and are critical to event success. Budgets set prices, provides an outline of items and necessities, and helps with predicting future events. If you save money on one item, you can splurge in other areas; but it is best to always budget high on expenses and low on income.
Creating a sound budget is the key to planning a successful event. The budget will determine the registration fees and ensures fiscal responsibility for the event planner. If properly maintained and updated on a regular basis throughout the event from planning to completion - the budget will indicate where and how the financial resources are being spent. Taking the time to tend to the finances along the way is a good business practice. A well done budget will also show whether or not to increase or reduce the registration fees for future events and in some cases, if it is cost efficient to hold the event again.
Examples of Expenses and Income
Expenses: speaker costs, facility costs, administrative fees, sales tax, design fees, materials for participants, supplies and equipment, advertising, travel costs for staff, transportation such as buses, ferry boats, airfare for group excursions, signage, staff expenses including hourly wages and fringe associated with on-call and temp staff.
Income: participant fees; early, regular and late registration as well as student rates and member discounts, sponsorship monies, donations and in-kind contribution, sales from materials; books, DVDs, etc.
- Simplified Budget Spreadsheet
- Cost Recovery Spreadsheet - Template 2024 Version: Use this excel document to create your event budget during your planning process. It will help you estimate your income and expenses prior to the event and then will also help you record your actual income and expenses after the event.
Payment Card Industry (PCI) Compliance Information
The ANR Events Management System supports a variety of payments: check, cash, account number, wire transfer and credit card. The credit card industry and MSU have specific regulations about the proper use of credit cards. The PCI Compliance Information file provides information about Michigan State University PCI Compliance rules and regulations. Please read this document and share with all staff processing financial transactions.