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  • Provide Historical reference to be used for future planning.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.