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ADMINISTRATION

FINANCE AND HUMAN RESOURCES

FINANCE

TRANSPARENCY AND ACCOUNTABILITY

At VenuWorks we are committed to providing our clients with utmost confidence in the financial information of the facility, and in the financial arrangement with us as the managing partner. Our proposed management fee structure is simplified, straightforward, and easy to audit. Commissions are based only upon quantitative measures that directly generate additional revenues for the venue. In order to ensure accurate and reliable revenue recognition and financial data, we have outlined a summary of certain financial controls and procedures that would be implemented.

FINANCIAL CONTROLS

Combined gross operating revenues for all VenuWorks managed locations last year were in excess of $75 Million. These revenues belong to the clients we serve, which in many cases involve a municipality or other public entity. This means these assets belong to the taxpayers of the local community. We take the task of safeguarding our client’s and their taxpayers’ assets very seriously.

Every VenuWorks location is provided with specific on-site training on financial and accounting procedures. Corporate training meetings are also held where location finance staff come together to receive instruction on financial topics and learn from their peers in the venue management industry. This year’s meeting included a session on fraud risk and prevention presented by the State of Iowa’s Audit Office. Our corporate finance team is made up of former auditors, two of whom worked for the government before joining VenuWorks.

VenuWorks practices strict procedures for cost controls in which variances to budget are routinely monitored so that we can take immediate action to control operating expenses.

Additionally, the VenuWorks corporate finance staff has remote access to the financial accounting software at each location. Monthly, financial reports and annual budgets undergo a strict review process to ensure accuracy and reliability of the information. All financial records, including but not limited to: Monthly and annual financial statements, budgets, supporting schedules and documentation, event and financial data, and bank account information; are considered property of the client as the venue owner and available for review at any time

VenuWorks is currently working with the leader in venue management software solutions, to migrate all managed facilities to a uniform financial and calendar database management system. The software, built specifically for the events industry, will seamlessly integrate all functions performed by sales, service, and operations staff. It will provide an end-to-end financial accounting system where all modules (general ledger, cash management, billing and collections, financial reporting, budgeting, accounts payable, inventory, asset management, and event booking) reside in the same system, thus reducing duplication of efforts and data entry errors, while enhancing financial oversight and controls.

HUMAN RESOURCES

Our employees, full-time and part-time, have an integral role in creating great experiences for our patrons. As an employer, VenuWorks is committed to developing and fostering a work environment where our employees are respected and recognized for their contributions to our organization.

The administrative and human resource support services at VenuWorks are designed to equip our employees with the tools and resources necessary to be successful employees. All staff members are provided with an employee manual that details all policies and expectations as well as our corporate responsibilities to our employees.

Due to effective fiscal management, VenuWorks is able to provide competitive employee compensation and benefit packages. Generous benefits will assist in recruiting of talented employees in a competitive marketplace. Employee benefits are reviewed annually.

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