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SITXFIN004 Prepare And Monitor Budgets

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SITXFIN004 Prepare And Monitor Budgets

 

SITXFIN004 Prepare And Monitor Budgets

  

 

Learner assessment guide and evidence

This assessment requires you tocalculate costs and prepare budgets for an event.

 

You are required to do the following.

 

·      Read the scenario information provided in each task.

·      Complete Tasks 1, 2 and 3 in Assessment D.

·      Answer all the questions.

·      You can use accounting software to complete budget preparation tasks.

 

Scenario

 

You’ve been appointed the project manager for organising and running a charity ball. The ball will be held in the local town hall, a beautiful historic building in the centre of the shopping and business district. The not-for-profit(NFP) organisation running the ball want a black tie, gala event with a three- or four-course meal, music, dancing and entertainment. They plan to hold a charity auction throughout the evening to raise more money for their cause. The ball will be held on the last Saturday in October and they hope to sell 500 tickets.

 

You are responsible for organising the provision of all food and beverages, a MC, entertainment and music. The charity will source all items for the auction.

 

The charity organisation has two main goals: to hold a successful event and make a reasonable profit from the ball and the auction. They hope to make this an annual event as money raisedcan significantly boost their ability to provide aid to others.

 

As part of the planning process, you must prepare a number of budgets to help achieve these goals. The first stage of your planning process is to calculate expenses to determine the final selling price for the ball tickets. An initial estimated figure of $150 to $200 has been discussed. You must confirm if this is an appropriate price and determine anticipated profits for the organisation. You will report your initial budgets to an event sub-committee ofrepresentatives from the NFP organisation.

 

 

 

 

Task 1: Source information question and answer

·      Answer all questions.

 

Q1:    What are twoof the charity organisation’sgoals and objectives for this event?

 

Q2:    What budgets do you need to prepare to help you achieve these goals?

 

Q3:    What are four external and internal factors that might affect the event and therefore your budgets?

 

Q4:    What type(s) of data or information will assist you in the preparation of your budgets? Where could you find it?


 
 

 

Q5:    The event committee want to be involved in the planning process. What techniques can you use to enable them to contribute to budget planning processes, negotiate changes and inform them of budget decisions?

 

Task 2: Prepare budgets

 

·      Read the scenario information provided.

·      Answer all the questions.

 

After conducting extensive research, you’veobtained quotes from suppliers for the following items.

   

 

Task 2.1: Calculatelinen expenses

·      Go to your Course files, open Assessment D_Documents and complete Task 2.1: Calculate linen expenses.

·      One of the expenses incurred will be for the hire of linen for the event. Using the information provided, calculate the linen hire costs.

·      Save your document. You don’t have to submit it yet.

 

 

Task 2.2:Prepare an expense budget

·      Using the same Course file, Assessment D_Documents, complete Task 2.2: Prepare an expense budget.

·      Based on the quotes provided by suppliers and your calculations, prepare an expense budget for the event.

·      Save your document. You don’t have to submit it yet.

 

 

 

Task 2.3: Calculate F&B labour costs

·      Using the same Course file, Assessment D_Documents,complete Task 2.3: Calculate F&B labour costs.

·      Based on the information provided, calculate the total food and beverage wage costs incurred from the labour hire company for the event.

 

All cooks, kitchen assistants and food and beverage service staff will be hired through a hospitality labour hire company for the duration of the event only. The costs quoted by the company include all penalties, workers’ compensation, WorkCover and other on-costs. However, there is an additional overtime penalty of $10 per hour for all hours worked after the first eight hours of any given day.

 

You need staff over a two-day period:

·      Friday –room setup and food preparation

·      Saturday – setup and delivery of service on the day of the event.

·      Save your document. You don’t have to submit it yet. 

 


 

Task 2.4: Calculate total labour costs

·      Using the same Course file, Assessment D_Documents,complete Task 2.4: Calculate total labour costs.

·      Based on the information provided, calculate the total food and beverage wage costs incurred from the labour hire company for the event.

 

In addition to labour hire costs, you employ two supervisors for the event. These are staff you have recruited personally and you pay a flat rate for the two days of $40.00 per hour. You anticipate they will both work 12 hours each day.

 

Security is also required on the night, with two crowd controller/security staff employed through another staffing agency. You will need 24-hour security from 3pm Friday due to some of the charity auction items being stored at the venue overnight. Their hourly rate is $40.00 on Friday and $50.00 on Saturday and Sunday. All rates are from midnight to midnight.

  

 

·      Save your document. You don’t have to submit it yet.

 

 

Task 2.5: Calculate food costs

·      Using the same Course file, Assessment D_Documents,complete Task 2.5: Calculate food costs.

·      Based on the information provided, calculate the total food costs and cost per head for the event.

·      Calculate food cost per head against anticipated sales of 500 tickets.

 

A four-course meal with wine, beer, soft drinks and juices is included in the ticket price.

 

Meals will be served on a 50/50 basis except for the tapas appetiser, which is a shared platter. An additional 60 main meals are required to cover staff and entertainers’ meals. These meals are complimentary and their cost must be included in ticket sales.

 

Standard recipes have been costed for each course and an individual cost per serve determined.

 

·      Save your document. You don’t have to submit it yet.

 

 

Task 2.6: Calculate beverage costs

·      Using the same Course file, Assessment D_Documents,complete Task 2.6: Calculate beverage costs.

·      Based on the information provided, calculate the total beverage costs and cost per head for the event.

·      Calculate beverage cost per head against anticipated sales of 500 tickets.

 

Beverages for the gala dinner include a variety of red and white wines to match each course, bottled light and heavy beer, post-mix soft drinks and orange juice.

 

·      Save your document. You don’t have to submit it yet.

 

 

Task 2.7: Prepare event budgets

·      Using the same Course file, Assessment D_Documents,complete Task 2.7: Prepare event budgets.

·      Based on the information provided and the results of the previous tasks, prepare event budgets for the event.

 

The event committee has asked you to prepare two alternative event budgets based on two different ticket selling prices: $175.00 or $200.00. They want to determine the most feasible and profitable alternative for their organisation.

 

Costs for additional expenses need to be included in the revenue statement budgets. They are calculated as a fixed percentage of total revenue from ticket sales.

  

·      Save your document. You don’t have to submit it yet.

 

 

Task 2.8: Adjust financial commitments

·      Using the same Course file, Assessment D_Documents,complete Task 2.8: Adjust financial commitments.

·      Based on the information provided, recalculate linen and beverage expenses.

 

After meeting with the event committee and discussing potential methods of reducing expenses and maximising profits, the following decisions have been made.

 

·      Linen hire expenses are to be reduced because chair covers and overlays will not be used for the event.

·      The committee accepted an offer from a major liquor supplier to supply all wine for the event in return for acknowledgement on printed materials, such as menus, postersand banners.

 

 

·      Save your document. You don’t have to submit it yet.


 

Task 2.9: Prepare adjusted event budget

·      Using the same Course file, Assessment D_Documents,complete Task 2.9: Prepare adjusted event budget.

·      Based on the information provided and the results of the previous tasks, prepare an adjusted event budget for the gala ball that reflects all new calculations and decisions made by the event committee.

 

The event committee has madethe following decisions.

 

·      Ticket prices areset at $175.00 per person unless profits are below $25,000 in the final budget.

·      The advertising allowance is to be raised to 3% and printing to 0.5%.

·      Entertainment expenses will remain the same at 5%. The band contracted to play during the meal has offered its services for free as a donation to the charity.

·      Room decoration expenses will be increased to $3,000.

·      Lighting and audiovisual expenses are to be decreased by $1,000 each.

·      The supplier who provided costs for the hire of catering equipment for the event is supplyingall equipment free of charge for the same acknowledgements as the liquor supplier.

 

 

·      Save and submit your completed Assessment D_Documents.


 

Task 3: Question and answer

Base your responses to questions 1 to 4 on the results of Task 2.7: Prepare events budgets.

 

Q1:    How can you present the draft revenue budgets to the event committee and other relevant parties?

 

Q2:    Why should you circulate a draft budget to the members of the events committee?

 

Q3:    Do you think either of the budget options presented meets the charity organisation’s stated goals? Why/why not?

 

Q4:    What recommendations would you make to the event committee to help them achieve their goals?


Q5:    Once the final budget has been approved, what information do you need to communicate to your team, the event committee, internal ticket sales staff and externalagencies about the final budget?

  

Q6:    After the event, you have to prepare a report to the event committee on the outcomes of the gala ball. What should your report include?

 

Q7:    The NFP organisation are very happy with the outcomes from the gala ball and want to hold it again next year. What information would you collect and record to assist in preparing budgets for next year’s event?

 



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