Financial Management
The financial ratio set by VERTIAS of 4:1 was unfortunately not achieved due to a combination of low attendee numbers, and funds from fundraising events being lower than forecasted.
Two fundraising events were conducted prior to the Race Night - a mini race night and a bake sale. Taking into account the low numbers of attendees at the race night, a good sum of money was raised from bets and raffle tickets. This along with the money raised from the bake sale was used as the cash float for the Race Night, ensuring there was enough cash available to fulfil the pay-outs to winners.
Businesses and individuals were approached as potential sponsors for races. Two businesses sponsored the event at a sum of £150 with another business sponsoring a race at £10. Ideally there would've been a sponsor for each race, which would've helped improve the financial ratio and profits.
This sponsorship money along with ticket sales made up the
majority of funding to pay the venue and equipment suppliers, allowing for the majority of the money raised on the night to go directly to Roundabout.
It was mentioned by one of the Roundabout representative that, had she initially been contacted, she would've help to sell more tickets using her business and personal connections. Had VERITAS known this at the start, they would've done so to sell more tickets, to work towards their objective of having 80 people minimum attend the evening.