Free Fundraising Event Budget Template + Steps to Follow

Setting a proper budget is the best way to measure the success of any fundraising event, whether you’re hosting a silent auction or a full-blown gala. Your event budget will allow you to monitor and control costs and determine your net revenue.

But how do you create an effective fundraising event budget from scratch? We'll walk you through the basics to help you craft a budget that will better predict your event profitability.

Download Our Free Fundraising Event Budget Template!

Use this tool to follow along as we take you through the basic elements of creating a budget plan for your fundraising event.

‍

Fundraising Event Budget Basics

Maybe you didn't pay attention in that finance class in school, and the thought of building a budget or a profit and loss (P&L) statement intimidates you. We promise to keep this simple.

The P&L, which is an essential part of any fundraising event budget template, is simply a statement of event revenues and costs. This includes:

• Event revenues, which can refer to donations, ticket sales, sponsorships, auction revenue, raffles, etc.‍
• Event costs, which can refer to the cost of auction items, venue space, catering, bar fees, consultants, auctioneers, entertainment, technology, etc.

If your revenues exceed your costs, then you have a profit. Otherwise, it is considered a loss. Our goal is to avoid that happening.

Most event planners start by forecasting revenue first. If you have run this event for several years, you may feel comfortable doing that. However, if this is a new event, it could be difficult to predict how much money your event will raise. If this is the case, start by projecting the costs.

Steps to Create a Budget for Your Fundraising Event

In this exercise, we are going to build a fundraising event budget and then set a revenue plan to make the event profitable. So pull up our free event planning budget template and follow along as we go through all the steps of budgeting for a successful event!

1. Determine the Logistics of Your Event

First, we need to establish what will likely most influence the cost of your event: the venue. To start, determine how many people you expect to attend your event to determine the required venue size. Don't overthink this part. This is simply an estimate so that you can choose the right venue. For instance, the size of your venue will differ if you're holding a silent auction to benefit your small private school versus a concert event that is open to the public. 

Next, choose a date for your fundraising event. Ensure that the date you choose does not conflict with other major events or holidays in your community that could potentially draw away attendees or make it difficult to secure vendors, volunteers, or the venue itself.

Selecting a date before a venue allows you to have more flexibility and options when it comes to finding a location that can accommodate your needs. If you choose a venue first and then realize that the date you need is not available, you may find yourself scrambling to find a new location or having to compromise on your preferred date. Taking the time to carefully consider your event date before choosing a venue can save you time, money, and stress in the long run. 

Lastly, make sure to start outlining high-level goals for your event. You don't need to have a concrete fundraising goal yet, but jot down some things you want to accomplish. For instance, you might want to expand your donor base or engage long-time supporters. You can circle back to this with more details later.

📄 If you are building your budget our Fundraising Event Budget Template, now is a good time to head to the expenses tab and fill in the first section on venue costs.

2. Consider Food & Drink Costs

Another significant cost of your event will be food and drink, which may tie into your venue costs depending on the venue. For example, most hotels require you to use their food and beverage service. Other venues have a list of approved caterers to choose from, and you're not permitted to use vendors outside of the list. You'll want to work closely with your venue to ensure you follow any requirements they have.

Food costs will depend on the menu you've chosen, additional supplies (tables, linen, place settings), and an estimated number of guests. Your caterer should be good at helping you estimate these numbers accurately along the way. For this budget, estimate how many people will attend your event and the catering cost per person.

For drinks, if you don't plan to serve alcohol at your event, this portion gets considerably easier. For non-alcoholic beverages, estimate what you plan to serve (e.g. sodas, water) and the number of each that you think you will need. We encourage you to try to get these donated if you can.  

If plan to serve alcohol, however, you need to figure out the following when building your fundraising event budget:

• Can you get alcohol donated? When it comes to serving alcohol at your fundraising event, it's important to consider all of your options. One possibility to explore is securing donated alcohol, which can help you save on costs. However, it's important to note that this option requires careful planning and coordination, including securing the necessary permits and donors.

• Who will serve the alcohol? Alcohol service will be handled either by the venue's staff or the catering staff, as you may not legally be allowed to do so because of permits and certifications according to your local jurisdiction. Be sure to anticipate and include staff costs for bartending services and gratuities in your budget planning.

• What do you plan to serve? Beer and wine are easy to serve, as they don't require additional mixers. If you are planning to serve mixed drinks, you'll need to decide whether you will have a full bar, or if you plan to have a choice of one or two predetermined cocktail options for your guests. We recommend you keep it simple.

📄 Following along with our Fundraising Event Budget Template? Go to the expenses tab and fill in the Food & Drink costs.

3. Estimate Your Auction & Ticketing Expenses

Certain costs have a direct impact on your event revenue, meaning that if you cut corners here, you can expect a negative impact on your revenue. This point is often lost on event planners who get caught up in what it costs to purchase ticketing and mobile bidding software. Don't get caught up in that belief.

To build this part of your fundraising event budget, ask yourself the following questions:

• Are you selling tickets to the event? If so, would you prefer that guests who purchase tickets are automatically pre-registered for your auction with a credit card already on file? If you answered yes, then you will likely want to use a mobile bidding and event fundraising solution that includes integrated ticketing.

• Are you planning on having a live auction? If so, we recommend that you consider hiring a benefit auctioneer. Sure, they cost money, but that expense is often made up in higher auction revenues. Benefit auctioneers are highly trained to extract maximum dollars out of the room.

• Are you planning on having a silent auction? If so, we strongly recommend that you use quality mobile bidding software, like Handbid. To budget for your software costs, you need to do some research and find the software that best fits your needs.

• Are you selling anything at your event? There are many unique revenue generators you can employ at your event to raise more money. If you want to do things like a wine pull, a prize drawing, or another interactive game, determine if that results in a higher software cost from your mobile bidding vendor. You should also budget for any costs to acquire the items you intend to sell or give away.

• Do you intend to have a donation/ask (aka Paddle Raise?) If you plan on doing a donation appeal during your event and you have hired a benefit auctioneer to do it, be sure to factor in any additional costs the benefit auctioneer will charge you.

• Do you intend to hire any paid staff to work the event? If you feel you need some extra help at the event and you don't have enough volunteers, lean on your event planner (if you have one). If you don't have one, consider any additional paid staff, such as servers or software support staff that you'll need to bring in. Beware of mobile bidding companies who give you a great price and then supply subpar staff that do not know the software or how to run a fundraising event.

Investing in great event software will make it easier for your guests to purchase tickets, bid on items and make donations. All of those line items boost revenue.

📄 Using our Fundraising Event Budget Template? Head to the expenses tab and fill in the section on Auction/Fundraising costs.

4. Outline Other Event Costs

Finally, consider any other necessary expenses for the event and add them to your fundraising event budget. These typically include the cost of:

• Decorations: A common mistake people make is factoring decorations into the venue costs, but in many cases, the venue has little to do with your decorations. Make sure to include the cost of decorations as a separate line item in your fundraising event budget.
• Permits and Licenses: In many cases, you have event-related costs associated with licenses, insurance, and permits. If you are holding a raffle and need a raffle license, for instance, include that cost. If you need a permit to serve alcohol, add that in, too. If you need event insurance (we recommend you get it if you need it!), then calculate that.
• A/V and Entertainment: Do you plan on giving a presentation or showing a video during the event? Do you want a live band or DJ? You need to budget for all of those things. In some cases, the venue may supply all of the required audio-visual (A/V) equipment for you. Regardless, it is best to track it as a separate line item in your budget.
• Media and Promotion: Media and promotion costs encompass various elements like paid advertising through social media or streaming ads, invitations, postage, graphic design, and online marketing, all of which play a vital role in promoting your event. Additionally, paper invitations and printed programs or graphics for the event should also be factored into the overall budget.
• Event Software: If you want to double or triple your revenue while making the guest experience as pleasant as possible, we recommend investing in user-centered event software. This is especially important if you are planning to host any auctions.

• Decorations: A common mistake people make is factoring decorations into the venue costs, but in many cases, the venue has little to do with your decorations. Make sure to include the cost of decorations as a separate line item in your budget.
  
• Permits and licenses: In many cases, you have event-related costs associated with licenses, insurance, and permits. If you are holding a raffle and need a raffle license, include that cost. If you need a permit to serve alcohol, add that in. If you need event insurance (we recommend you get it if you need it), then calculate that.
• A/V and Entertainment: Do you plan on giving a presentation? Do you plan to show any video during the event? Do you want a live band or DJ? You need to budget for all of those things. In some cases, the venue may supply all of the required audio-visual (A/V) equipment for you. Regardless, it is best to track it as a separate line item in your budget.
  
• Media and Promotion: Media and promotion costs encompass various elements like paid advertising through social media or streaming ads, invitations, postage, graphic design, and advertising, all of which play a vital role in promoting your event. Additionally, paper invitations and printed programs or graphics for the event should also be factored into the overall budget.
  
• Event Software: If you want to double or triple your revenue while making the guest experience as pleasant as possible, we recommend investing in user-centered event software. This is especially important if you are planning to host any auctions.
  

📄 If you are building your budget in our Fundraising Event Budget Template, now is a good time to head to the expenses tab and fill in the bottom sections.

5. Set Revenue Goals Based on Expenses

Remember those goals we talked about when we first started? Now that we've crunched some numbers, this is a good time to circle back and really put some definition into those goals. Setting revenue goals is crucial to ensure your fundraising event not only covers its costs but also meets its fundraising targets.

Let’s dig in. Your primary goal should be to cover all expenses, and your secondary goal should be the amount you aim to raise for your cause. Add your desired profit to the total expenses to determine your overall revenue goal. For instance, if your total expenses are $10,000 and you want to raise an additional $15,000 for your cause, your revenue goal should be $25,000.

It's crucial to set revenue expectations that are realistic. While it’s great to aim high, being overly ambitious can lead to disappointment. Base your projections on realistic assumptions, using historical data, competitive analysis, and industry benchmarks. For instance, if a similar event raised $50,000 last year, use that figure as a guide rather than an outlier success story.

It’s important to note that silent auctions can be significant revenue drivers, but setting realistic expectations is key. Look at past silent auction results from your own events or similar ones. Consider the value and appeal of the items you’ll be auctioning. A good rule of thumb is to aim for auction items to sell for at least 70% of their market value.

As you progress in your planning, continuously review and adjust your revenue goals. If you secure more high-value sponsors than anticipated, you can afford to raise your goals. Conversely, if ticket sales are slower than expected, you might need to ramp up marketing efforts or adjust your projections.

How to Use Our Free Event Budget Template in Excel

Our Fundraising Event Budget Template is designed to keep you organized and on track, with just a few clicks and keystrokes. Here's a breakdown of each section within the template:

1. Setup: This is where you can customize and enter the basic details of your event, such as the name, date, and location. Make it yours – this template is your event’s new best friend.
2. Overview Summary: The overview summary gives you a bird’s-eye view of your budget. This is where you’ll see the big picture without diving into the weeds. As you fill out the expenses and revenue sections, watch the summary magically update. It’s like having a personal assistant who’s really good with numbers.
3. Expenses: If you've been following along, you should be pretty familiar with this section. Ultimately, we try to make it easy for you to project and keep track of important costs.
4. Revenues: This is where you can keep track of all revenue streams, including ticket sales, sponsorships, donations, and silent auctions. As you get tangible numbers, this is where you'll find out if your event is going to be a financial success or if you need to tweak things a bit.

1. Start with estimated costs. Enter your best estimates for all the expenses you anticipate. This includes everything from the big-ticket items like venue and catering to the smaller details like printing and decorations. Think of it as painting a picture of your ideal event – with numbers.
2. Update with actual costs. As your event planning progresses and you start paying those bills, replace your projected costs with the actual amounts spent. This is where you find out if your projections were on point or if you need to reconsider your future forecasting career.
3. ‍Review and iterate. With both projected and actual costs in the template, take a moment to analyze. Are you overspending in some areas? Under budget in others? Use this information to adjust your plans accordingly. Maybe you can afford that extra dessert station after all, or perhaps it’s time to rethink the gold-plated invitations.

Still Haven't Grabbed That Free Budget Template?

It's never too late. We'll email it to you right away!

Wrapping Up

Budgeting and setting revenue goals are the cornerstones of a successful fundraising event. By meticulously planning your expenses and projecting your revenue, you can create a clear roadmap that ensures your event not only covers its costs but also achieves its fundraising targets. Keeping track of your budget and regularly updating it allows you to make informed decisions and adjust your plans as needed, leading to a smoother and more financially successful event.

Don’t forget that leveraging technology such as auction software can significantly boost your revenue. These tools streamline the auction process, making it easier for attendees to participate and bid, which can lead to doubling or even tripling your auction proceeds. With features like mobile bidding, instant notifications, and real-time updates, auction software enhances the overall experience for your guests and maximizes your fundraising potential.

Happy planning, and here’s to your event’s success!

‍