Finance, Budgeting and Contracts - VIRTUAL CLASS - 10/14/21
This class will be conducted VIRTUALLY through Zoom on Thursday, 14 October 2021 from 8:30am - 4:00pm Central Time. This includes a 30-minute study period and an hour for the exam. Those that are recertifying or not taking the exam will end their day at 2:30pm CT.
You are required to read the workbook before class. It is located under the “Workbook” tab.
You must have a webcam to take this class.
Understanding the 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 the exhibition organizer know the terminology used in financial management 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:
- 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
- Identify key elements in financial statements used by the exhibition organizer
- Interpret financial statements to demonstrate the value of the exhibition
- Discuss payment methods and currency considerations
- Manage the master account
- Prepare and manage cash flow statements; manage and control cash
- Calculate return on investment (ROI)
- Recognize the importance of proper contracts for exhibitors, facilities and vendors
- Differentiate fundamental contract terms and principles
- Discuss the importance of cancellation and performance clauses
- Explain force majeure and how it may impact an exhibition
- List possible concessions; 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
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