What is a Budget?
- A tool for planning and controlling organizational funds.
- Should be a formal set of written guidelines of the organization's future goals expressed through financial terms.
- A detailed statement of estimated income and expenditures for the organization.
- A historical record of the organization’s activities.
- A working-document that is public to members and frequently updated and reviewed.
Why Does Budgeting Help Your RSO?
- Assists in refining goals to be financially realistic.
- Allow organization members to strive toward allocating effective funds efficiently and appropriately.
- Helps you to analyze, adjust, and evaluate events and programs done by the organization.
- Aid in decision making.
- Provide Historical reference to be used for future planning.
Final Thoughts
- Assess, assess, assess your budget. Stay on top of your budget and stay realistic.
- Track your budget by anticipated costs and actual costs so you can see how your finances actually came out.