Managing an event the size of OuiShare Fest complex, as is its budget, which must be managed meticulously.
- 1.Always include an error margin in your budget! Events bring a lot of uncertainty with them, so you absolutely need to plan for unexpected costs. And if you don't end up using it, there is always a nice surprise at the end :). Depending on the budget size, we recommend between 5 % and 10 % error margin.
- 2.Identify one main budget manager. Since there are many sources of errors in a budget this size, there should only be one person who edits the budget or at least keeps track of changes that are made. If another perosn edits it, make sure to tell the budget manager. There should however also be a second person who checks the budget from time to time, to avoid overlooking errors.
- 3.When calculating revenues from your ticket sales, make sure to double check whether you are calculating with the amount before or after taxes. In many countries VAT is 20%, so miscalculating the revenue by this amount can lead to major financial problems.
For reference and comparison, check out the final event budgets of past OuiShare Fests:
To be able to reward especially large or unexpected contributions (e.g. from volunteers), the OuiShare Fest budget usually includes a lump sum to be used for value accounting, which will be redistributed to the team ex post. Value accounting is a special system that enables you to asses the value an individual created ex-post, ideally on a peer-review basis.
The principles according to which additional compensations will be distributed are as follows: Retrospective (a dedicated online meeting and follow up will be done right after the fest) Peer-reviewed (each member can assess contributions that have been visible to him/her) Shared and non-conflictual (each final decision will be taken by consensus).
The amount of the final sum to be distributed with this method depends on how many additional costs were cut and how much surplus was generated.