Finance, Budgeting and Contracts - CEM WEEK CHICAGO, IL - 8/22/23
This course is part of CEM Week in Chicago, IL and will be held from 8:30am - 4:30pm EST.
You must read the workbook ahead of class.
Understanding the terminology and application of accounting, finance and budgeting fundamentals allows the exhibition organizer to make a greater contribution to the growth and financial success of the organization. It is essential to develop a budget and manage the financial strategies of the exhibition. A well-developed and well-administered budget is crucial to enabling the exhibition organizer to accurately project and monitor income and expenses, track cash flow and cost controls and ultimately measure the success of the event and the organization’s return on investment.
After completing this course, the participant should be able to:
PART 1 – Budget Management
- Identify and define common revenue and expense sources for exhibitions and events
- Design practical fee structures for registration, exhibits, sponsorships and advertisements
- Explain basic accounting principles
- Create an exhibition or event budget
PART 2 – Accounting Principles
- Identify key elements in financial statements used by the exhibition organizer
- Interpret financial statements to demonstrate the value of the exhibition
- Understand how to manage the master account
- Prepare and manage cash flow statements; manage and control cash
- Calculate return on investment (ROI)
PART 3 – Basics of Hotel and Venue Contracts
- Recognize the importance of proper contracts for exhibitors, facilities and vendors
- Discuss the importance of cancellation and performance clauses
- Explain force majeure and how it may impact an exhibition
- List possible concessions and explain how they are determined
- Define the terminology in standard hotel and facility contracts
- Review provisions and clauses commonly included in hotel and facility contracts