Budgeting:
Evaluating Meeting Costs
- Determine which expenses will be assumed by the meeting sponsor and by the attendees.
- Create a balance sheet listing expenses for all functional areas of your meeting, such as staff time, marketing expenses, air and ground transportation, accommodations, food and beverage, entertainment and recreation, taxes and gratuities, service charges, audiovisual equipment and production costs.
- Build in a contingency fund for unanticipated, last minute expenses.
- Don't forget expenses for licenses (music, written materials) and insurance (liquor and general liability, business cancellation and interruption).
- Check budgets from similar meetings to gauge spending.
- Consult with your company's accounting office or financial officer on formatting the budget so it's compatible with internal accounting systems.
- Secure the signature of a financial officer or other person with fiscal responsibility in your company, for any expenditures above what you have budgeted.
- Make sure funds are allocated to pay all suppliers. Establish a holding account for accrued program expenses.
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