DOMAIN D: FINANCIAL MANAGEMENT
This domain covers the critical skills needed for the financial success of a
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OF EXAM
meeting or event. These include managing event funding and reserves,
managing the budget and managing monetary transactions. The domain also
includes identifying and managing sponsorship programs, grants, registration
processes, exhibit sales and other miscellaneous revenue sources.
Exam Questions in Domain D . . . . . . 16
Questions in Skill 7 . . . . . . . . . . .
6 - 8
Skill 7
|
Manage Event Funding and Financial Resources
SUB SKILL 7.1
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Develop budgeting processes for funding resource management to fulfill
financial goals.
KNOWLEDGE OF:
a.
The knowledge needed for this task is incorporated
into the following skill statements.
SKILL IN:
a.
Establishing sponsorship programs: identifying
financial or in-kind values, defining benefits, and
estimating costs for providing benefits.
b.
Obtaining support of key stakeholders for
proposed sponsorship arrangement.
c.
Seeking legal opinion, as needed.
d.
Identifying potential sponsors and donors,
considering: compatibility with meeting or event,
exclusivity, income or cost-avoidance goals,
and advertising and budget limitations (to find
sponsors).
e.
Producing sponsor and donor benefit packages
or proposals containing overview and history
of meeting or event, corporate identity to
be presented (e.g., use of logos), value for
sponsorship, letter of proposal, audience
demographics, return-on-investment measures
and opportunities, sponsorship benefits and
limitations, and pre-event/meeting sponsorship
restrictions.
f.
Distributing sponsor and donor benefit packages
and proposals to potential sponsors.
g.
Contacting potential sponsors and donors
(e.g., primary decision-maker or person of
influence), determining type of support available
(e.g., cash, discounts, products), establishing
relationships with sponsors’ creative agencies,
negotiating sponsor commitment (e.g., distribution,
product sales), and conducting set-up, tear-down,
and sampling.
h.
Considering how sponsors may complement or
conflict with each other.
i.
Preparing contracts for committed sponsors,
outlining: details of meeting or event,
responsibilities of both parties (e.g., liabilities),
personnel, entertainment, financial obligations,
release forms and waivers, policy regarding
meeting or event cancellation, and insurance
requirements.
j.
Maintaining relationships with sponsors and
donors (e.g., providing regular updates).
k.
Managing contractual fulfillment and developing
fulfillment reports (e.g., delivery of benefits).
l.
Following up (e.g., evaluating sponsor and donor
involvement, evaluating return on investment from
sponsors’ points of view).
m.
Coordinating approach for soliciting potential
donors and sponsors.