Budgets 101: Making “Cents” of It All FISCAL MANAGEMENT ACUI CORE COMPETENCY TRAINING MODULE <<presenter name>>, <<institution>>

Welcome Introductions Pre-Test Sample Budget

Agenda Goals Budgeting Approaches Revenues Expenses Fiscal Responsibility Skills Top 10 Things Excel Can Do For You But first . . . your questions!

Goals You will NOT learn the specifics of business operations at our school You will NOT learn the specifics of business operations at your school You WILL come away with questions to ask, policies to look up, and ideas to apply Stories and examples are welcome

Core Competency Skill Sets Basic Accounting Technology Related to Financial Management Policies and Procedures Budget Development & Management Contracting & Contract Negotiation Fundraising

Budgeting Basics Understand historical area budget data (3-5 years) Learn budget submission, tracking, and accountability process for your institution and department Dedicate monthly assessment/reconciliation time Internal record keeping (“shadow budget”) Proactive supervisor counseling of budget progress throughout year Know fiscal year cutoffs, plan accordingly Know overall goal and philosophy Bring any funding issues up earlier in the year than later

Budgeting Approaches Line item (zero-based budgeting) Incremental Program budgeting Responsibility-centered Combination

Revenues Student fees Allocations Auxiliaries Other Self-ops and outsourced Other Investment income Fundraising Grants

Expenses Salaries/wages and benefits Staff development Telecommunications Advertising/marketing Insurance Reproduction/publishing Supplies Memberships/dues Utilities

Fiscal Responsibility Best Practices Stewardship and ethics Separation of duties Learn various purchasing methods and associated timelines Understand required paperwork Reporting requirements to higher authority Tax-exempt status Timelines and documentation Fiscal Stewardship Ideas: Sharing promotions/initiative costs with other areas (if applicable) Following an energy savings plan to reduce expenditures (if applicable) Using work study students as applicable to reduce wages, etc.

Technology Different formats of budgeting in Excel from simple to extreme Use sample Excel budget (provided) Gain knowledge on-site University accounting systems Event management systems Point-of-sale equipment Cash-handling procedures

Top 10 Excel Tips Ease of exporting Summation over rows/columns Sorting by columns If/and statements Linking information across workbooks Freeze panes Conditional formatting Alt-Enter The black cross Fun with graphs

Thanks for coming. <<Presenter>> presenter@institution.edu