1. Making Budgets, Making Money Doug Fuller section.55.chair@apo.org dfuller9999@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 can ’ t 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 Don ’ t have reserves? Use a budget and you soon will! Don ’ t 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) @ 9pm EST Materials will be posted to Section 55 website (www.apor6.org/s55) within one week, or email mewww.apor6.org/s55 Enjoy the remainder of the weekend!