Budgeting For Your Organization
One of the tasks you face as a financial officer, especially if your organization makes frequent business transactions, is that of preparing a budget. A budget is a tool used for planning and controlling your financial resources. It is a guideline for your future plan of action, expressed in financial terms within a set period of time. A budget does not have to be complex as the information below will explain.

What A Budget Accomplishes

Pre-Budget Considerations

Knowing your organization's priorities, objectives and goals helps as you begin to prepare your budget. As you begin, ask yourself the following questions.

Once these questions have been answered, you are ready to begin preparing your budget.

Preparing Your Budget

THE BUDGET MUST BE FLEXIBLE TO ANTICIPATE CONDITIONS WHICH MIGHT HAVE BEEN OVERLOOKED DURING THE PLANNING PROCESS.

Managing the Budget

A SAMPLE BUDGET

INCOME EXPENSES
Bake Sale = $200
Car Wash = $200
Phonathon = $500
Dues = $250
TOTAL INCOME = $1150


Supplies $150
Tickets $100
TOTAL EXPENSES $250


PROJECTED GAIN $900

Determine the outcome of each expense and revenue as the budget period is ending. Review and judge actual costs in order to establish priorities for the next budgeted period. Begin preparing for the next budget a month or more prior to the current budgeted period and then begin the process anew.

 

 

 

 

 

 

 

Adapted from the Office of Student Activities of University of Michigan