A budget is a tool used in everyday life to ensure that finances are used wisely. In an event, a budget ensures that all finances have been allocated wisely to the right activity and therefore it ensures that the event is a success (Turner, 2003). The quality of the budget determines the level of success of the event. This is the reason why the NACC has had to come up with the budget for their next event which is a NACC men’s basketball tournament which will be featuring four teams and will be held for four consecutive days after which there will been after party.
There are various things that the NACC being the host needs to consider and include the budget. The game officials is the first thing. The officials will be two referees and a supervisor of Officials. The NCAA will contract a National Supervisor of Officials who will be responsible for selecting, assigning and evaluating the officials. The host will be responsible for attending to the needs of the officials. These will include travelling, meals and lodging. The NCAA sports manager will be charged with the duty to see to this. First he must arrange for their travel through the official NCAA travel agency. The travel must ensure comfort and at the same time be fair in price. Each official will be charged $1750 for their travel. They will then be checked in at Windsor motel which is a five star hotel previous officials of the NCAA have been to. The sport manager will book their rooms in advance where he will negotiate for a fair price for the two officials. The price will include meals plus other complementary services such as swimming and using the hotel’s lagoon. All this will be used to win the officials loyalty and ensure that they are fair during the games. The total estimated price for this is $10,000
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In the field, the NCAA will also have to see to the needs of the officials. The officials do not attend the matches with their uniforms and hence need a place to change in to them. This means that they must be provided with locker rooms which are different from the players’ locker rooms. These locker rooms will be charged separately from the player locker rooms. The charge for each day is $100 and they will use the total of four days. The officials must also receive game fees for the four days. Each official will be paid $200 dollars per day. After the tournament is over, an invoice will be gven to the NCAA stating the salary they are to be paid including the game fees.
The game facilities and equipment also need to be taken into consideration while drawing up the budget. The competition site is the most important. The sport manager will also negotiate with the owners of the site for a fair price. In order to ensure that the price is manageable, he should request that the price include all the facilities and resources required for the game. This way, the NCAA will avoid paying for items one by one which will be quite expensive. These items include game clocks, rest rooms, box office, parking lots etc. the budget for the competition site based in previous tournaments is $75000. The host must then budget for the participants lodging for the four days. The payers and their coaches will be accommodated at a different hotel to the official. The sport manager must negotiate with the hotel’s manager for a fair accommodation price which will also include other complementary services. The coaches will be accommodated at a different floor in the hotel and the expected charges for the four coaches are 8000 dollars per coach. The overall accommodation charge for the team players including complementary services is estimated to be $50000 for the four days.
The NCAA must also budget for awards that will be handed out after the tournament to the winning teams (Massaro, 2015). The awards will be ordered from Harrington trophies like the NCAA has been doing in the past. There will be awarding of the number one teams as well as individual awarded. The price of the trophy must also include the sipping cost and this has been estimated to be about $ must also include the shipping cost and this has been estimated to be about $45,000 because cash prices are also going to be given out.
Finally, the NCAA must cater for the after party that will be held after the tournament. The players are welcome to invite families. The after party will be held where a banquet will be held and there will be an open bar. This is estimated to cost about $40,000. The following is a summary of the expected budget for the NCAA Men’s basketball tournament. It includes the expected sample revenue opportunities as well as the sample expense consideration. A good budget evens out the expected sample revenue and the sample expense consideration (Rubin, 1988). This is what the NCAA budget has done.
Sample revenue opportunities |
|
| Gate | 80,000 |
| Sponsorship | 110,000 |
| Concession Sales | 35,000 |
| Hospitality Association | 30,000 |
| Photography | 15,000 |
| Video Tape Sales | 10,000 |
| Program Advertising Sales | 10,000 |
| T-shirt Sales and other game Apparel | 7,000 |
| Snacks | 4500 |
| Total | 301,500 |
Sample Expense Consideration |
|
| Competition Site | 75,000 |
| Event Labor | 20,000 |
| Advertising | 10,000 |
| Miscellaneous | 5,000 |
| Travelling Charges (Officials) | 3500 |
| Salaries (Officials) | 17000 |
| Game fees | 1600 |
| Accommodation Charges (Officials) | 10,000 |
| Accommodation (Participants) | 50,000 |
| Awards | 45,000 |
| After party | 40,000 |
| NCAA Administration | 6,000 |
| Video Tape Expenses | 5,000 |
| Volunteer expense | 7500 |
| Total | 301,600 |
References
Massaro, J. (2015). Deflated Dreams : Basketball and Politics . City: BookBaby.
Rubin, I. (1988). New directions in budget theory . Albany, N.Y: State University of New York Press.
Turner, J. (2003). People in project management . Aldershot, Hants, England Burlington, VT: Gower.
