Managing Currency & Finances

Presentation by:Mr. Evangelos VantzosBSc, MSc, PhD Researcher

Budget Considerations Higher air travel, shipping & communication costs More & longer site visits Customs/duty/taxes Interpretation/translation costs Changes in local politics & economy Contingency/emergency funds Currency issues

Getting Advice

International banks & currency brokers International accounting firms & stock brokers Planners with multinational corporations International currency & foreign exchange

specialists Online currency information

Currency Strategies

Know what questions to ask Capital protection:

• Options contract• Forward contract• Deposit• Spot price

Planning Guidelines

Contract & registration currency Paying for day-to-day expenses

• Cash in local currency• Letter of credit, bank draft or travelers checks• High limit credit cards• Local checking account• Cash from hotel master account

Tax Issues

Each country tax codes VAT, GST or IVA

• What is level of tax? (%)• Should be included on all bids• Are any items exempt?• Reclamation requirements for organization and

individuals

Activity According to budget considerations please create a

list of each budget consideration factor that maybe benefit meetings, conferences and exhibitions organizers.

The class should separate in groups of 3-5 persons.

The particular class activity should work as a typical company meeting using brainstorming. At the end of the class exercise each group should present its findings in a 3-5 minutes presentation.

Suggested Readings Allen, J. (2000). Event planning : the ultimate guide to successful meetings,

corporate events, fundraising galas, conferences, conventions, incentives and other special events, John Wiley & Sons, Toronto, Canada

Allen, J. (2002). The business of event planning: Behind the scenes secrets of successful special events, Wiley, USA

Allen, J. (2003). Event planning ethics and etiquette: A principled approach to the business of special event management, Wiley, USA

Fenich, G.G. (2005). Meetings, expositions, events and conventions: an introduction to the industry, 5th edition, Pearson/Prentice Hall Upper Saddle River, NJ

Krugman, C. and Wright, R.R. (2006). Global Meetings and Exhibitions, Wiley, USA