This article takes a look at the finances of BOSM 2017. It presents the overall statistics graphically and talks about the major factors that had an impact on the revenue and the expenditure. It discusses the changes that the Committee of Students for Sports Activities (CoSSAc) and the Sports Financial Committee (SFC) implemented, and examines the outcomes of the same. The English Press Club spoke to Rajat Khandelwal, a member of SFC, for the same.

 

 

Participation

BOSM 2017 saw a dip in participation due to several last-minute cancellations. About four days before the fest, roughly 1300 participants were set to come in. However, the actual number of participants dropped to around 1030, which affected the revenue generated through registration by about 2.5 lakhs. The cancellations led to the wastage of fruits and other supplies that BOSM Controls had pre-ordered. The figures given to SSMS for mess coupons also got skewed and had to be revised multiple times during the fest.

Switch to Paytm

In earlier editions of BOSM, Instamojo was the payments partner. In BOSM 2017 however, the CoSSAc and SFC decided to switch to Paytm because they had been facing technical issues with Instamojo. Third party APIs had to be developed to integrate Instamojo into the BOSM website while Paytm presented no such problems. It was easier for the Accounts Office to process payments since Paytm was being used by the Institute as a mode of payment of dues. ‘Paytm helped us in this regard as it was convenient for participants to pool money and pay it. It also helped them pay for their travel, which we supply from our tender. We intend to continue using Paytm in future editions of BOSM’, Rajat said.

Stall revenue model

BOSM’s food stalls were shifted to a fixed revenue model in 2017, in which the organising body charged a fixed amount from the vendors upfront. Previously, the fest received 20% of all revenue generated by the food stalls. The move was a positive change, not only leading to an increase in revenue—the food stalls were charged 4.7 lakhs in 2017, an increase from the 3.8 lakhs they contributed last year—but also easing the logistics for SFC, not needing them to man the stalls. Rajat expected the new model to stay in place for the next edition, stating that the change eliminated the need to speculate participation and had eased planning.

Sponsorship

Sponsorship saw a significant boost in 2017, as Sponz managed to raise a total of 6.69 lakhs through corporate sponsorship alone. ONGC was roped in as the title sponsor, in deal worth 4 lakhs, with Panasonic and Kirtilal contributing 1.5 lakhs and 50,000 respectively. Other cash deals were struck with Mahindra, Manya, and Livguard. In addition to this, Ranvir Trehan, a BITS alumnus and an active philanthropist, contributed 2.56 lakhs.

Department of Live Events

The Department of Live Events (DLE) has been organizing events such as Air Hockey, Xbox, and Zorbing for the last few editions of the fest. While BOSM 2016 saw them generate an income of 1.5 lakhs, the 2017 edition saw that figure fall sharply. Both SFC and DLE attributed the drop in revenue to the decreased participation in the events; the unfavourable location was a reason for the same. The Oculus virtual reality booth—a major source of revenue in 2016—was available only for one day, and its alternative, the Xbox Kinect, did not garner the expected response.

The loss

Factoring in all the changes that took place, the bottom-line was that the fest ran into a loss of approximately 35,000. While some of the reasons for the shortfall––such as the decrease in participation and the fall in DLE’s revenue––have already been mentioned, factors such as the free Prof Show and an increase in prize money also played a part, costing the fest 2.6 lakhs, without generating any revenue.

However, BOSM is not considered to be a profit-making venture, with the target being to break even. In fact, a profit of more than 50,000 would reflect poorly on the fest as it would mean that the resources had not been fully utilized. BOSM has accumulated a profit of more than 9 lakhs over the years, which will be used to account for the loss.

A note on the graphics

In the interest of readability, the categories have been heavily clubbed: BOSM Controls generates all its revenue through registrations; BOSM Sponz does so through sponsorship, food stalls, and apparel; PCr generates its income through snaps and souvenirs; RecN’Acc does so through mess coupons and travel. The “Clubs and Departments” category excludes the aforementioned departments.