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Cost of Events

Cost of Events. Faculty Senate December 2018. Guiding Principles for Event Pricing. Simple : Straight-forward pricing methodology for all cost components Transparent : Include incremental event-driven costs Explainable : Enhance campus’ understanding of underlying costs

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Cost of Events

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  1. Cost of Events Faculty Senate December 2018

  2. Guiding Principles for Event Pricing • Simple: Straight-forward pricing methodology for all cost components • Transparent: Include incremental event-driven costs • Explainable: Enhance campus’ understanding of underlying costs • Scalable: Ultimate desire for a consistent structure to implement throughout all venues on campus • At-Cost: Commitment to not charge beyond the true operational cost of event for faculty & staff • Review periodically to make sure we are still at-cost

  3. Total Event Cost Components Event Operations Charge Food & Beverage Additional Charges Total Event Cost 5-10% 90-95% 0-5% 100% • Set-up/Tear-down • Cleaning • Guest Services/ Ushers • Basic A/V • VenueND Admin • Typically priced per person, subject to a minimum charge • Varies depending on menu/caterer • Custom A/V • Custom decor • Other non-standard charges

  4. Event Operations Charge Detail

  5. Venue Classification • Three venue categories allow for tiered pricing to provide options for all budgets • Premium: Most exclusive and most expensive spaces; Require significant set-up/tear-down activities; Price range of $750 to $1,800 • Select: Higher-end and moderately-priced spaces; Require moderate set-up/tear-down activities; Price range of $300 to $1,275 • Traditional: Quality and economical spaces; Require minimal set-up/tear-down activities; Price range of $200 to $875 • Pre-Set option within each category (Premium, Select, Traditional) provides venues at lower cost: Maximum Operations Charge of $750 • Three different venue sizes: Small (<75), Medium (75-150), Large (>150)

  6. Venue Classification Detail

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