Budgets & Ledgers
- Importance of a budget
- Keep track of your funds to reduce over- or under-spending
- Solicit specific event sponsorships instead of generic donations
- Easier to evaluate the ability to support events, scholarship, etc.
- Types of SWE budgets
- Yearly Section/Region/MAL budget (expected)
- Event Budgets
- Required for Program Development Grants (PDGs)
- Recommended for any large event, e.g. conference
- Ledgers help you manage your budget
- Ledgers (or records/journals) track your income and expenses
- Should be used to create the “actual Year-To-Date” column of your budget
Budgets: Income and Expense Examples
- Income Sources
- Dues Rebates
- Program Development Grants (PDGs)
- Corporate sponsorship and donations
- Event Registration Fees
- Interest or annual payout on any accounts you have
- Admin. costs: storage, postage, website fees, financial service fees
- Event costs: room locations, speaker fees, etc.
- Event supplies, food, paper products
- Travel costs
Building Your Budget (from scratch)
- Determine who will be involved
- Executive board or event leadership
- Collegiate: require approval of advisor/counselor after section approval
- Create the “ideal” budget, and then modify for reality
- Work with the leadership team to ensure all planned and desired activities are included in the ideal budget and in the modification of the budget
- Goal: Balanced Annual Budget
- You should not be making money every year unless you are fundraising for a long-term goal (e.g. a conference, scholarship, endowment, etc.)
Building Your (Better) Budget
- Each year should be an improvement from the year before
- Try to budget categories that parallel Section Finance Report Requirements
- Analyze last year’s spending
- What do you expect to cost more? Less?
- Will any events be started or ended?
- Is your membership growing or shrinking?
- Can you use the same funding sources, or will you be looking for new ones?
- Update your existing budget as appropriate
SWE Budget Template [NEW!]
- SWE had created an excel budget template that can be modified and used for your SWE section/region/MALs
- Important to Consider
- You will still need to modify to fit your group
- Minimize overhead expenditures (Administrative)
- Excel formulas can be easily deleted, so be careful!
- A budget is only as good as your ledger or record of expenses
- Will need to reconcile your income and expenses in a timely manner by comparing to your bank statements and reimbursements