FundingSERF GuidelinesSpecial Events Reserve Fund (SERF) Guidelines The Special Events Reserve Fund (SERF) is a direct result of the Tourism Accommodation Levy that was established April 1st, 2007. A 2% levy is currently collected by Charlottetown accommodation providers with more than 25 rooms and on January 1st, 2009 will be collected by accommodation providers with more than 10 rooms. A total of 33% of the levy collected each year is forwarded to the Special Events Reserve Fund (SERF). The Special Events Reserve Fund (SERF) was established to attract special events (including sport, cultural and festivals) that have a pronounced tourism focus and strong potential for incremental tourism growth. The Memorandum of Understanding (MOU) of the establishment of the Tourism Accommodation Levy will always act as the overall guiding principle and ultimate filter for all funding requests. The Fund is administered by a Management Committee comprised five individuals appointed by the City of Charlottetown (3), Tourism Charlottetown (1), and the Hotel Association of Prince Edward Island (1).
The Management Committee will also utilize the Guidelines below to direct funding consideration of projects based on incrementality, measurable tourism economic benefits, leverage, product development worthiness, and seasonality. 2. Preference will be given to events that present a general business plan overview, including full disclosure of revenues and expenses associated with the event. 3. Preference will be given to applications where profits realized are re-invested into growing the event for future years. 4. Preference will be given to conventions/meetings if the profile is such that it gives significant media exposure to Charlottetown or has the opportunity to generate increased business in the future (i.e. CSAE Conference) or uses three or more overflow properties within Charlottetown. Strong consideration will also be given to conventions/meetings held in conjunction/partnership with the City of Charlottetown (i.e. Canadian Parking Association). 5. Existing annual or repeat events are eligible for funding only if they present new programming that will generate incremental room nights as a direct result of the new program (i.e. Spud Tournament expands over two weekends, extending length of stay). 6. If a new festival or event has intentions of being annual, the funding may be requested for a three-year declining subsidy with an intention to have the event self supporting by the third year. 7. Preference will be given to events scheduled during a defined “need period” (as primarily defined by the Hotel Association based on room(s) reservations, along with input from other partners). 8. Priority will be given to Tourism Charlottetown Partners, along with consideration to the Charlottetown economy as a whole. 9. Events will receive 40% of approved funding in advance, with 60% payable upon submission of a final report, including financial statements. Final reports must give a full account of the event, with measurable room nights generated. 10. In order to ensure effective planning, funds will typically be disbursed prior to the first quarter of the calendar year (non-binding if funds are available thereafter). Twenty percent (20%) of the fund will remain uncommitted each year and if not required (due to lower room nights realized than forecasted) 10% of this non-committed fund will be put towards a legacy fund for significant projects or opportunities that may arise in the future. 11. Applications must be submitted a minimum of 60 days in advance of the event in order to be considered by the committee. Contact:
Kim Green |
