Event Financial Management

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"Under Construction"

Managing the financial end of a chapter or SIG event can be complicated though creative work.  Just as in any financial venture there are many ways to approach every stage of the process, no one of which suits every chapters needs equally well.  

For more established chapters with a treasury already established the risk to any single member or to the entire board is far less since the chapters treasury would abosorb any potential loss.  However even for established treauries there is still risk involved if the upfornt investment is large enough.  

For newer chapters we recommend starting with smaller events combined with low or no cost venues in which to house them (members homes & offices, local colleges, low cost per-diem spaces, local after hour puclic/private shcool spaces), so as to build a treasury.  There is also a ACBS "seed start up loan" availiable to get things moving along.

TIPS & Guidelines for Minimizing Financial Risk of Event Hosting

One of the most common risks is the upfront costs of hosting an event, first and foremost the leasing of a venue.

  • Use free venues (member offices, colleges, etc....colleges often will allow usage particularly if no money is bing made by the event).  Even if no money is made, it is a good way to host consult groups, build chapter/SIG engagement, etc.
  • Use low cost venues (try per diem rentals, try public/private shcools after hours)
  • If you must use a formal commercial space, get clear on cancelation policy or downsizing policy, take said policy into account as you present ticket sales to your members, cut off dates for registartion, etc....this will allow you to meet your need to downsize or cancel if you must.
  • Used tier pricing in order to allow a wide variety of members to register (students, professionals, early bird discounts, member discounts, etc)
  • Consider co-sponsoring events with other chapters/affiliates/SIGS who are more established
  • Consider co-sponsoring events with other related organizations/associations
  • CE's will likely draw more of an audience, particularly if required in your state
  • Consider starting with free venues and donation or value based contributions.....build a treasury slowly...eventually charge.
  • Consdider asking core members, or board members to make yearly contributions to the treasury to establish it.