MEDI 504 COLLABORATIVE PRACTICE: Budget and Crowdfunder

The budget was a uncertain figure for a while at the beginning of the project and the exact figure that we had to play with was unknown until after the Easter break. We had a rough estimate before hand of £200 but until we knew the exact amount we couldn’t fully plan everything that we needed the money for and likewise we couldn’t physically buy anything.

After Easter the module leaders had a budget meeting in which £300 was agreed for the use of this project. This meant we could finally start breaking down what we needed for the event and what wasn’t in our grasp.

Faye who finalised the budget laid out everything that we thought we needed at that time and came up with a rough estimation of what each smaller team could use and what responsibilities that had with that money. For example, the marketing team had £125, which was split between t shirts, flyers, posters and booklets.

With the t-shirts we each individually bought our own, which was not taken out of any budget. We decided as a marketing team before the budget was finalised at £300 that the estimated figure of £200 was to tight to buy them out of it. Vicky, who was also in the marketing team created a chart with each name, the size of t-shirt they required, and later own added a column to state whether they had paid or not. She bought and paid for the t-shirts in bulk so we knew that each person had a t-shirt and we then stored them all together until they were ready to be printed on.

Later on in the process we found out about extra expenses that we were not aware of. These consisted of Van hire, Electric Engineer, Sound Engineer and Parking Permits. This meant that Faye had to move around money within the budget so everything could be paid for.

The crowdfunder that we had set up right at the start of the event had not had many backers, not enough money had been pledged and therefore we didn’t think that we would have enough to pay for everything that needed to be paid for. To try and push the crowdfunder more we made sure that people within the group shared the crowdfunder page on their social media, even if that just consisted of sharing the post that I had made on the Homefoto Facebook page. We also asked everyone to ask someone from home, family and friends, if they could pledge to boost the page.

This boosted the page immensely and we managed to hit our £100 target around 1 week before the event. This meant that we could keep promoting the page to hit our £150 stretch target. Fortunately we managed to hit the £150 stretch target and we were able to use the money in the way that we had planned.

The £100 that we raised in the crowdfunder is dedicated to paying the electric engineer, meaning that we don’t have to sacrifice any of the budget in other areas. The money that we raise over the £100 target is going to go towards the refreshments on the day.

Vicky set up the crowdfunding page. She made sure that she included updates of our work, even sharing previous events videos of the day to give pledgers an idea of what they were giving their money to.

We have had a total of 20 backers, some being members of the group, others being friends and family. The list of backers on the crowdfunder available at http://www.crowdfunder.co.uk/homefoto/backers/? and will be printed out in my workbook for the benefit of the markers of this project.

The Final budget is as follows:

Allocated budget

£72 Sound engineer

£125 printing

£100 props/frames/ business cards

= £297

Crowdfunder Money

£100 Electricity

£30 Parking Permit

£20 food and drink

We split the printing money for each different type of marketing tool we needed. The posters cost us £12.50. We managed to get 2 posters to a page and we printed 50 pages, giving us 100 posters.

The booklet that was created for inside of the dome on the day of the event cost £54.00 for 200 booklets. We printed these in black and white due to the fact that it would have cost a lot more per booklet if we had printed colour. Printing one A4 page, back to back, is 9P black and white opposed to 45p Per colour. For 200 booklets we would have ended up spending 5 times the amount, ending up around £90, which is the majority of our budget.

For the t-shirts we had to buy transfer paper, and for this it cost £8.25 for 9 A4 sheets. It cost 0.45 to print

The exhibition prints were broken down into size of the prints. These sizes were: 6×4, 6×8, 10×12, 12×16

This is the breakdown of the price

Post card: £4.50

Size Price Amount Total price
6×4 £0.15 43 £6.45
6×4 £0.35 26 £9.10
10×12 £0.95 3 £2.85
12×16 £1.50 2 £3.00
TOTAL N/A 74 £21.40

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