Budget and Income Statement

	B	C	D
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2	Instructions for Budget Sheet
3	Steps	Timeline	Instructions
4	1	Beginning of the Semester	Column C - Enter the total number of members in your organization. Enter the amount of dues per member you will charge.
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7	2	Beginning of the Semester	Estimate the amount of money you expect to spend throughout the year in Column B. Each executive board member or committee that will receive money should be given their own budget.
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10	3	Throughout the Semester	Yellow Boxes below Budget - As money is spent, enter the amount in the corresponding yellow box below the budget. For instance, if the expense was made for alumni weekend, enter the expense in the "alumni" box. Make sure to enter the date, short description, payment method, and amount that corresponds to the expense. Be sure to collect receipts prior to reimbursing members. These boxes are helpful throughout the year. As exec board members or committees use funds, you can show them how much money they have spent so far.
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15			After entering amounts in the yellow boxes, the amount of money spent from each budget should automatically pull into the orange cells (C12-C20) (I12-20). These cells correspond to the total amount of actual money that was spent from each budget.
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18	4	End of the Semester	When cells in Columns D and J are green, that means you still have money left over to be spent.
19			When cells in Columns D and J are red, you have spent more money than you budgeted for.
20			Some discussion questions you can have are: Which categories were over budget? Can we have more fundraisers or raise dues? What are expenses we can cut for next year? How do you think the budgeting process can be improved?
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23			Questions to keep in mind:
24			Revenue
25			What are the ways your organization can raise money? (i.e., dues, fundraisers, etc.)
26			How much money do you think you can realistically raise? Events like bake sales typically require lots of effort for a small profit.
27			Expenses
28			How will you spend each dollar you raise?
29			Assign each dollar you plan to raise a place to be spent or saved.
30			Monitoring
31			Which budgets are close to being used up?
32			Do your initial projections at the beginning of the year seem accurate?
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