Making Budgets, Making Money

1
Making Budgets,Making Money

• Doug Fuller
• section.55.chair_at_apo.org
• dfuller9999_at_gmail.com

2
Goals for this workshop

• Define (monetary) budgets
• Applications to chapter, conferences, and
  personal life
• Develop a draft budget for yourself or your
  chapter
• Fancy add-ons for higher efficiency

3
What is a budget?

• An organizational tool
• A planning tool
• A historical record
• Flexible
• Chapter operations
• Conference planning
• Personal life
• Other uses

4
Rules to Budgeting

1. You cant spend more than you have
2. Underestimate your revenues
3. Overestimate your costs

5
Chapter budgets...

• Identify service opportunities and other programs
  the chapter can support financially
• Rush/recruitment
• Craft-based projects
• Identify appropriate level of dues
• Balance with chapter fundraising needs
• Attract new or retain old members

6
Chapter budget basics

• Income
• Pledge fees
• Initiation fees
• Chapter dues
• School allocations
• Alumni donations
• etc...

• Expenses
• Pledge pins
• Service pins
• AAMD
• Shipping(!)
• Craft supplies
• Conference travel
• etc...

7
Conference budgets...

• Identify cost-appropriate venues and other
  components
• Allow you to set a price and start advertising
  early!
• Chicken or the egg

8
Conference budget basics

• Income
• Registration fees
• Donations from local businesses
• Student government
• etc...

• Expenses
• Banquet food
• Hall rental
• D.J.
• Advertising/
• operations
• etc.

9
Personal budgets...

• Help avoid overdraft charges!
• Can help limit unnecessary/wasteful spending
• Help with achieving short- and long-term
  financial goals
• Go on that road trip!
• Pay off your car, student loan, or other debt!
• Life Membership in Alpha Phi Omega! ?

10
Personal budget basics

• Income
• Job
• Student loan leftovers
• Reimbursements
• Birthday/Christmas money
• etc...

• Expenses
• Cell phone
• Car payment
• Car insurance
• Gas
• Rent
• Utilities
• FOOD
• etc...

11
Balancing the budget

• Two major ways
• Increase income
• Higher recruitment
• Higher dues
• etc.
• Decrease expenses
• Brew coffee at home
• Buy supplies in bulk
• etc.

12
Arrow of time ? Cash flow

• Money matters do not exist in a vacuum!
• May need to consider due dates and other
  time-based considerations
• Simple modifications can enhance your budget to
  ensure positive balance

13
SMARTER budgets

• Specific
• Measurable
• Achievable
• Realistic
• Time-sensitive
• Evaluate
• Revise

14
Follow-up is key!

• Bought Starbucks on your debit card? Is it in
  the budget?
• OK to have a discretionary line item
• But must stick to its limit
• Need to have good record-keeping!
• Reserves can alleviate cash flow problems
• Dont have reserves?
• Use a budget and you soon will!
• Dont forget to refill reserves after a difficult
  time period

15
Resources to make budgets

• Internet
• Google budget for a wealth of free software and
  online calculators
• My favorite Excel
• My budget spreadsheet includes pay dates and due
  dates to ensure I can cover any ATM/check
  withdrawals
• Includes budget for vacation days and history of
  utility bills
• Doug's Budget

16
Thanks!

• Questions or comments?
• APO Impact Chapter Finance
• February 4, 2010 (Thu) _at_ 9pm EST
• Materials will be posted to Section 55 website
  (www.apor6.org/s55) within one week, or email me
• Enjoy the remainder of the weekend!