1. Meet with the finance team at your University:
They will have experience of the successes and failures of past conferences and could point you in the direction of grants offered by the University. Remember to keep them up to date with any achievements of your MUN.
2. Get to know your expenditures:
You’d be surprised at how much these events cost and it’s important to know what the priorities are. The venues, the socials, the catering, the folders, the brochures… it’s a never ending list.
3. Now do the list again:
That’s right, it’s never ending; the stationary, the wristbands, the ink for the printers, signs for the rooms, coffee fund for the secretariat…
4. Look at your income
So you know how much you will spend, now what kind of income do you need to cover this? How you will charge for the delegate fee, the membership and the socials? Then do a worst and best case scenario, make sure the costs of the worst case scenario will be covered and budget for that. At the end of the day it’s important to make a profit to keep the society going.
5. Find ways of expanding your income
You want to stay affordable for students, but you need to make as much profit as possible.
When it comes to the socials, for example, adding £1-£2.50 onto the price of the ticket can mean a lot when there are hundreds of people involved.
6. Find ways of lowering your expenses
Shop around for the best deals, particularly if you are buying in bulk – lots of companies will give you discounts/freebies if you have been loyal in the past or are spending a lot of money.
Also make sure you are not spending money you don’t need to. Yes it would be nice to give everyone a personalised pen, but is it feasible?
7. Make a payment calendar
Get organised and know when you will need to pay for everything, and when you need money to start coming in to meet these deadlines.
8. Make a record of everything
9. Let your team know the budget
Especially the budget of their role; publicity and social officers will be the biggest spenders, but make sure you keep everyone’s spending in check
10. Be prepared for last minute essentials
There are bound to be financial issues on the day and its best to keep a cash float so you can sort out minor problems. And have fun!