Final MEI checklist, any post event business? Options

[VaccaRabite]

We need to get the final $ and attendance numbers from Mike (who is now slammed - let me know if you need help with this).

We will need to set up an account to store funds for future events.

And we need to let Jim know that its time to start the planning for ECC 2009 in VA.

For accounts, there are several ways we could do it (listed in order of accountability):
1) Someone just sets up the account, but has to be on point to maintain it.
2) We ask World to become trustee for the funds for east coast events
3) We start an LLC (or non-profit equivelent) and they keep the funds.

Ideas?

Zach

[VaccaRabite]

Assets:
Total Paid = 44
Gross income = 1735

Liabilities:
Total # attended = 45
Spot fee = $160
Dinner = $1237
Tip = $118
Tax = $56
Current Liabilities = 1571

Possible Liabilities:
No Show Refunds = 155
Banner costs = 100
Total liabilities = 1826

Total Income: -91

Total # showed and didn’t pay = 3 ($150 short)
Total Income if we collect unpaid: 59
Total income if we collect unpaid and do not issue refunds: 214
Total Income if we don't collect unpaid and do not issue refunds: 64


Even though I would be in line for a refund if they were given, I do not think that we should give them. That sets a very dangerous precedent that could cause huge losses for the event planers in the event of bad weather or poor turnout.

Zach

[rmital]

That sets a very dangerous precedent that could cause huge losses for the event planers in the event of bad weather or poor turnout.

very true...your a very wise man.
My kids are in 7th and 8th grades now, so I've had around 9 years of fundraising and recreational events under my belt.
Refunding is fine to a certain date, but afterwards would be very bad.

I have to touch base with Tim from Union City NJ. He's not on the paid list.
Brad did eat and got his head counted. He also neglected to bring any of the swag he promised, which I'm a little disappointed in....