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 Provide Historical reference to be used for future planning. Tips for Developing a Budget × Tips for Developing a Budget Start budget planning early. Begin preparing your budget 1-2 months before the start of the next academic year. Outline the organization's planned activities and events for the year. Research and explore all potential funding sources. Make sure you know all requirements and deadlines for funding. Determine available funds (what carries over from the previous year, funds in your bank account, etc.) Estimate expected income. Define your needed expenses (costs of meetings, advertising, supplies, retreats, etc.) Work with Student Union Event Services or other potential departments to get quotations about the costs of desired events and programs for the year. Rank desire programs and events by importance and prioritize based upon budget. Revise, review, coordinate, and cross-reference. Share and vote on budget with organization. Close Tips for Managing Your Budget × Tips for Managing Your Budget Once your budget is set, monitor it closely. Set and maintain a minimum cash balance for your organization. Continue to develop processes and procedures to achieve funding objectives. Keep an accurate log of financial transactions. Set up internal controls to safeguard your financial information. Control your costs. Close 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.