Budgeting

The event budget provides direction and is a vital management tool to achieve the event’s aim and objectives. Once an event budget is allocated, use of our Event Budget Template can assist in estimated income and expenditure.

• Consider referring to the budget template when obtaining quotes from suppliers and vendors. Write the actual income and expenses in the same template and make sure to stay within budget.
• Be realistic when estimating income and expenses, and remember to plan for GST. Ensure to plan for multiple income streams, including merchandise, fundraising activities, ticketed events, food and beverage stalls and stallholder fees.
• Don’t rely solely on third party funds (for example grants and sponsorship).
• To assist with cash flow, try to organise income including sponsorships, funding and other costs paid early once an event is finalised. Consider setting up bank accounts which allow for two signature authentications, as this allows for easier tracking and reconciliation of finances.
• Ensure the event budget is updated and distributed to the event committee at least one week prior to each meeting. Keeping the committee well-informed of how finances are tracking is critical to an event’s success.
• Add all costs and income in the budget, including in-kind donations. Preparing a budget will also help work out how much things will cost, whether to charge people or whether the event is free of charge.

Funding Sources

Many community events benefit from funding and this in turn allows organising groups to subsidise the cost of the event, often making it free for the public to attend. Depending on the nature of an event, a group may be eligible for a community grant. 

Boroondara Community Strengthening Grants

Learn about the City of Boroondara grants program and check eligibility at Community Grants.

Alternatively, contact the Community Development Officer at [email protected] or on 9278 4753 for more information.

State Government Grants

The Victorian Government offers a range of grants to support Victoria's multicultural and multi-faith communities. Grant programs are run throughout the year, with different application periods. The Multicultural Festivals and Events (MFE) program funds multicultural and multi-faith community groups to hold cultural festivals and events for their local communities. More information can be found at Multicultural Festivals and Events Program.

Fundraising

Sponsorships

Most events can benefit from having sponsors or partners who provide in-kind donations or financial support. Before approaching a potential sponsor, ask what can be offered which would be of value to them, and structure a request for support around that.

For example:

• Consider whether a flyer can be placed in a gift bag to go to participants on the day
• Provide them with free tickets to attend
• Provide reserved seating for their VIPs
• Provide an opportunity to talk to the audience to promote their business
• Publicly recognised, such as “ABC Company is proudly supporting XYZ event”.

Think broadly about the support sponsors could offer, including:

• Donation of prizes
• Placement of promotional material in their office or shopfront
• Promotion of the event via their database, in their newsletters or on their social media

Remember that in a small community, businesses often get asked for support. Consider having different levels of involvement, so they can still get involved, even if a large financial contribution can’t be supported. For example, request a small donation of products and package into a gift for event day as a raffle or door prize.

See our Donation Request Letter Example to help you write a letter to the potential sponsor, requesting a donation.

Raffles

Raffles are a great way to raise money for an event. It may not always be clear how and where to begin. The following steps provide guidance on organising raffles:

• Check Local Laws and Regulations if they require special licensing or permits
• Set some goals and determine if the raffle is for a charity or the benefit of the club. This will help decide the price of the ticket
• Find suitable raffle prizes which appeal to the audience on event day. Approach local businesses to donate some free products, gift vouchers, etc. Alternatively, find discounted products and make some gift hampers to raffle on the day. 
• Purchase or print raffle tickets. Tickets can be bought from discount stores or other retailers 
• Promote the raffle leading up to the event, informing people there are some great prizes to be won
• Sell tickets on event day
• Hold the draw and celebrate with the winners.

Auctions

An auction is a fundraising method where bidders gather to bid for the various items available on sale. There are two types of auctions – silent auction and live auction. 

A silent auction is an event at which items for sale are displayed for attendees to assess, place bids on, and purchase. However, unlike live auctions, there is no auctioneer present, and participants place their bids silently and anonymously on a bid sheet using a bidding number—hence the name silent auction.

Live auction requires an auctioneer who will engage attendees and encourage guests to call out bids. The role of an auctioneer is to sell objects put up for auction, announce each bid which comes in, manage the overall bidding process and announce the winning bid. An auctioneer can be a person from the group, or a Local Real Estate Agent can be approached to be an auctioneer. In return, the group can provide their business some promotional opportunity at the event.

Around 8 prizes per live auction is a good ball-park to work with. An ideal target is to work to a 3 to 5 minute time allocation for each item. To ensure guests remain interested, keep the auction on schedule and set up a space to display prizes. 

The following steps provide guidance on organising an auction:

1. Decide which type of auction to host- Silent or Live
2. Set a budget and a goal
3. Recruit a team
4. Find auction items
5. Promote your auction
6. Find an auctioneer (if live auction)
7. Set up and execute the auction
8. Thank contributors and track performance

Council regulations for fundraising

A Fundraising Permit may be required if a fundraising event is held on Council land including footpaths, public car parks or roads. Fundraising events include raising funds, attaining pledges or increasing public awareness for:

• National or international charities
• Schools
• Not-for-profit clubs
• Other local charities.

There is no fee for charity fundraising. Applications for a Fundraising Permit should be submitted at least 14 days before an event. Before submission of an application, provide a letter from the charity organisation being represented indicating the group is acting on their behalf.

Find out more at Apply for a fundraising permit.