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How to Create a Simple Budget

Learn how to create a simple budget to manage your finances effectively. Discover the importance of budgeting, steps to create a budget, and how to monitor and adjust it for financial success.

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How to Create a Simple Budget

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  1. How to Create a Simple Budget 2019 Title VI National Training and Technical Assistance Conference

  2. Cartoon of budget

  3. Budgeting Title VI programs do not require budget, many Tribal Councils require programs to submit a budget . Even if you are not required to, you are encouraged to develop a budget as soon as you know your funding amount.

  4. What is “Budget” Budgeting is the process of creating a plan to spend your money. This spending plan is called a budget. Creating this spending plan allows you to determine in advance whether you will have enough money to provide the services as indicated in your grant application.

  5. Six Steps to Create a Simple Budget • Start with the basics. The first step is to find a method to record your budget. • Budgeted amount and actual amount. Then createtwo categories for your budget: Income and Expenses • Calculate your monthly income. • List your monthly expenses. • Subtract your expenses from your income. • Implement, monitor, and adjust your budget.

  6. Your Income • Grant awards: • Part A • Part C • NSIP • Tribal funds? • Voluntary Contribution? • Donation? • Others?

  7. Sample: Income

  8. Fixed Costs • Rent • Salaries • Benefits • Telephone • Insurance • Indirect • Find out what indirect cost your tribe charged to the program; and • Understand what is included in the indirect cost so you will not charge the amount twice

  9. Sample: Fixed Costs Entries

  10. Variable Costs • Raw materials and supplies • Wages (hourly) • Utilities • Repair and maintenance • Fuel • Supplies • Travel & events • Advertising/printing services

  11. Sample: Variable Cost Entries

  12. Know Your Numbers Compare your numbers: • If budget is over, find out why and adjust your activities • Temporary fixes, i.e. avoid expensive entrees • If budget is under, find out why and adjust your activities • Temporary fixes, i.e. provide more roast beef lunch!

  13. Best Practice • Keep good records • Keep copies of all invoices/receipts • Coordinate with your finance office • If budget is over or under, find out why and adjust your activities • Avoid the need for carry over and loss of funds!!!

  14. The Simpsons

  15. End of Presentation

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