FUNDING AND

EVALUATION OF
EVENTS

Funding
Adequate funding is essential for a
successful event. The biggest mistake of
event organizers is to host an event
without adequate financial support. To do
so will result in the failure of the event.
Budgeting
Careful budgeting is vital for the
success of the event. A budget is an
estimate of income expenses.

Each activity should analyzed as follows:

1. The specific activity to be undertaken
2. The estimated cost of each activity
3. The benefit of each activity
4. The income form the activity
5. The necessity of the activity
6. The place of the activity in the budget
priority
7. How the expenditure of the activity can
be monitored
8. How the income will come in and how
certain it is

Financial Structure
After the organizers have agreed to
push through with the event, the financial
structures need to be established
immediately. The financial structures may
be simple with a treasurer controlling all
the finances or it may very complicated
involving several committees and even
paid staff to manage the finances.

Control
The careful control of financial transactions is a vital
aspect of event management. Various control systems are
necessary to keep spending within agreed limits. Failure to
implement proper control over budgets will lead to confusion.
The following are practical steps to follow for
effective financial control:
1.
Limit the number of people who can incur expenditure.
2.
Keep accurate records of all income expenditure.
3.
Use appropriate record-keeping methods to keep financial
information correct, current and readily available.
4.
Ensure that the relevant structures channel financial
commitment through financial records keepers.
5.
Ensure that financial information is widely circulated to all
those who require it.
6.
Produce systems and information that are clear and
understood by everyone.

Sources of Funding
1. Local authority leisure department
2. Education authority
3. Local or national sports council
4. Local or national arts council
5. Foundation for sports and he Arts
6. Local or national tourists authorities
7. Sponsorship agencies
8. Business agencies
9. Professional institutions
10. Hoteliers
11. Heritage agencies
12. Local or national charities
13. Voluntary bodies
14. The national lottery

Various activities:
1.
Franchising
2.
Ticketing
3.
Entry fees
4.
Fundraising
5.
Donations
6.
Programs
7.
Raffles
8.
Souvenirs
9.
Catering
10. Advertising
11. Licensing(logos,etc)
12. Trade exhibitors
13. Participant contributors
14. Sales stalls
15. Bar
16. Corporate hospitality

Fundraising
1. sponsored runs, swims, cycles
2. Dances, discos
3. Marathon swims, walkathons
4. Lotteries, raffles
5. Gambling evenings such as casino nights and race nights
Sponsorship
6. Yellow pages and local telephone directories
7. Local and national newspapers
8. Business organizations such as Chambers of Commerce
9. Professionals such as lawyers and architects
10. Participants and their personal contacts
11. Libraries-local, regional and national
12. Market research through learned centers, consultancies
13. Partners tat have supported previous events
14. Existing sponsors

Some tips on looking for sponsorship:

1. Use imagination and innovation
2. Put in the marketing effort
3. Clearly defined the type of market
4. Consider changing the nature of your activity,
event or promotion
5. Access your sponsors through the Chamber of
Commerce or Rotary Club
6. Assess respective images
7. Approach unlikely targets
8. Do the necessary research
9. Check existing sponsors
10. Get media support

Criteria for event Evaluation

A comprehensive evaluation procedure is essential for every event. It
must be carried out throughout the event and at the end.
1. Hard Criteria- are the outputs
-tangible and quantitative
Hard Criteria are:
. Deadlines
. Performance
. Specifications
. Specific quality standards
. Cost requirements
. And resource constraints
2. Soft criteria- refer to the process
Soft criteria:
. Cooperative attitude
. A positive image
. Staff commitment
. Total quality and ethical conduct

Smart objectives
S-pecific
M-easurable
A-chievable
R-ealistic
T-imed