World Youth Day is self-finance by contributions from pilgrims and franchises
Madrid, June 7, 2011.- The activity generated by World Youth Day (WYD) in Madrid will imply "zero cost to the taxpayer and an over 100-million-dollar economic boost for Spain", says Fernando Giménez Barriocanal, Chief Financial Officer of World Youth Day. Of this amount, it has been estimated that "about 50 million will come from abroad and will stay in Spain." This benefit has added to the international impact that Spain will have, showing itself to be a country capable of organizing and attracting more than a million young people from around the world.
Recalling that WYD is self-financed by the contributions of pilgrims (70%) in addition to those from companies and individuals (30%), Giménez Barriocanal expressed his appreciation for support from the government and hundreds of corporate sponsors. As is known, the Government of Spain has dubbed WYD “an event of exceptional public interest”, which implies tax benefits for sponsors. These tax breaks for companies imply a benefit for the entire nation: in terms of VATs alone, in the case of World Youth Day, more than 25 million euros will be gained in comparison to the 18 they expect to stop receiving in tax incentives. Another important finding is that the system of public competition has finally awarded 90% of the contracts to Spanish companies. Information about tenders is available at www.madrid11.com/concursos-proveedores.
Austerity and transparency
The Chief Financial Officer of World Youth Day highlighted the use of austerity and transparency in economic management, with "the goal of spending as little as possible and gathering funds as necessary, while achieving maximum savings on all expenditures." In this sense, he explained, the goal is to have "a particularly flexible budget, as there are still several tenders left for awarding in which our goal is to reduce the initial estimates." Bearing that in mind, he reiterated the estimate submitted months ago of around 50 million euros for the main headings.
Indeed, this section will be an innovative system in respect to previous WYD’s. More than 1,600 restaurants in Madrid will participate in the food program that will feed 400,000 young people during the week of WYD. Juan Carlos Jaureguízar, Director of Meal Support for World Youth Day, said that "this will allow many of the small businesses throughout the city to participate in the benefits that will be generated."
Nearly 100 companies have joined the WYD sponsorship program. "These companies support WYD by providing in-kind services or participating in the patronage program provided by law," assured Barriocanal Giménez. The participation of all types of businesses, as well as the work of hundreds of volunteers, reflects "the vision that WYD is a project involving the entire society," concluded WYD’s CFO. Several media outlets are helping to offer air time to help advertise for WYD. This has enabled WYD save more than two million euros.
In-kind contributions to WYD come from the work of the volunteers of the organization and the network of parishes and schools or families offering their facilities and homes to pilgrims from all over the world.
New registration campaign
The organization is now channeling efforts to get more people – especially Spanish youth – to register. One of the reasons for which registration is requested is in order to collaborate in the Solidarity Fund, which allows young people without resources to attend World Youth Day. To date, € 780,000 have been distributed and the goal is to reach the figure of 2 million euros.
For this reason, a campaign has been launched, featuring two spots (25" and 45"), with the slogan: “There are trains that only pass once in a lifetime.” Over 50 people were involved in its shooting. The campaign features an original song (Get on!), written by the team of Marketing and Campaigns for World Youth Day and their volunteers.
Gabriel Gonzalez-Andrío, Director of Marketing for World Youth Day 2011, explained that “with this campaign, we want to metaphorically convey the contrast between what it means to travel alone in this life verses the ability to share and enjoy this journey with others.” “Interestingly enough, the spot was filmed from 12 to 5 am, with more than 25 volunteers, at the Pinar de Las Rozas station," he said.
Download the new WYD spot: http://www.madrid11.com/downloads