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Race Budgeting

Race Budgeting. ORRC Race Directors Workshop November 6, 2010 Steve Floyd & Tom Little Outline Introduction Budget Concepts Conclusion Reference: Sample budget. Introduction. Why are you staging a race? Encourage running/walking…. Make $!!!! For-profit (business)

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Race Budgeting

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  1. Race Budgeting ORRC Race Directors Workshop November 6, 2010 Steve Floyd & Tom Little Outline Introduction Budget Concepts Conclusion Reference: Sample budget

  2. Introduction Why are you staging a race? Encourage running/walking…. Make $!!!! For-profit (business) Fund raising (charities) Non-profit running club ... Key Fact #1 Staging a race is a lot of work! Key Fact #2 Staging a race _that makes money_ is even more work!

  3. Budget Concepts • Fundamental Concepts • To make money, income must exceed expenses! (Income – Expenses > $0) • Each race is unique & “the devil is in the details” • Specifics • Expenses • Category 1: independent of the number of registrants • Category 2: dependent on the number of registrants • Income

  4. Budget Concepts • Category 1 Expenses (independent) • Permits/insurance • Advertising (printing, postage) • Traffic control (police, flaggers) • Timing fees • Awards (overall, age group) • Raffle prizes (if purchased) • “Volunteers” • Other…what does YOUR race require? • Function as “overhead”

  5. Budget Concepts • Category 2 Expenses (dependent) • Transportation (point-to-point courses) • Porta-potties • Aid station supplies (food, water, cups) • Finish line supplies (food, water, cups) • Finisher tokens (medals, …) • T-shirts* • Other…What does YOUR race require? *More on this later!

  6. Budget Concepts • Income • Registration fees • Usually under the RD’s control • Are there any restrictions? • Ideally, should be determined last after estimating total expenses & income sources • Sponsors/donations • Cash donations, i.e. “free money” (“Desirability index” = 1) • In-kind donations • Supplies (food, water/beverages, ….) (DI = 2) • Raffle prizes (DI = 3)

  7. Budget Concepts • T-shirts • Bane of RD’s--almost impossible to get “right” (quantity, sizes, cost) • Options • Include in race registration (shirt for all entrants) • Great for promo/sponsors, logistically quite difficult • Quantity, sizes, expenses • Usually under or over-order • Charge separately • Logistically easier, not as good for sponsors • Photography—insist on reciprocal relationship

  8. Conclusion • Create the budget pro-actively • Sample Procedure • Step 1: Determine the desired profit • Step 2: Estimate expenses • Step 3: Solicit sponsorships ($, donations) • Step 4: Decide t-shirt strategy • Step 5: Back-calculate the registration fee • Step 6: Post-race, assess the race and make appropriate changes to budget

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