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income and expenses as they are received and paid (i.e., your bank account)
- counts income and expenses when they are earned or incurred
- o Records event as they relate to net worth when they occur
- o More accurate picture of the ebb and flow of finances
statement of revenues and expenses (profit and loss statement) over a period of time
statement that indicates overall financial status by subtracting expenses from income. PROVIDES BOTTOM LINE – total amount of assets, liabilities and net worth at a particular point in time
Cash flow statements
- does not include amount of future incoming and outgoing cash that has been recorded on credit. Determined by three components by which cash enters and leaves a company:
- o Core operations
- o Investing
- o Financing
Chart of accounts
detailed list of individual line items that make up the revenue and expenses categories in a budget
illustrates the budget life cycle of an event from 18 months out to final payment of master account and helps monitor cash flow.
18 months before
establish expense projections to determine preliminary cash flow schedule
1 year out
send facility billing instruction and requirements.
Six months out
meet with facility’s accounting representative to review billing instructions, room and master account requirements and room confirmation system.
Three months out
- o verify master account requirements with CSM
- o setup local bank account close to event site to deposit cash and checks received onsite.
One month out
review room rates, F&B charges and billing procedures
conduct review of master account w/ accounting rep or CSM
review master account billing and originals of charges. Approve correct charges and identify disputed, delayed or missing charges.
audit and notify facility of disputed charges.
Break Even Formula
- Break even units =
- fixed costs / Reg fee – variable costs
- Reg fee =
- fixed costs / Number of attendees + Variable costs
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