When you draft the budget, consider all costs and revenue streams.

You may have to submit your budget to funding organisations. Check what information they need before completing the budget.

Compile a draft budget first to help you to highlight any possible funding deficit. This will be the amount you need to find from external funding and/or sponsorship.

Always allow for a contingency sum and do not underestimate the costs of insurance. Get quotes before you finalise the budget.

TIMELINE Checklist 2.4 (PDF) (Excel) is a draft outline budget/cashflow template (in MS Excel format). You can add or delete headings in both expenditure and revenue sections for your own event purposes.

You will need:

• outline costs from each member of the organising team for each heading
• estimated revenue from all commercial activity
• professional and application fees
• written quotes
• do not forget contingency funds

The draft budget will identify any funding shortfalls. The team should discuss the draft budget before it is finalised.

Any shortfall identified should form the basis for external funding applications and/or sponsorship.

Key Points:

• Budgeting is always difficult, particularly the first time an event is held
• Budgeting is vital - it ensures that anticipated income and expenditure are realistic and achievable. - - - Give time to preparing the budget

See Also:

Checklist 2.4 Budget/Cashflow Template (PDF)
Checklist 2.4 Budget/Cashflow Template (Exel)

1.5 Open bank account
1.8 Establish Funds
2.1 Establish who does what
2.8 Sponsorship
3.2 Apply for Funding
3.4 Finalise Budget