The Finance Leads’ role is to oversee the budgeting, compliance and evaluation of the financial impact of the event. This role is critical to the diligent delivery of funds raised to support the chosen organisations.
10×10 HQ will provide you with support to get you started early to set up and track all the financial details of the project. Prior planning will ensure that the work to reconcile, evaluate, report and close the event is efficient, meaning we can transfer funds to the organisations as quickly as possible.
Budgeting & Reporting
Provide the Committee with regular updates on pledges and donations.
Track fundraising and expenses and deliver a simple financial update at each Project Committee meeting, including key fundraising milestones.
Access the budget, reconciliation and reporting sheet that 10×10’s Events Lead will provide you access to for the duration of your campaign.
NOTE: This document cannot be shared or downloaded. All copies must be deleted at the end of the campaign. You will need to sign a Donor Privacy agreement to receive access. 10×10’s Events Lead will send you the agreement along with a copy of the policy.
Administration & Compliance
Brief the team on record keeping and encourage compliance (particularly receipt keeping, expenses and reimbursement policies as per the Project Committee Volunteer Agreement).
Ensure compliance through recording agreements, licences, insurance and key documentation in the Project Google Doc.
Remain in touch with 10×10 HQ for any concerns, questions or ideas for improvement for the systems and processes.
Event Finance Preparation
Preparation is key to smooth event production because the culmination of the entire project is the moment when the fundraising grand total can be announced to your audience – therefore, your calculations need to be fast and accurate on the night.
Pre-populating the finance template will ensure that you are ready for the addition of on-the-night donations, raffle tickets and auction money.
To ensure you are ready provide the grand total at the appropriate time on the please:
- Test and manage the mobile payment devices (e.g. Square), download the app and brief the team on use. Check out our how-to guide here.
- Manage financial tallies for a live fundraising announcement to the audience before event close.
Event Reconciliation and Evaluation
- Please save all receipts and invoices in the ‘Invoices’ folder in your Google Drive. This will help out HQ team cross-check the numbers.
- Provide assistance for any donor who would like to further support one (or all) of the three charities beyond the event, or as part of 10×10 HQ – with your help, we can develop the relationship as part of our global mission.
- Ensure amounts raised at the event, outside of pledges (i.e. raffles, donations, auctions etc.), are split evenly amongst charities – THIS IS EXTREMELY IMPORTANT.
Every donation and detail is itemized and reported to 10×10 HQ, and we rely upon our Finance Lead to provide insight from the Project Committee to ensure we diligently manage the funding to the charities.
- Please note that all money must be received via EFT, or other approved digital transaction; cash must not be received under any circumstances
With record keeping before the event, the process of running a final check on your calculations should be simple. When you are happy with your finance spreadsheet, please send to email@example.com, and 10×10 HQ will work to have the charities paid as quickly as possible.
At The Event
- Be able to fill in and manage the finance template in real time.
- If running a raffle, record these sales if you’re still selling tickets on the night.
- Manage communications – if people send comments in the chat, please reply to them.
Announcement of funds raised on the night:
The amount that is going to be announced on the night is made of TOTAL FUNDS RAISED
(ticket sales, donations, raffles etc) minus the COST of the event (venue hire, platform fees etc.)
After The Event
All ticket sale payments must be added to the spreadsheet.
Within 5 days, the finance template needs to be reconciled and sent to 10×10 HQ to review.
10×10 HQ will also email charities directly to let them know how much they are expected to receive. We also offer to go through the reconciliation sheet with them.
10×10 HQ will then work with the finance team to ensure the funds are allocated to each charity – please remind the charities that this may take up to 8 weeks. Please note 10×10 HQ is not able to pay the charities until all the money from the event has landed in our account.
Once the finance spreadsheet has been reconciled, funds will be paid directly to the charities (by 10×10 HQ or partner in US/UK).