Learning Outcomes

By the end of this session, explain the importance of financial planning and budgeting in event management.

• Financial planning and budgeting ensure that resources are allocated efficiently and help in achieving the event's objectives.

• Financial planning and budgeting are not necessary for small events.

• Financial planning and budgeting only focus on cutting costs.

• Financial planning and budgeting are only important for large-scale events.

What does financial planning ensure according to Bryson (2018)?

What is the first step in developing a detailed budget according to the image?

• Identify income sources

• List all expenses

• Set financial goals

• Review and adjust the budget

Which of the following is an example of a fundraising goal mentioned in the image?

• Raise £10,000 for local schools

• Raise £20,000 for Cancer Research UK

• Raise £5,000 for animal shelters

• Raise £15,000 for community parks.

Which of the following is an example of a sponsorship?

• Crowdfunding

• Corporate pledges

• Partnering with businesses

• Branded event T-shirts

What are some ways to generate revenue through merchandising and food sales?

• Selling branded merchandise and offering exclusive food items

• Providing free samples and discounts

• Offering loyalty programs and memberships

• Conducting surveys and feedback sessions

Which of the following is a type of corporate sponsorship?

• Financial sponsorships

• Product sponsorships

• Employee sponsorships

• Community sponsorships

How much did the British Red Cross raise on JustGiving for Ukraine relief efforts?

• £10 million

• £20 million

• £30 million

• £40 million

Match-funding is a financial arrangement where:

• one party agrees to match the amount of funds provided by another party.

• funds are provided without any conditions.

• funds are provided only after the project is completed.

• funds are provided in the form of a loan.

Financial planning and budgeting are crucial for organizing a successful fundraising event because they:

• ensure efficient allocation of resources and help in tracking expenses

• are only necessary for large-scale events

• can be ignored if the event is for charity

• are only important for corporate events