Page 130 - DMGT304_EVENT_MANAGEMENT

Unit 5: Financial Management

5.9 Sponsorship of Events Notes

For some events it may be appropriate to seek external sponsorship, particularly those that
require a large budget or may offer mutually beneficial benefits to an external individual or
company. Sponsorship of an event or activity can comprise of in-kind support, financial support,
or a combination of both. However, with sponsorship comes a lot of extra responsibility for the
event organizer in all stages of the event process; including the planning, organization, execution
and post-event activities.
The following outlines important elements of sponsorship:
Strategic Planning. Consider the aims and objectives in relation to the purpose of seeking
sponsorship, identifying and prioritising potential sponsors and determining a strategy as to
your approach.
Sponsorship Agreements. These must include deliverable benefits from to the sponsor, outline
timing, terms and conditions and any other arrangements specific to the event. They should be
included in the initial sponsorship proposal
Restrictions on Sponsorship. Number of external individuals and companies that are not suitable
to sponsor an event or activity.

Examples:
Political Parties
Tobacco Companies
Gambling Services

Notes Management of Sponsorship.
Management of any sponsorship includes:
Administration of arrangements, including how funds raised are to be accounted
for and monitoring records.
Governance consideration, including allocating a person to manage the relationship
with the sponsor and ensure all arrangements/contractual agreements are met.
Ongoing monitoring of the event process to ensure that what was agreed to is
delivered and the event’s outcome is what was proposed.

Evaluation- The success/outcome of the event and benefits to the sponsor. The
evaluation process should include feedback from the sponsor. The sponsor should
be given a copy of the report
Thank you- The sponsor/s should be formally thanked and acknowledged for their
contribution and informed of the outcome of the event.
All sponsorships must be approved by the relevant member of the Senior Executive
Committee.

Self Assessment

State whether the following statements are true or false:
11. For some events it may be appropriate to seek external sponsorship, particularly those
that require a large budget or may offer mutually beneficial benefits to an external
individual or company.

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