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TARP - How will these new regulations affect
your business?
Meeting Consultants’ integrated tools and solutions can help you track event spend and ROI to comply with new regulations in the meetings and event industry.
The Meeting, Event and Incentive Travel Coalition, a group formed by the meeting and travel industry’s flagship organizations, recently drafted a set of guidelines for recipients of TARP aid.
The guidelines came in response to increased pressure from Washington to restrict expenditures related to “…aviation services, office and facility renovations, entertainment and holiday parties and conferences and events.”
The new industry-drafted guidelines for TARP beneficiaries are as follows:
| 1. |
Conferences or events with costs exceeding $75,000 must be supported by written business cases with specific purposes and positive returns on objective; |
| 2. |
No more than 10 percent of incentive attendees can be senior executives from host organizations; |
| 3. |
Total annual expenses for meetings, events, and incentive/recognition travel should not exceed 15 percent of total sales and marketing spend. |
Some in the industry predict the regulations could be extended from companies receiving TARP funds to companies working with government agencies. Others predict that non-TARP companies will adopt the regulations to protect against government scrutiny and negative press. Should this happen, the metrics would likely be altered based on industry and company size as well as market sector.
If your organization has been affected or is looking closely at the implications of the new regulations, let Meeting Consultants guide you through these challenging times.
Contact us today and find out more.
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