The goal of any family reunion budget is to make sure you are not underfunded. There is nothing worse than asking family members for more money to pay a vendor at the family reunion. In order to make sure that this scenario does not play out at your family reunion, you need to understand what needs to be done and the steps needed to get you there.
In order to avoid running short of money, you have to plan a detailed budget that takes into account every single expense. In order to get to a detailed budget, you need to get a preliminary family reunion budget sketched out.
What will the budget be for the family reunion?
A Finance Committee should be formed to keep track of expenses. Once the location, theme, food and other activities are determined, each committee will make a list of estimated expenses. That will determine each family’s share. Before deciding on the budget, keep in mind individual families’ financial situations.
The non-refundable deposit amount should be included in the initial invitation sent to the invited guests. If there are financial concerns, monthly payments may be worked out.
A Family Reunion Fundraiser may ease the burden of some families. A multi-family yard sale or car wash are two ideas. During the reunion, hats, shirts, home-made crafts, or items from the nearby locale could be raffled off to defray costs.
Set up a separate Family Reunion account. Fees may be due to various vendors or deposits made on locations before receiving any funds from family members. Decide how this should be handled. Keep careful records of all monies spent. The Reunion Committee shouldn’t be liable for the bulk of the expense and should be reimbursed from families’ deposits and fees.
The location is generally the biggest expense. A potluck at someone’s home or park pavilion will not be as costly as a destination reunion lasting two or more days. Even if the chosen location is someone’s home or a park, there are still expenses to be considered. A destination reunion will require more planning and budgeting. It will also provide the space, amenities, and activities a home or pavilion can not.
Decorations, printing, activities, snacks, games, rental items, and many other items all will require funds, and the committees should keep careful records and keep within the budget.
Plan a small cushion (5-10%) built into the budget as well for the unexpected expenses that are bound to show up. While your goal should be to break even at the end of the reunion, any leftover funds can be utilized towards the next reunion.