The Pop Music Awards (hereafter the PMA) is a (fictional) annual event that celebrates contemporary British music. The accountant of the PMA resigned abruptly three months before this year’s event. Soon after the accountant’s resignation, the bank that handled the PMA Trust account received a notification that the account was overdrawn. This is shocking news to the PMA management team, as they were under the impression that the Trust was operating with a comfortable surplus in its bank account. An emergency meeting of the management team and trustees has been called to discuss the situation. The trustees have also asked you, the event manager, to inspect relevant transactions to assess whether these financial transactions are valid and relevant to the planning of this year’s event.
This case study outlines standard and event-specific financial processes that an event professional would need to understand in order to effectively oversee the successful financial management of their event.