Budget Management

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Budget Management

  1. 1. Effective Management for Chapters and Councils Presenters: Keri Mohrbach and Allison Coffman The University of Toledo
  2. 2. <ul><li>Defining your Income </li></ul><ul><ul><li>Where is your money coming from? </li></ul></ul><ul><li>Prioritizing your Expenses </li></ul><ul><ul><li>What is most important to your chapter/council? </li></ul></ul><ul><ul><li>How have you historically spent your money? </li></ul></ul><ul><li>Evaluating your Spending </li></ul><ul><ul><li>Ongoing and flexible </li></ul></ul>
  3. 4. <ul><li>Qfinance Definition: the comparison of actual financial results with the estimated expenditures and revenues for the given time period of a budget and the taking of corrective action as necessary </li></ul>
  4. 5. <ul><li>WHAT?? </li></ul><ul><ul><li>Allocating your income to effectively cover your expenses </li></ul></ul><ul><ul><ul><li>Accountability </li></ul></ul></ul><ul><ul><ul><li>Transparency </li></ul></ul></ul><ul><ul><ul><li>Timeliness </li></ul></ul></ul>
  5. 6. <ul><li>Defining whose in charge </li></ul><ul><ul><li>Who has final say of spending </li></ul></ul><ul><li>Holding your members to responsible spending </li></ul><ul><ul><li>Approval to purchase and Documentation of purchase </li></ul></ul><ul><ul><li>Sample Worksheet </li></ul></ul>
  6. 7. <ul><li>Ensuring your transparency </li></ul><ul><ul><li>Can anyone, at anytime understand where your money is going </li></ul></ul><ul><li>Keeping your chapter/council members informed </li></ul><ul><ul><li>Bi-weekly reconciling with chapter VP Finance </li></ul></ul><ul><ul><li>Monthly updates (council) </li></ul></ul><ul><ul><ul><li>Sample Form </li></ul></ul></ul>
  7. 8. <ul><li>If you gave out a loan, how quickly would you ask for payment before getting annoyed? </li></ul><ul><li>Give those on your account the access they need </li></ul><ul><ul><li>All members/advisers on your accounts should have the ability to pay bills </li></ul></ul><ul><ul><li>Where is your checkbook located? </li></ul></ul>
  8. 9. <ul><li>Excel Template </li></ul><ul><ul><li>Chronological order of expenses - DETAILS </li></ul></ul><ul><li>BudgetTracker.com </li></ul><ul><ul><li>Keeping everyone updated on budget </li></ul></ul><ul><li>BillHighway/Online bill pay </li></ul><ul><ul><li>Easing the bill paying process </li></ul></ul>
  9. 13. <ul><li>Evaluate where you are at right now </li></ul><ul><ul><li>What do you need to focus on most? </li></ul></ul><ul><ul><li>What tools exist to help you? </li></ul></ul><ul><li>Set realistic goals for your term </li></ul><ul><ul><li>What can you accomplish in the short-term? </li></ul></ul><ul><ul><li>What goals will take longer and need buy from your chapter/council? </li></ul></ul><ul><li>What are your first steps? </li></ul><ul><ul><li>Write down the first thing you want to do when you get back to campus </li></ul></ul>

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