Budget and Expenses
The LAC is given a budget to be used towards planning meetings, printing and postage, the exhibitor hospitality area, and other costs that are associated with planning the fair. Expenses can be sent to NACAC for payment, or paid out of pocket and submitted to NACAC for reimbursement. Additionally, the chairperson may request a cash advance of up to $500 to cover expenses. Any expenses greater than $500 must be sent to NACAC for approval and payment. Chairpersons can work with their NACAC event manager for assistance in effectively managing their budget.
Receipts are required for reimbursement. If a receipt is not obtainable (i.e., paying for parking for volunteers at the fair), provide an itemized list that is signed by the recipient of the funds. After the fair, the chairperson is required to submit an expense report. All expenses must be declared on this report, with receipts attached. The NCF staff and NACAC’s accounting department will review and approve the expenses before any reimbursement checks will be processed. These reports are subject to review during NACAC’s annual audit.
Sample Budget Memo
After the fair, chairpersons have 45 days or until December 15 (whichever comes first) to submit their committee’s expenses to NACAC for reimbursement. The chairperson must also sign and submit a final report (the form will be provided from NACAC), which states that all expenses for the fair have been submitted and the committee account will be considered closed.
In recent years, the Board of Directors and senior staff have been monitoring future budgets and have implemented strategies to reduce projected deficits in coming years. The economy has challenged our association, as well as other member institutions and sponsors who have traditionally supported National College Fairs. As a result, the LAC should work closely with their event manager to reduce. NACAC will determine the budget for each committee by looking at costs in the area, amount spent in previous years, and the overall expenses of the fair.
In an effort to keep expenses down, NACAC encourages the committees to seek complimentary promotional marketing opportunities. Any promotional activity that requires a fee should first be discussed with NACAC. Any decisions concerning the facility or the physical arrangements that have a cost will be made by NACAC.
Committee expenses are reimbursable, provided they fall within the approved guidelines. The committee budget is intended to cover the costs incurred by committee members in the planning and execution of their NCF. The chairperson will receive their budget approximately three to four months before the fair. The budget covers:
- Mileage/tolls to and from planning meetings and the fair
- Meals (when in conjunction with a planning meeting)
- Reimbursement for meals is up to $65 a day, including tips (tips are not to exceed 20%)
- Mailings, printing, copies, and postage
- Contact NACAC before spending your budget on this. NACAC can do a lot of this in house
- Fair supplies (tape, pens, pencils, etc.)
- Contact NACAC before purchasing this, as they will provide most of these materials
- Welcome materials for exhibitors
- Contact the local convention and visitors bureau, they may have some complimentary materials to provide
- Exhibitor Hospitality
- The committee should share hospitality needs and concerns with their event manager. Together, they can come up with a menu that remains within the budget
- There are creative ways to reduce costs, such as
- Concession coupons
- Water donations
- Smaller portion sizes
- Seek local contributors to cover some of the cost (needs NACAC approval)
- Hotel rooms for those committee members that come from far away
- Sometimes NACAC earns complimentary rooms at the host hotel depending on the number of reservations made by the college representatives
- Check with your event manager to see if any rooms are available for committee members
- Give the budgeting responsibilities to one person, it will make keeping track of expenses much easier
- Talk to event managers about producing materials cam lower the costs.
- Have an emergency fund for last minute expenses
- Offer concession coupons for exhibitors. This will allow you to provide hospitality while giving your committee more money to work with. Talk to your facilities!
- Revenue sharing is outlined in the affiliate letter of agreement
- Talk to your affiliates about helping you procure money and contributions. They are a great resource and are also benefiting from hosting the fair
- Some local colleges and universities may want to contribute towards busing or another facet of the fair. Make sure to reach out to them so they know this is possible
Revenue sharing is a portion of the profit generated from booth sales that is shared with the local affiliate overseeing the fair. The amount shared is based on a formula
- For each NCF, $2000 is granted for the first 200 or fewer booths sold
- For fairs that sell more than 200 booths, the affiliate will receive 10% of the revenue generated for each additional booth sold (the amount is 10% of the member early registration fee minus lead retrieval rental fees for each paid booth registration in excess of 200 booths)
After the NCF, the chairperson is required to fill out the Chairperson’s Final Report and submit all committee expenses to NACAC. Once NACAC receives and approves these items, NACAC will process the reimbursements. Additionally, once NACAC receives the report, the revenue sharing is processed. A Revenue Sharing Statement and the payment is mailed to the affiliate treasure. Copies of the statement are sent to the chairperson(s), affiliate president, and the president elect.
2014 Chair Training Budget, Expenses and Revenue Sharing Presentation