Budget allows for structure and guidelines for the use of organizational funds. It is a detailed statement of estimated income and expenses.
Budget will assist organizational members in the decision making process when putting on an event. It will provide accurate information to adjust, analyze and evaluate programs and activities.
There are three primary purposes for developing a budget:
- To put the organization’s plans into monetary terms
- To provide a means of allocating limited resources among the organization’s activities
- To aid in tracking the organization’s actual revenues and expenditures against its goals
What are you organizational goals?
Determine where your budget came from (i.e. membership dues, activity fees, SGA)
Review last year’s budget, where did the organization lose money and what was successful?
Do your homework when planning for an event (i.e. obtain quotes-shop around, do not
overestimate-get real numbers)
To ensure safety of funds, always provide monthly updates and have more than one member/officer approve expenditures
Keep accurate records
- The organizational budget should be established either beginning of the Fall semester or end of the Spring Semester.
- The constitution is followed in regards to how organizational funds are spent.
- The budget designates line items for allocation of money to committee (if applicable), programs, supplies, special events, recognition, and other areas as designated by executive board and previous budgets (if available).
- All financial transactions should be recorded immediately.
- Bank statements are compared to the organizations transaction tracking system every month to assure accuracy and are filed appropriately.
- Advisor and treasure review financial records on a monthly basis. (Extremely Important Step)
Organizational Aid is a program established by the Student Government Association of Western Kentucky University. Each year SGA sets aside funding to assist actively registered student groups on WKU's Campus. The goal of this initiative is to enhance the learning, leadership & volunteer opportunities of not only the students who participate in WKU Student Groups/Organizations, but also to enhance/benefit WKU, the student body and the community of Bowling Green KY.
Visit here for information about Organization Aid Application: https://www.wku.edu/sao/registered-student-orgs.php