1. Finance and Budget Putting Your Money Where Your Mission Is
CCEM Chamber Management Academy
Finance and Budget
Putting Your Money Where Your Mission Is
Presented by Angi Baugher

2. 1. Supportive of Mission FINANCE PRINCIPLES 2. Accountable 3. Prudent
4. Transparency

3. FINANCIAL STATEMENTS ASSESSMENT
Are they:
Reader friendly
Reflective of actuality
Comparative to budget
Reviewed by Finance Committee & Board monthly
Evaluated at year-end

4. REMINDERS Fraud Prevention Stated Policies 50 – 50 Goal
Internal Controls
Fraud Prevention
Stated Policies
Dues / Non-Dues Ratio
50 – 50 Goal

5. BUDGET DEFINITION
A plan of forecasted cash receipts and expenses for a specific time period

6. NEED FOR A BUDGET
Budgets formalize planning, serve as a basis for performance evaluation, and assist in communication and coordination within an entity.

7. 3 TYPES OF BUDGET
Operational Budget
Long Range Budget
Capital Improvements Budget

8. An annual spending plan for the cash flow of the organization
OPERATIONAL BUDGET
An annual spending plan for the cash flow of the organization

9. ANNUAL OPERATIONAL BUDGET
Should reflect the Chamber’s priorities and goals
Should support the Plan of Action

10. BUDGET DEVELOPMENT Define the Philosophy Define the Process
Identify Participants
Assign Responsibilities
Develop Timeline

11. CONT’D. Gather Input and Research Create Drafts & Final Version
Present to Board for Approval
Create Staff & Volunteer Buy-In
Monthly Financial Reports

12. MID – YEAR ASSESSMENT
Modify
Vote to Amend

13. YEAR END ASSESSMENT Comparison to Actuals
Identify Changes to Strengthen Process

14. Typically 2 to 5 years of projected receipts and expenditures
LONG RANGE BUDGET
Typically 2 to 5 years of projected receipts and expenditures

15. CAPITAL IMPROVEMENTS BUDGET
Plan for costly, non-annual asset purchases

16. COMMENTS & QUESTIONS