Event Budget Program
The Benefits to Our Clients
Our event budget process makes the finances of community building super easy for you! You tell us how much you want to spend each month, and we’ll take care of the rest. No petty cash, checks, or debit/credit cards on your end. Just sit back and receive a monthly and annual reconciliation of expenses. We call it simpler, nimbler.
How It Works
- We provide the Apartment Life Coordinator with a prepaid expense card that is loaded at the beginning of the month with the full budget.
- The coordinator uses the funds for events and submits all receipts via an online expense report.
- The program director reviews and approves the expenses, and a copy of the report and receipts are forwarded to you.
- Annually, we’ll send you a summary/reconciliation showing the event expenses compared to invoiced amounts.
*A monthly admin fee of $18.50 will be included with each monthly invoice to support our clients with the needed banking, compliance, and accounting services to manage these funds.
Frequently Asked Questions
The charge will be included on your monthly Apartment Life invoice. In addition to the program fee, you will see two additional lines – one for the event budget (which represents the monthly budget amount that your Apartment Life Coordinator has to work with each month) and one for the event admin fee (which represents the monthly admin fee of $18.50 to cover the cost to provide this program to you).
We are providing the monthly budget to the Apartment Life Coordinator at the beginning of the month so that they can plan and prepare for all their events. In order to do this, we need to have the funding from the property available to distribute to the coordinator. You will not be invoiced for the event budget in your final month with Apartment Life, since you have already “pre-paid” this amount.
From time to time, the Apartment Life Coordinator will not use the full monthly budget. This might occur because the manager has requested that they “hold back” some of their budget to be used for a future signature event. We’ll hold any unused funds for future use and provide you with an annual reconciliation. Any underspending will be returned to you at the end of the year.
We recommend a minimum monthly event budget of $1.50 / unit / month or $100 / event, in addition to the $18.50 / month admin fee.
No, your monthly invoice amount is set when you join the event budget program. You are provided with monthly receipts as support for the monthly budget and to provide documentation for your accounting office. We are able to make a one-time change to your monthly budget. If desired, please work with your program director to do so.
We can handle this one of two ways:
- You can provide the additional money directly to the Apartment Life Coordinator, and they will turn those receipts in directly to you.
- If you communicate with your program director at least two months in advance, we can add an additional line item to your monthly invoice for the big event.
This report is for your internal purposes only. You do not need to do anything with it from our perspective.
- We provide the Apartment Life Coordinator with their monthly event budget by 3rd of the month.
- The Apartment Life Coordinator makes purchases for their events throughout the month.
- The Apartment Life Coordinator loads all receipts by the last day of the month.
- The program director reviews and approves by the 3rd.
- We send you an electronic version of the expense report, including receipts, by the middle of the following month.