ROTARACT BUDGET PLANNING. WHY DOES ROTARACT REQUIRE A BUDGET?

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Presentation transcript:

ROTARACT BUDGET PLANNING

WHY DOES ROTARACT REQUIRE A BUDGET?

ENSURES THAT THE ROTARACT PROGRAM WILL HAVE ENOUGH MONEY TO COVER THE EXPENSES.

Helps your team plan and set goals for the academic year.

ROTARACT HOW DO I GET STARTED?

DETERMINE THE FOLLOWING Which account will I be spending from? (Administrative or Service Projects) Scope of Project Revenue (Best & Worst case) Expenses Sponsorship Opportunities In Kind donations Date of project (Clashes with other events) Value for Money Profit/Deficit

REVENUE ROTARACT INSTALLATION BANQUET - EXAMPLE

EXPENSES ROTARACT INSTALLATION BANQUET - EXAMPLE

TENTATIVE BUDGET – BEFORE EVENT

INCOME & EXPENDITURE STATEMENT – AFTER EVENT

AFTER EVENT - Analyze and report on differences between projected and Actual Figures -Collect ALL receipts for funds spent -Submit all receipts for post event report -Complete ALL collections before the event. Can be very difficult to collect after an event takes place -Hand over Funds to Treasurer and Submit Report to Club Board

POINTS TO NOTE -No payments can be made out to persons unless an Invoice or Receipt is submitted -Club Funds are NOT to be used for anything personal -If Cash is being collected, receipts must be issued to persons -The event is not complete until all reconciliations are done -Persons responsible for Ticket Sales must make commitment to pay by deadline -Limit the persons that handle funding for the event -If persons pay for items from their personal account, reimbursements must be made through the Club Account after a receipt is submitted

REASONS FOR KEEPING A BUDGET – PERSONAL & CLUB 1.It will show you the TRUTH of what you spend (When you wonder where did all my money go) 2.It will help you achieve your financial goals (You will realize the areas that can be cut) 3.It will make you a more faithful steward (When it’s your own money, you are more aware of how you spend) 4.It will help you to avoid repeating mistakes (That Michael Kors shoe you bought that you only wore once?)

ANY QUESTIONS?