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Small Budgets, Big Ideas

Small Budgets, Big Ideas. Leadership Development Series. Let’s Discuss…. What is a Budget? Where Do Budgets Come From? Managing Your Budget Budgeting for Events Budget-Friendly Marketing. What is a budget?. A forecast of an officially recognized program or operation

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Small Budgets, Big Ideas

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  1. Small Budgets, Big Ideas Leadership Development Series

  2. Let’s Discuss… • What is a Budget? • Where Do Budgets Come From? • Managing Your Budget • Budgeting for Events • Budget-Friendly Marketing

  3. What is a budget? • A forecast of an officially recognized program or operation • A financial plan for a definite period, or program, which is based on projected expenditures, needs, and income. • A written guideline for your plan of action. It requires planning, coordinating and establishing a system of management controls for the administration of the organization.

  4. Where Do Budgets Come From? • Annual Budget Allocations • Only registered university organizations are eligible for university funding • Applications are reviewed in the spring for the following academic year • Allocations are set by a university committee of students and staff

  5. Where Do Budgets Come From? • Additional Funding Options • Community Chest • Emergency Funding • Diversity Enrichment Committee • McMichael Fund • University Departments

  6. Managing Your Budget • Don’t spend all of your funds in the first semester • Set your budget annually and maintain a budget log sheet for the year • Review your budget monthly • Detailed assessment each semester • Don’t “steal” money from other sources or accounts to cover other expenses • Once funds are allocated only use those funds for their appropriate purpose as submitted on a budget

  7. Needs Operating Materials Event Supplies Insurance for Events Marketing Materials Wants Food Party Favors T-shirts Group Outings Transportation Managing Your Budget Needs vs. Wants

  8. Managing Your Budget • Accessing your allocated funds • Petty Cash Vouchers/Reimbursements • Check Requests • Purchase Orders • All of these options are handled by Student Activities

  9. Budgeting For Your Events • Plan, Plan, Plan! Always be sure to plan ahead to avoid over-expenditures or unexpected expenditures. • Set a separate operating budget for each event • Overestimate costs when planning • Budget for unexpected expenses (reprinting flyers, ITS printing,etc.) • One person oversees spending and reimbursements

  10. Budgeting for Events • Consider picking one major event to host in the fall and/or spring • Make this an annual event that each year you resolve to grow larger. • Events such as a speaker, social event, community project, etc. • Plan to use a nice portion of your budget on these events if possible. • For smaller events, budget accordingly

  11. Budget-Friendly Marketing • Webvertising • Dedicated website (if available) • IM away messages • Facebook, MySpace, Blogs, etc. • Displays and living displays • Announce your event at other programs • Local newspapers • Student Activities • Banners, posters, flyers, chalking, university calendars

  12. Budget Keys • The key is… • Plan ahead! • Stick to your budget! • Keep an accurate budget log! • Be creative and think outside of the box!

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