1 / 16

Making Budgets, Making Money

Making Budgets, Making Money. Doug Fuller section.55.chair@apo.org dfuller9999@gmail.com. Goals for this workshop. Define (monetary) budgets Applications to chapter, conferences, and personal life Develop a draft budget for yourself or your chapter Fancy add-ons for higher efficiency.

talasi
Download Presentation

Making Budgets, Making Money

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Making Budgets,Making Money Doug Fuller section.55.chair@apo.org dfuller9999@gmail.com

  2. Goals for this workshop • Define (monetary) budgets • Applications to chapter, conferences, and personal life • Develop a draft budget for yourself or your chapter • Fancy add-ons for higher efficiency

  3. What is a budget? • An organizational tool • A planning tool • A historical record • Flexible • Chapter operations • Conference planning • Personal life • Other uses

  4. Rules to Budgeting • You can’t spend more than you have • Underestimate your revenues • Overestimate your costs

  5. Chapter budgets... • Identify service opportunities and other programs the chapter can support financially • Rush/recruitment • Craft-based projects • Identify appropriate level of dues • Balance with chapter fundraising needs • Attract new or retain old members

  6. Income Pledge fees Initiation fees Chapter dues School allocations Alumni donations etc... Expenses Pledge pins Service pins AAMD Shipping(!) Craft supplies Conference travel etc... Chapter budget basics

  7. Conference budgets... • Identify cost-appropriate venues and other components • Allow you to set a price and start advertising early! • Chicken or the egg

  8. Income Registration fees Donations from local businesses Student government etc... Expenses Banquet food Hall rental D.J. Advertising/ operations etc. Conference budget basics

  9. Personal budgets... • Help avoid overdraft charges! • Can help limit unnecessary/wasteful spending • Help with achieving short- and long-term financial goals • Go on that road trip! • Pay off your car, student loan, or other debt! • Life Membership in Alpha Phi Omega! 

  10. Income Job Student loan leftovers Reimbursements Birthday/Christmas money etc... Expenses Cell phone Car payment Car insurance Gas Rent Utilities FOOD etc... Personal budget basics

  11. Balancing the budget • Two major ways • Increase income • Higher recruitment • Higher dues • etc. • Decrease expenses • Brew coffee at home • Buy supplies in bulk • etc.

  12. Arrow of time  Cash flow • Money matters do not exist in a vacuum! • May need to consider due dates and other time-based considerations • Simple modifications can enhance your budget to ensure positive balance

  13. SMARTER budgets • Specific • Measurable • Achievable • Realistic • Time-sensitive • Evaluate • Revise

  14. Follow-up is key! • Bought Starbucks on your debit card? Is it in the budget? • OK to have a “discretionary” line item • But – must stick to its limit • Need to have good record-keeping! • Reserves can alleviate cash flow problems • Don’t have reserves? • Use a budget and you soon will! • Don’t forget to refill reserves after a difficult time period

  15. Resources to make budgets • Internet • Google “budget” for a wealth of free software and online calculators • My favorite: Excel • My budget spreadsheet includes pay dates and due dates to ensure I can cover any ATM/check withdrawals • Includes budget for vacation days and history of utility bills • Doug's Budget

  16. Thanks! • Questions or comments? • APO Impact | Chapter Finance • February 4, 2010 (Thu) @ 9pm EST • Materials will be posted to Section 55 website (www.apor6.org/s55) within one week, or email me • Enjoy the remainder of the weekend!

More Related