How should the income and expenses from a conference be recorded?

Our department plans to host a conference at a nearby hotel. We expect the income from the conference registration fees to be approximately $15,000. How and where should we record this income - as well as the expenses incurred for setting up the conference?

Accounting Services & Controls recommends that for any conference expecting revenue over $10,000, the department should set up a new income account if they do not already have one. This can be done by contacting General Accounting at x2372. If the department currently has an income account, they may use that account to track the conference revenues and expenses, unless the conference is expected to be very large; then the department may elect to set up another income account. General Accounting can provide guidance and assistance in this area.

The importance of establishing a new account is to ensure proper tracking and recording the sources and uses of funds - the main principle of fund accounting!

As a reminder, some other things to think about when hosting a conference:

1. Credit card payments for registration fees. If your department wishes to accept payments using credit cards, you must receive prior approval from the Chancellor. Please contact the campus Credit Card Coordinator in the Controller's Office at x3959. There is a very formal process to getting the approval and the campus Credit Card Coordinator will tell you how to get started.

2. Storing the money received. If you will be receiving cash and/or checks for the conference, please refer to Business and Finance Bulletin BUS-49 regarding Cash. This policy includes guidelines for handling, receiving, and storing cash in your department.

3. Preparing a budget. This is extremely important. A budget will help you determine what your costs are going to be, how much to charge for the registration fee, and can be a very valuable planning tool.

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