Written by Jen Kehrin, CEO of Sponsorship Boost
Here are some questions to consider when determining your refund policy for exhibitors and sponsors during the COVID-19 pandemic.
1. Determine Refund Policy
- Will you refund companies?
- Will it be a full refund?
- What about sponsorships that already happened (eblast, attendee list, etc.)?
- Will you offer a credit?
- For Next year’s meeting
- Other potential sponsorships this year?
- Will your vendors offer refunds?
- Official Service Contracts (Decorators) – Will they offer refunds for furnishings, electricity, banners, etc?
- AV – Will they offer refunds for AV already rented?
- Sales team – Will you issue commissions for items already sold?
2. Determine process Who Will Be Credited vs. Refunded
- Will association decide on credit vs refund?
- Will companies self select credit vs refund?
- Give deadline for suggestion. After deadline, automatic roll-over to credit only.
- Create a list of companies to be refunded
- Company
- Items Purchased, Total $
- Payment Type
- Create a list of companies to be credited
- Company
- Items Purchased, Total $
3. Determine Process
- Refunds
- How will the association refund the companies back?
- Will there be merchant processor charges associated with refunds?
- If a credit card has been cancelled or the merchant processor will not allow for a refund, will you write a check refund?
- What if a wire transfer was used? Will a check be issued?
- When will refunds be issued?
- Credits
- Will the credits be applied to a future show?
- Will the credits be per item or per $ (ex. Eblast credit vs. $1,500 credit)?
4. Determine Reconciliation
- Refunds
- Will a receipt be sent to companies?
- Will a receipt be sent to the association?
- How will refunds be tracked internally?
- Reconcile each week!!