ROTARACT BUDGET PLANNING. WHY DOES ROTARACT REQUIRE A BUDGET?

ROTARACT

BUDGET PLANNING

WHY

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ENSURES THAT THE ROTARACT PROGRAM WILL HAVE ENOUGH MONEY TO COVER THE EXPENSES.

Helps your team plan and set goals for the

academic year.

ROTARACT

HOW DO I GET STARTED?

DETERMINE THE FOLLOWING

• Which account will I be spending from? (Administrative or Service Projects)

• Scope of Project

• Revenue (Best & Worst case)

• Expenses

• Sponsorship Opportunities

• In Kind donations

• Date of project (Clashes with other events)

• Value for Money

• Profit/Deficit

REVENUE

REVENUETicket sales 3,500.00$ 50 175,000.00$ Sarges 100.00$ 25 2,500.00$ Sponsorship 30,000.00$ President Elect Contribution 20,000.00$

207,500.00$

ROTARACT INSTALLATION BANQUET - EXAMPLE

EXPENSES

EXPENSESDinner 2,450.00$ 50 122,500.00$ Decorations 20,000.00$ Awards 7,500.00$ Wines 10,000.00$ Corkage 200.00$ 24 4,800.00$ Printing of Agendas 2,150.00$ Complimentary Tickets 3,500.00$ 3 10,500.00$ Return Gifts (Keychains) 45.00$ 50 2,250.00$

177,450.00$

ROTARACT INSTALLATION BANQUET - EXAMPLE

TENTATIVE BUDGET – BEFORE EVENT

REVENUETicket sales 3,500.00$ 50 175,000.00$ Sarges 100.00$ 25 2,500.00$ Sponsorship 30,000.00$ President Elect Contribution 20,000.00$

207,500.00$

EXPENSESDinner 2,450.00$ 50 122,500.00$ Decorations 20,000.00$ Awards 7,500.00$ Wines 10,000.00$ Corkage 200.00$ 24 4,800.00$ Printing of Agendas 2,150.00$ Complimentary Tickets 3,500.00$ 3 10,500.00$ Return Gifts (Keychains) 45.00$ 50 2,250.00$

177,450.00$

PROFIT/DEFICIT 30,050.00$

INCOME & EXPENDITURE STATEMENT – AFTER EVENT

REVENUETicket sales 3,500.00$ 52 182,000.00$ Sarges 100.00$ 32 3,200.00$ Sponsorship 15,000.00$ President Elect Contribution 20,000.00$

200,200.00$

EXPENSESDinner 2,450.00$ 50 122,500.00$ Decorations 18,750.00$ Awards 5,675.80$ Wines 11,750.00$ Corkage 200.00$ 24 4,800.00$ Printing of Agendas 2,175.87$ Complimentary Tickets 3,500.00$ 3 10,500.00$ Return Gifts (Keychains) 45.00$ 50 2,350.00$

176,151.67$

PROFIT/DEFICIT 24,048.33$

AFTER EVENT

- Analyze and report on differences between projected and Actual Figures

- Collect ALL receipts for funds spent

- Submit all receipts for post event report

- Complete ALL collections before the event. Can be very difficult to collect after an event takes place

- Hand over Funds to Treasurer and Submit Report to Club Board

POINTS TO NOTE

- No payments can be made out to persons unless an Invoice or Receipt is submitted

- Club Funds are NOT to be used for anything personal

- If Cash is being collected, receipts must be issued to persons

- The event is not complete until all reconciliations are done

- Persons responsible for Ticket Sales must make commitment to pay by deadline

- Limit the persons that handle funding for the event

- If persons pay for items from their personal account, reimbursements must be made through the Club Account after a receipt is submitted

REASONS FOR KEEPING A BUDGET – PERSONAL & CLUB1. It will show you the TRUTH of what you spend

(When you wonder where did all my money go)

2. It will help you achieve your financial goals (You will realize the areas that can be cut)

3. It will make you a more faithful steward (When it’s your own money, you are more aware of how you spend)

4. It will help you to avoid repeating mistakes (That Michael Kors shoe you bought that you only wore once?)

ANY QUESTIONS?