Event budgeting, financial management and insurance

This section provides a high-level overview of budgeting and financial management for events including underwriting, foreign exchange, forecasting, cash flows and insurance. As this is a complex area, we recommend that you also seek professional advice.

The importance of financial planning

Implementing strong financial planning and management systems is critical to ensuring an event runs smoothly and unwanted issues are avoided. You need to treat this area as a top priority.

As events usually have limited funds available, event organisers often need to find creative cost-effective solutions to ensure that their financial resources can be maximised.

Obtaining an event underwriter

This guide on underwriting explains who can be an event underwriter and what information they may want from event organisers.

Underwriting guide [PDF, 133 KB]

Using foreign exchange

If it's likely that you'll need to conduct any part of your event’s business in one or more foreign currencies, this guide to using foreign exchange explains some of the risks, options and potential issues.

Foreign exchange guide [PDF, 147 KB]

Arranging insurance

The events industry is highly innovative and creative, but the pressure to create a unique event experience means there is a high level of risk in everyday work. Insurance and risk management is therefore an important part of enabling creativity in a professional industry. The guide below provides a brief explanation of insurance available for events.

Event insurance guide [PDF, 138 KB]

Below is an example of an event's insurance portfolio from the 2011 Rugby World Cup.

Insurance portfolio summary — Rugby New Zealand 2011 Limited [PDF, 17 KB]

Developing an event budget

A highly detailed budget will help give prospective funders and/or sponsors the confidence to invest, and help avoid surprises later. 

See Developing an event budget for more

Forecasting, reporting and management systems

Forecasting is used to estimate when the income or expense for each budgeted activity will be incurred or received. It enables actual spend to be tracked against budget.

See Forecasting, reporting and management systems for more.

Estimating, sourcing and managing cash flows

This guidance will help you ensure event cash flows (both incoming and outgoing) are carefully managed so that all obligations can be met on time.

See Estimating, sourcing and managing cash flows for more.

Setting up financial controls and processes

This guidance will help ensure an event's financial controls and processes are established early and ingrained into the organising team.

See Setting up financial controls and processes for more.

Procurement, tax and asset management

Tax and annual accounts, procurement, and asset management also need to be taken into account for major events.

See Procurement, tax and asset management for more.