Budgeting: Phase 1
Most people (including me) do not like setting budgets or the budgeting process. When leading an organization however, this
can determine the organizations ultimate success or failure.
Let’s take a look at what FPA-CNY considered in it’s initial budgeting process. I’ll present it in three steps.
Interestingly enough, I found it very similar to the planning process we use with our clients on a daily basis...
To start the process you need to determine the Chapters immediate needs and ultimate goals.
Meetings:
Breakfast, lunch or dinner? Combination? Cost for each?
How many per year ?
How many members are we trying to attract to each meeting?
What (if any) CE credits will be provided?
Will we pay for speakers?
Charge for meeting?
Annual symposium?
Internal:
Paid staff; full, part time or none?
Web site development and maintenance
Newsletter? If so mailed or emailed
Advertising?
Supplement expenses for Board\Chapter members to attend national meetings?
Required accounting functions done by whom?
What else has your chapter evaluated?
Once the list is created, assign a cost and a priority to each item. Next month we’ll look at the income side.
Dennis Hebert, CLU ChFC CLTC MSFS RFC AIF AEP CFP