Financing a Reunion
Use effective communication so that the group members understand their financial circumstances. Ask each member to express whether or not they can help. If the group is willing to put forth money then the committee leader needs to plan a budget to determine if members still feel comfortable covering the costs of the reunion. Classmates have families and other financial obligations and this discussion should be handled delicately so that no animosity is created among members.
If a reunion company is not hired, then it is especially important to plan finances carefully so that the committee members do not lose money due to unplanned costs associated with the reunion. Make a list of any upfront costs, which may include: stationary supplies, printing of invitations/name tags/etc., postage, souvenirs/favors, decorations, location of classmates, website development, door prizes, liability insurance, reunion facilities deposit, entertainment deposit with gratuity, and deposits for extra activities. Members should put forth money into a separate banking account for the reunion in advance, so that a budget can be created. The financial goal of this event is to break even on costs and in order to achieve this consider the following aspects of the reunion:
• Create a realistic budget where members are able to pay initial expenses and later be reimbursed.
• Decide on how much the reservation ticket needs to cost in order for committee members to be reimbursed for initial funds. It's beneficial to bump the ticket cost at least $10 to handle any unexpected expenses that might arise. It's better to be safe than sorry when costs start adding up at the end of the reunion.
• Take into account that former teachers/principals are typically invited at no cost. This is important to figure into the budget.
• Opening up a free checking account will help the committee better keep track of funds.
• Your committee may earn interest through obtaining an employers identification number (EIN). Complete the form SS4 then call the IRS Service Center and obtain the EIN and submit the form. When you open up a bank account you should supply the employer's identification number instead of your social security number.
By following these guidelines, committee members won't lose money due to unplanned costs.
