Well, thats reasonable. I think they'd be wise to issue a credit for a future entry. It would allow them to keep the cash and pay the expenses now, and might encourage extra attendence down the road at a future event. If they've done well and have good cash reserves, there is no reason they can't issue credits. They aren't a run for profit organization. I'd expect 50% credit in the future, and be thrilled if it were 75%. (But I think 75% would be fair)