Budgeting

Understanding and managing your Chapter’s budget is key to ensuring the Chapter’s immediate and long-term success. Strong financial management makes it possible to execute engaging events, programs, and activities. Are you having challenges getting started? Read through our tips below! 

• Determine who will be responsible for your budget. Consider designating at least one member of your Chapter to serve in a leadership role to oversee your budget. This might entail keeping everyone updated on income and expenses and providing suggestions for how to reduce expenses if needed to cover the costs of planned Chapter activities.  It is important to know who in your Chapter will help you stay on track with your budget, track expenses and income, save budget records/receipts if needed, and update your budget as needed to make sure it reflects the most up-to-date information. 
• Create a budget plan. Refer to the Annual Plan template for a Budget and Financial Planning Worksheet you can fill in yourself to support creating a budget for your Chapter. Plan out a year in advance and include your best assessment of income streams and anticipated expenses. Income includes member dues, event fees, and any sponsors. Expenses include marketing, supplies, speaker fees, etc. Make sure your budget reflects all of your planned activities for the year. Planning an in-person event? Make sure you include all expected costs - such as food, supplies, and possible speaker fees. Planning a community beach clean-up? Don’t forget to think through and list out an estimate of all expenses, including transportation, water, snacks, and more.  In addition to thinking about all possible expenses, make sure you also create an income plan. Check out our suggestions for securing funds for your Chapter
• Meet regularly to discuss your budget. Regularly meet with your leadership team to review and update your Chapter’s income and expenses and assess how your budget is connected with your goals for programs and member engagement. 
• Adapt & modify your budget as needed.  A budget is a living document that you should change, update and modify as needed. Maybe you have realized that your expected income won’t be enough to cover your anticipated expenses. Consider reviewing your budget to see where you might be able to reduce expenses or implement a fundraising or income-generating program to offset expenses. Reviewing your budget regularly and modifying your financial plan to adapt to different circumstances on an ongoing basis is an essential part of budgeting for your Chapter. 
   

Watch the video below for more tips! The Net Impact Central Chapters Team knows that managing budgets can be complex, so be sure to reach out to us at chapters@netimpact.org for support, as well as contact your school for guidance.