Steem Summit Financial Statement

in promo-steem •  last year  (edited)

Financial Statement.jpg

After the release of the Steem Summit Manifesto, Steem Summit Branding and Steem Summit Organizers' Profiles, we now present to you the initial financial statement of the summit. This post details the projected cost of the events' particulars: venue, food, exhibit paraphernalia, token for speakers, promotional materials, prizes for participants and decorations. The corresponding assumptions and percent contingency applied will be discussed as well. Apart from the projected costs, this post will also include the event's sources of funds.

In the previous post, we mentioned about the need for transparency. The main aspiration of the organizers with regards to the financial aspect is zero-corruption. Therefore, countermeasures were designed to effect such. Part of the countermeasure is the regular posting of updates with regards to this aspect.

Let's get right to the cost projections and sources of funding. The breakdown is as follows:

Cost Projections

All of the projections shown here are based on assumptions that will be discussed per category. We have applied 20% contingency as suggested by for relatively risky projects. The base amount and the additional contingency will be summarized in a table that will follow after the assumptions.

The main factor that the organizers considered with the venue was its capacity. We projected that there will be at most 250 people that will attend the event. We based this on the headcount of the participants in the most recent meet-up. There were 112 participants, to be exact. The extra heads will account for new Steemians and non-Steemians that will be coming to the event. After capacity, the overall atmosphere of the venue was considered as well. It had to work with the theme of the event - fun and artsy. Next to atmosphere, we considered the accessibility of the place as well. The venue had to be located at the heart of the city. After careful deliberation, a venue stood out among the rest. We will be announcing that very soon, so stay tuned. After coordinating with the owner of the place, we negotiated the price of the venue at around PhP 32,000 (USD 640).

The organizers decided that complimentary light snacks will be served for the participants. We set a budget of PhP 50 (USD 1) for each one. Assuming a full capacity of 250, the budget for the participants' snacks amount to PhP 12,500 (USD 250). We also allocated a portion of the food budget for the special guests' and organizing teams' meals. We project this to amount to at least PhP 2,250 (USD 45) assuming PhP 150 (USD 3) each for 15 people.

Exhibit Paraphernalia
As mentioned in the manifesto, quality work by chosen Steemians will be featured in an exhibit set-up in the event. This category will cover for the costs of printing and frames. We assumed that the printing will cost PhP 100 (USD 2) per picture and frames will cost PhP 250 (USD 5) each. We further projected 40 pictures to be printed and 12 to be framed. These amount to PhP 7,000 (USD 140) in all.

Token for Speakers
Notable Steemians will be invited to speak in the event. As a sign of our appreciation, a carefully thought-out token will be given to them in the awarding ceremony. Assuming a budget of PhP 500 (USD 10) for each token to be given to 2 speakers, the projected amount for this category is PhP 1000 (USD 20).

Promotional Materials
This category pertains to the cost of the tarpaulins, posters and other advertising articles to be put up in the event. This covers the cost for the promotional video and possible photoshoot too. The estimated cost for the promotional materials is PhP 10,000 (USD 200).

This category refers to the physical installations that will be put up in the event. Among these installations are: Steem Summit photobooth and stage standee will amount to approximately PhP 5,000 (USD 100).

Prizes for Participants
To entice Steemians to send in their entries in the categories of poetry, travel, photography, other artworks, exceptional content and performing arts including (but not limited to) dance, song, beatbox and spoken word poetry performances; the organizers have decided to award SBDs to the lucky Steemians. The prize pool per category is projected to amount to at most 10 SBD. When this amount is multplied to the number of categories and to the assumed conversion value of 1 SBD = 150 PhP, this will total to PhP 13,500 (USD 270).

In summary, the projected costs and costs with added %contingency are as follows:

CategoryProjected Cost - Cost +20% Contingency
VenuePhP 32,000(USD 640) - PhP 38,400(USD 768)
FoodPhP 14,750(USD 295) - PhP 17,700(USD 354)
Exhibit ParaphernaliaPhP 7,000(USD 140) - PhP 8,400(USD 168)
Token for SpeakersPhP 1,000(USD 20) - PhP 1,200(USD 24)
Promotional MaterialsPhP 10,000(USD 200) - PhP 12,000(USD 240)
DecorationsPhP 5,000(USD 100) - PhP 6,000(USD 120)
Prizes for ParticipantsPhP 13,500(USD 270) - PhP 16,200(USD 324)
TOTALPhP 83,250(USD 1,625) - PhP 99,900(USD 1,998)

Should there be questions and suggestions with regards to the budget assumptions, feel free to voice these out in the comments section below.

Sources of Funds

The funding will come from two main sources: the earnings of the posts in this page and from sponsorships.

Post Earnings
The earnings from @steemsummit's official account will directly proceed to the summit's fund. The organizers will take on the roles of writers. You, that's right, we're talking to you - can do your part by upvoting and resteeming all of the posts here so that the fund pool will increase and news about this event will spread like wildfire! Help us make this the best summit the platform has ever seen.

In addition to post earnings, generous Steemians have pledged their support for this event. We are grateful to @donkeypong, @themanualbot, @jassennessaj and other Steemians who have expressed their willingness to financially support the summit. We are also open for sponsorship of any kind, rest assured that all of the proceeds will go directly to the summit fund.

Should there also be any questions or suggestions with regards to the sources of funds, you are more than welcome to grace the comments section below.

We have carefully designed check-and-balance systems to make sure that every SBD is accounted for. To wrap this post up, we'd like to say that the goals of the event will be materialized with your 100% support. Be it in the form of your upvotes, resteems, physical labor, and even sponsorships - everything counts!

See you in the next post.


This financial statement was prepared by @thegaillery.

Steem Summit Organizers:

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I'm all in and full support. This kind of event prepared is something worthy. I'll be happy to do my best to support.

I have high hopes for this project and believe so much on you guys @honeyletsgo, @legendarryll, @thegaillery and @ybanezkim26. We will do our very best to help.


Thank you so much Jass! You were the very first to express your utmost support for this endeavor. Should there be suggestions and/or concerns regarding the projected budget, we are more than willing to accept all of them. Rest assured that the funding will be put into good use.

The venue had to be located at the heart of the city.

Can't wait for it! @steemsummit!


We're excited to share the venue with you too, @brokemancode!


Wow that's nice @thegaillery!

To hear the speech version of this post click the play image.

Brought to you by @tts. If you find it useful please consider upvote this reply.

  ·  last year (edited)

This is really interesting, @steemsummit's team!


Stay tuned, @juecoree! More exciting things are coming :)

This is amazing.

One mistake people make when planning event like this is failure to plan and adequately take into cognizance all variables.

I love that you guys are avoiding that mistake.

I think you might need to speak with @ejemai and @tojukaka. Both guys organised a very successful #Meetup event two weeks ago and I must tell it, it was a huge success.


  ·  last year (edited)

I'll be happy to support you guyz....thank you so much for this great effort..kudos to all the organizers and to all steemian cebu...@steemsummit congratulations!!!


Thank you so much for your help @maefe30. We are happy that you are excited for this event. We are hoping that you'll invite your friends to come too. :)


You are always welcome.I'm glad to help.I'm already spreading the good news to my friends and colleagues.


That's so good to hear, @maefe30! Your help is very much appreciated. I hope your heart to help would create a ripple and touch other steemians' lives. May God bless you abundantly!


Thanks to you...the pleasure is mine guyz...that so wonderful words to hear..simply happy...



See you soon @christianyocte. :) please invite your friends.


I actually have to read more about this. Hehheh.. Got very busy at school. Teachers work are really time consuming hahahha.

I am excited for this. :) <3 :)


Us too @joancabz! :)

wow! this is great! it will be a memorable fun and exciting event:)


yes this is @orhem. This will be a great event with your participation. :) Please like our fb page Steem Summit and share it to your friends.

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it is @gwenbyyy! :) See you soon!