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Prepare an Annual Budget

QuickTool 12. Prepare an Annual Budget.

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Prepare an Annual Budget

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  1. QuickTool 12 Prepare an Annual Budget SUMMARY: To develop and maintain an Annual Budget (AB) is a great tool KEY to success (organizing most/all R1 activities and more). An AB should be in place beginning each fiscal year and reflect leadership objectives, priorities, expectations, and include all revenues (member dues, company/community contributions, fundraisers, activities/events income, etc.) and all expenditures. AB maintenance also supports filing IRS (Form 990) and State Tax (if required) forms. An AB reserve can be carried year-to-year to help during unexpected/lean times. FUNDING: Revenues that support a Chapter AB: • Net Membership Dues (total members multiplied by chapter annual dues, minus Annual dues sent to NMA). • Sponsoring organization/community support (for speakers, training, admin expenses, etc., via exec advisors/sponsors). • Donations from individuals or organizations to support chapter Speech and Scholarship Contests. • Chapter Special events, with a portion of funds supporting chapter scholarships (typically targeted at $5/member). • Additional non-member and guest fee pricing for events. • Other fundraisers (e.g., Entertainment Books http://www.fundraising.entertainment.com for dining, entertainment and services discounts, earning $6-8 for every book sold, customized bears http://www.plushland.com, see QT1). REQUIREMENTS: AB revenues should exceed expenditures. AB priority towards activities (and pricing) that serve/gain members/grow the organization – therefore, creating more members/dues/income for present and future is key to long-term Chapter health. Key factors include prioritizing events, and accurately planning chapter revenues and costs for activities such as dinners/events, professional development, awards, NMA conference participation, speech contest and community service activities. More information on related costs can be obtained from QT1. Chapters file IRS (990) and State Forms (if required) annually. PROCESS: Developing a chapter AB typically begins 2-3 months prior to the start of a chapter fiscal year and includes identification of anticipated chapter revenues and expenditures (e.g., NMA dues, program costs, professional development costs, speech contest awards, administrative costs for newsletter publication and website maintenance, and participation in LDC and Annual Conference – hopefully reflecting most/all R1 activities and more). These inputs, usually obtained from the chapter officers, establish an overall budget target for chapter fundraising, which in turn results in budget targets for associated chapter functions. Periodic review (typically at each board meeting) of expenditures against these targets can be used to identify any shortfalls and keep the chapter budget on track. Rev 11-11

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