SGA Leader Guide 2020

Page 44

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

A guideline describing your organization’s future goals regarding finances within a set period of time

A detailed statement of your organization’s estimated income and expenses

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!

Rank events and programs in order by their relative importance (i.e. Guest speakers, signature events, heritage month activities, Homecoming, etc.)

Collect price quotations on big expenditures like guest speakers, performers, and off campus venues. Remember to delegate responsibilities to e-board members.

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

Share the budget with your organization executive board and advisors

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.

Share the balance of each budget category at every e-board meeting

What can a budget plan do?

Assess the budget regularly and adjust when necessary

Help your organization use funds efficiently and appropriately

Meet with your advisor to discuss your budget and Nole Central at least once a month

Provide accurate information to adjust, analyze, and evaluate programs and activities

Annual Budget Request Process

Keep a historical reference to be used in future planning

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.

At least the president and treasurer should attend the presentation.

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

Prepare an outline of your organization’s annual events and other planned activities for the coming year

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


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