Financial Resources

Creating an Event Budget

Budgets don't have to be overwhelming; they're your roadmap and are critical to event success. Budgets set prices, provide an outline of necessary and desired event expenses, and help predicting future event budgets. If you save money on one item, you may be able splurge in other areas. It is best to always budget high on expenses and low on income.

Creating a realistic budget is the key to planning a successful event. The budget often determines the registration fees and ensures fiscal responsibility. If properly maintained and updated on a regular basis, the budget will indicate where and how the financial resources are being spent on the event. Taking the time to tend to event 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, provide important information about 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
Advertising
Materials or handouts for participants
Supplies and equipment
Travel costs for staff and speakers
Transportation for participants (buses, boats, airfare, etc. related to event activities like tours)

Income:

Participant registration fees (early, regular, late, onsite, student vs. regular, etc.)
Sponsorships
Donations
In-Kind contributions
Material sales (t-shirts, books, etc.)

Budget Templates

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.

**Tip from the Pros: Always budget high on expenses and low on income to insure that you have enough funds allocated for your event. For unforeseen expenses, a good rule is to add 20% to the total expense line to ensure some flexibility in your operating budget.

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.

**Remember: Under no circumstances should staff enter someone's credit card information into the ANR Events Management System on any computer. Under no circumstance should someone be allowed to use an MSU/County-owned computer to enter credit card information for event participants into ANR Events Management System.