Planning Your Budget Creating a budget plan is a helpful way to ensure you are spending all of your allocated funds and that you have enough to do the things you want.
What is a budget plan? •
A tool for planning and tracking your organization’s funds
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A guideline describing your organization’s future goals regarding finances within a set period of time
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A detailed statement of your organization’s estimated income and expenses
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A historical record of your organization’s activities during a certain period
Remember to plan ahead when moving money between budget categories. A Senate bill is required to move budget and requires at least two weeks!
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Rank events and programs in order by their relative importance (i.e. Guest speakers, signature events, heritage month activities, Homecoming, etc.)
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Collect price quotations on big expenditures like guest speakers, performers, and off campus venues. Remember to delegate responsibilities to e-board members.
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Outline projected numbers per category in a spreadsheet. Be sure the budget is flexible to anticipate any events that may have been overlooked. Give yourself a cushion
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Share the budget with your organization executive board and advisors
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Use this to help you plan your budget presentation for the next fiscal year.
How do we manage a budget? •
Keep an accurate log of all transactions. Nole Central can help with this, but be sure to log all purchase requests and expenditures on an internal document.
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Share the balance of each budget category at every e-board meeting
What can a budget plan do?
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Assess the budget regularly and adjust when necessary
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Help your organization use funds efficiently and appropriately
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Meet with your advisor to discuss your budget and Nole Central at least once a month
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Provide accurate information to adjust, analyze, and evaluate programs and activities
Annual Budget Request Process
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Keep a historical reference to be used in future planning
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Aide with effectively managing your time and resources
Each October, your organization will be required to submit a budget request for the next fiscal year budget and present that request in front of the Senate Budget Committee.
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At least the president and treasurer should attend the presentation.
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To project next year’s spending, you should keep in mind the last 2-3 years. Compile what you spent, what programs/events you held, and what the impact of those programs/events were. This will allow you to accurately advocate for your organization’s needs
How do you develop a budget plan? •
Begin preparations as soon as your board is set and you know your SGA budget
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Prepare an outline of your organization’s annual events and other planned activities for the coming year
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Review your available funds including SGA allocated as well as self-generated funds
Did you know? Students pay $12.86 in activity and service fees (A&S) for every credit hour in which they are enrolled.
44 SGA Leader Guide 2019-20
