Finance & Funding

Treasurer

Budgeting

Cashflow Forecasting

Accounting Record System

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Budgeting

A budget is an annual plan on how the club will manage its incoming and outgoing money.

A budget will show:

• How much income your club expects to receive during the next financial year (income)
• How much your club expects to spend in the next financial year (expense)
• The predicted surplus (profit) or deficit (loss) for the budget period

PREPARE THE BUDGET:

The treasurer should lead the budget planning process and be supported by the club president.

The easiest way to prepare your budget is by using the income and expenditure of the previous year’s budgets and/or spending and income.

Also, consider any changes in income or expenditures for the current year like:

• Is income reducing or are there new income streams?
• Is expenditure increasing through activity, inflation, or necessity – for example, repairs?
• Are there new costs to account for this year?
• Are there any savings to be made or costs no longer relevant?

It is important to refer to the club’s strategic and operational plans to ensure the club can deliver on its goals.

REVIEW THE BUDGET:

It is important to regularly compare club financial performance against the annual budget to ensure the club is managing its finances correctly.

The treasurer should prepare a monthly report that is then presented at each committee meeting through the year. The treasurer will also need to prepare an annual financial report at the end of the year that will be adopted at the club’s AGM.

If the club is incorporated under legislation, the club is required to lodge a return (copy of the annual accounts) at the appropriate state/territory authority.

 TEMPLATE Budget and Cashlow Forecast