Budgeting to Avoid
Surprises
Budgeting to Avoid Surprises Having
a budget is critical to avoiding surprises mid season. You can make management decisions early
or pre season rather than constantly reacting to unexpected crises. It
should be transparent and ONLY INCLUDE FUNDING THAT IS IN THE BANK. It
is the key to allowing your members to see what is happening in your
organisation and to assess financial risks.
Key Steps to An Effective
Budget:
1) Involve at Least 1 Leader when Setting the Budget
– e.g. President
and the Treasurer
2) List Expected Income and Expenditure
Recommend
splitting your organisation into sections – e.g
Interclub,
tournaments, so you can see whether it will make
or lose money
3) Adjust Figures and See the Impact
Try out different
scenarios to assess your risk (e.g. how many
members to
break even etc) aim to cover your core
operating
costs without funding and to build reserves
to cover at
least 1 years worth of expenditure over time.
Settle on fees
and a final budget to put to the committee.