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Prepare an event budget detailing all event expenses and revenue your event will incur. Collect quotes from internal and external vendors and select a vendor that will deliver the best service for the most cost-effective rate. Collecting multiple quotes will also provide some leverage in negotiations. Enquire about whether a discounted or non-profit rate is available for the university.
Creating a budget
Consider the following items when preparing your budget:
- Venue rental
- Catering, beverages, gratuities, service fees, taxes
- Photography, videography, audio visual services/equipment and technicians
- Set-up, rental equipment, linens, delivery
- Printing, postage, signage, creative design, digital content
- Gifts, décor, florals
Download the Event Budget Template
- Administrative costs, supplies, staffing
- Honourariums, entertainment, accommodations, travel, speaker/talent fees
- Transportation, parking, security, insurance
- Add 10 per cent to your budget for unforeseen expenditures
Funding and sponsorship
In addition to the funds you have budgeted for your event, you may wish to solicit funds from other sources to help offset the costs.
Here are some suggestions to raise funds for your event:
- Collaborate with another department to pool funds
- Sponsorship (cash and/or in-kind)
- Sell tickets
- Charge a fee for advertising in your event program
- Run a cash bar
- Sell SFU-branded apparel and merchandise
One of the most important keys to successful sponsorships is your ability to create a competitive and appealing event sponsorship package. A sponsorship package is essentially your “pitch” on why potential supporters should invest their budget into your event, and what promotional and other benefits you can offer them in return for their cash or in-kind support.
It’s critical that you understand what your sponsors’ goals and objectives are in order to craft a sponsorship package with benefits that will help them achieve success. For sponsorship requests to external organizations which are over $5000, please advise Advancement and Alumni Engagement (firstname.lastname@example.org).