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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
What is a budget? An organizational tool A planning tool A historical record Flexible
Chapter operations Conference planning Personal life Other uses
Rules to Budgeting
1. You can’t spend more than you have
2. Underestimate your revenues3. Overestimate your costs
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
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...
Conference budgets... Identify cost-appropriate venues and
other components
Allow you to set a price and start advertising early!
Chicken or the egg
Conference budget basics Income
Registration fees Donations from
local businesses Student
government etc...
Expenses Banquet food Hall rental D.J. Advertising/
operations etc.
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!
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...
Balancing the budget Two major ways
Increase income• Higher recruitment• Higher dues• etc.
Decrease expenses• Brew coffee at home• Buy supplies in bulk• etc.
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
SMARTER budgets Specific Measurable Achievable Realistic Time-sensitive Evaluate Revise
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
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
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 me
Enjoy the remainder of the weekend!
