What to Consider When Budgeting for 2021
Experts recommend using lessons from today
Much of an association’s nondues revenue comes in the form of sponsorships, meetings, and professional development and certification dollars. Unfortunately, these funding avenues relied heavily on in-person contact previously. When looking ahead to budgeting for 2021, focus on lessons learned this year, say experts who spoke on the webinar What Will You Need to Budget for the Unexpected?
Dawn Gannon, MBA, CAE, a senior program manager at Virtual Inc., said making certain decisions in advance can help organizations better plan their budgets. For the Academy for Eating Disorders, where Gannon serves as deputy executive director, deciding soon after the pandemic to cancel its 2021 in-person event—instead hosting a 2022 meeting at the same location—allowed the group more budgetary certainty.
“Having made the decision to host 2021 virtually so far in advance was a godsend,” Gannon said. “For 2021, we can plan accordingly, knowing what to expect in terms of expense. … There were a lot of challenges that we’ve already experienced now [in creating a virtual event], and that helps us budget for 2021 and beyond.”
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