Case
Case: Finance & sponsoring
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For the minor Event Management 1 at Stenden University we have made several cases. This case is about Finance & sponsoring. Sorry for any grammer or spelling mistakes.
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By: frederiekefetter • 6 year ago
By: hedy • 6 year ago
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EMBL-HomeworkCase: Case 6, Finance & sponsoring
Tutor: Wilco van der Camp
Case answered by: Raymond Douwes
Class: LM_EVENT_C
Keywords
1) Budget
2) Budget process and overview
3) Break even calculation
4) Cost vs income for events
5) sponsoring document intern and extern
1) Budget
Budget definition:
Defintion 1: A budget is an itemized summary of likely income and expenses for a given period. It
helps you determine whether you can grab that bite to eat or should head home for a bowl of soup.
It is typically created using a spreadsheet, and it provides a concrete, organized, and easily
understood breakdown of how much money you have coming in and how much you are letting go
(Duke University, n.d.)
Definition 2: A budget is an estimation of the revenue and expenses over a specified future period of
time and is compiled and re-evaluated on a periodic basis. A surplus budget means profits are
anticipated, while a balanced budget means that revenues are expected to equal expenses. A deficit
budget means expenses will exceed revenues (Investopedia, n.d.).
2) Budget process and overview
Definition: Budget process
Definition 1: Procedure by which an organization or individual creates and manages a financial plan.
Within a larger business, the budget process is typically performed by managers who often obtain
projected spending requirements and suggestions from their staff (Businessdictionary, n.d.)
Definition 2: The budget process is about the way the organisation builds up their budget. A good
budgeting process engages those who are responsible for adhering to the budget and implementing
the organization's objectives in creating the budget. Both finance committee and senior staff
participation is built into the process and a timeline is established leaving adequate time for
research, review, feedback, revisions, etc. before the budget is ready for presentation to the full
board (Foley Hamilton, 2010).
Steps for developing a good budget process:
1. Write it down
2. Decide who should be involved and when
3. Establish an annualized timeline (start earlier)
4. List specific tasks with specific responsibility assignments (so pick one person per task etc.)
5. Ensure the budget line items and accounting line items are in sync
6. Develop worksheets, templates, and tools that promote inclusion of all relevant budget
components and facilitate ‘’what if’’ scenarios
7. Adopt politics for adhering to budgets, handling variances, approval authority etc.
(Foley Hamilton, 2010)
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