July 11, 2014 Leave a comment
Without a proper context, the title above may be seen as a misleading statement. Our chapter is run as a non-for-profit organization. Although our goal is not to make money, we do need to make some to cover our operating costs in order to achieve our mandate.
Our main income, of course, comes from seminar and conference events. Our luncheon session would cost about $35 or less. Workshops can have varied prices as it is up to the cost of instructors. Our annual fraud conference basically has its price around $300 or so for the full day event. The number of our event attendees has significantly increased in the past couple years.
In early years of our existence, we collected cash and cheques when people came to the registration desk prior the event started. A receipt may be pre-written or freshly written when people paid for their registration fees. It was unbelievably time-consuming. Given our resources were busy volunteers, it could be considered a pain. Additionally when there were no-shows, we just lost money as we had to pay for pre-ordered food. This is why we don’t like cash that much.
That sort of activities has long gone. Thanks to affordable technology. With some courage to learn about event registration and payment technology available in the market, we went through the touch tone service to process credit cards for payment with emailing for registration confirmation/ receipt. That was much better than collecting cash and writing a receipt for each attendee. We eventually found Gifttool which fits our needs. Now we accept no cash and no cheque. Only credit cards are accepted. Our administrative effort for revenue collection is no longer significant, i.e. very efficient and effective.
Cash in bank is a totally different story and for a future post!