Warning: preg_match(): Compilation failed: group name must start with a non-digit at offset 8 in /home/ens9/public_html/fgs/mwiki/includes/MagicWord.php on line 872

Warning: preg_match_all(): Compilation failed: group name must start with a non-digit at offset 4 in /home/ens9/public_html/fgs/mwiki/includes/MagicWord.php on line 846

Warning: Invalid argument supplied for foreach() in /home/ens9/public_html/fgs/mwiki/includes/MagicWord.php on line 847

Warning: preg_replace(): Compilation failed: group name must start with a non-digit at offset 4 in /home/ens9/public_html/fgs/mwiki/includes/MagicWord.php on line 851

Warning: preg_match_all(): Compilation failed: group name must start with a non-digit at offset 4 in /home/ens9/public_html/fgs/mwiki/includes/MagicWord.php on line 846

Warning: Invalid argument supplied for foreach() in /home/ens9/public_html/fgs/mwiki/includes/MagicWord.php on line 847

Warning: preg_replace(): Compilation failed: group name must start with a non-digit at offset 4 in /home/ens9/public_html/fgs/mwiki/includes/MagicWord.php on line 851

Warning: preg_match(): Compilation failed: group name must start with a non-digit at offset 8 in /home/ens9/public_html/fgs/mwiki/includes/MagicWord.php on line 872

Warning: preg_match(): Compilation failed: group name must start with a non-digit at offset 8 in /home/ens9/public_html/fgs/mwiki/includes/MagicWord.php on line 872

Warning: preg_match_all(): Compilation failed: group name must start with a non-digit at offset 4 in /home/ens9/public_html/fgs/mwiki/includes/MagicWord.php on line 846

Warning: Invalid argument supplied for foreach() in /home/ens9/public_html/fgs/mwiki/includes/MagicWord.php on line 847

Warning: preg_replace(): Compilation failed: group name must start with a non-digit at offset 4 in /home/ens9/public_html/fgs/mwiki/includes/MagicWord.php on line 851

Warning: preg_match_all(): Compilation failed: group name must start with a non-digit at offset 4 in /home/ens9/public_html/fgs/mwiki/includes/MagicWord.php on line 846

Warning: Invalid argument supplied for foreach() in /home/ens9/public_html/fgs/mwiki/includes/MagicWord.php on line 847

Warning: preg_replace(): Compilation failed: group name must start with a non-digit at offset 4 in /home/ens9/public_html/fgs/mwiki/includes/MagicWord.php on line 851

Warning: preg_match_all(): Compilation failed: group name must start with a non-digit at offset 4 in /home/ens9/public_html/fgs/mwiki/includes/MagicWord.php on line 846

Warning: Invalid argument supplied for foreach() in /home/ens9/public_html/fgs/mwiki/includes/MagicWord.php on line 847

Warning: preg_replace(): Compilation failed: group name must start with a non-digit at offset 4 in /home/ens9/public_html/fgs/mwiki/includes/MagicWord.php on line 851

Warning: preg_match_all(): Compilation failed: group name must start with a non-digit at offset 4 in /home/ens9/public_html/fgs/mwiki/includes/MagicWord.php on line 846

Warning: Invalid argument supplied for foreach() in /home/ens9/public_html/fgs/mwiki/includes/MagicWord.php on line 847

Warning: preg_replace(): Compilation failed: group name must start with a non-digit at offset 4 in /home/ens9/public_html/fgs/mwiki/includes/MagicWord.php on line 851

Warning: preg_match(): Compilation failed: group name must start with a non-digit at offset 8 in /home/ens9/public_html/fgs/mwiki/includes/MagicWord.php on line 872

Warning: preg_match_all(): Compilation failed: group name must start with a non-digit at offset 4 in /home/ens9/public_html/fgs/mwiki/includes/MagicWord.php on line 846

Warning: Invalid argument supplied for foreach() in /home/ens9/public_html/fgs/mwiki/includes/MagicWord.php on line 847

Warning: preg_replace(): Compilation failed: group name must start with a non-digit at offset 4 in /home/ens9/public_html/fgs/mwiki/includes/MagicWord.php on line 851

Warning: preg_match_all(): Compilation failed: group name must start with a non-digit at offset 4 in /home/ens9/public_html/fgs/mwiki/includes/MagicWord.php on line 846

Warning: Invalid argument supplied for foreach() in /home/ens9/public_html/fgs/mwiki/includes/MagicWord.php on line 847

Warning: preg_replace(): Compilation failed: group name must start with a non-digit at offset 4 in /home/ens9/public_html/fgs/mwiki/includes/MagicWord.php on line 851

Warning: preg_match(): Compilation failed: group name must start with a non-digit at offset 8 in /home/ens9/public_html/fgs/mwiki/includes/MagicWord.php on line 872

Warning: preg_match(): Compilation failed: group name must start with a non-digit at offset 8 in /home/ens9/public_html/fgs/mwiki/includes/MagicWord.php on line 872

Warning: preg_match(): Compilation failed: group name must start with a non-digit at offset 8 in /home/ens9/public_html/fgs/mwiki/includes/MagicWord.php on line 872
Preparing a Budget - FGS Wiki

Preparing a Budget


Warning: preg_match(): Compilation failed: group name must start with a non-digit at offset 8 in /home/ens9/public_html/fgs/mwiki/includes/MagicWord.php on line 872
From FGS Wiki
Jump to: navigation, search
(Created page with "[NOTE: this page has not yet been formatted. If you are interested in assisting in the care and maintenance of the FGS Wiki Content, please contact Thomas MacEntee at publici...")
 
 
Line 1: Line 1:
[NOTE: this page has not yet been formatted.  If you are interested in assisting in the care and maintenance of the FGS Wiki Content, please contact Thomas MacEntee at publicity@fgs.org.]
 
 
 
[[Category:Strategies for Treasurers]]
 
[[Category:Strategies for Treasurers]]
 +
 +
 +
== INTRODUCTION ==
 +
 +
In most organizations, the treasurer will be asked
 +
to prepare an annual budget. Since no two
 +
genealogical, historical or family societies or
 +
organizations are exactly alike, a budget for any
 +
one organization will have its own peculiarities.
 +
However, there are some standard guidelines
 +
which, when adhered to, will assist the treasurer
 +
submit a successful budget for the president and
 +
board to approve. Before you begin, gather some
 +
important information by answering these four
 +
questions:
 +
<ol>
 +
<li>What is the purpose of our organization?
 +
<ul>
 +
<li>Genealogical?
 +
<li>Historical?
 +
<li>Family Association?
 +
<li>Other?
 +
</ul>
 +
<li>What are our financial needs?
 +
<ul>
 +
<li>Do we publish?
 +
<ul>
 +
<li>A Quarterly
 +
<li>A Newsletter
 +
<li>Other publications
 +
</ul>
 +
<li>Do we maintain a library facility?
 +
<li>Do we sponsor conferences and/or seminars?
 +
<li>Are there travel expenses?
 +
<li>Are there advertising expenses?
 +
<li>Is there paid staff with the associated employee benefits?
 +
</ul>
 +
<li>What are our financial resources?
 +
<ul>
 +
<li>Membership Dues?
 +
<li>Subscriptions for publications?
 +
<li>Interest/Investment Income?
 +
<li>Donations? Gifts?
 +
</ul>
 +
<li>How do we balance our financial needs with our financial resources?
 +
<ul>
 +
<li>Increasing membership dues?
 +
<li>Decreasing services?
 +
<li>Fund raising?
 +
</ul>
 +
</ol>
 +
 +
 +
== PURPOSE OF ORGANIZATION ==
 +
 +
The purpose of your organization directs the
 +
efforts of board and members. A well defined
 +
mission statement helps you know why your
 +
particular organization exists. Your strategy for
 +
promoting your organization or society should be
 +
based upon this goal. As treasurer, it is your
 +
responsibility to advise the board if the financial
 +
expenditures are straying from the stated purpose
 +
of the organization.
 +
 +
 +
== ASSESSING NEEDS ==
 +
 +
As you evaluate the financial needs of your
 +
society or organization for the coming year,
 +
consider the following items:
 +
 +
'''Operating Expenses'''
 +
Organizations which differ in purpose will have
 +
different levels of operating expenses. For example, genealogical and historical
 +
organizations may operate a headquarters and/or
 +
library facility, whereas a family association may
 +
not. The headquarters may move annually as the
 +
president is changed. Factors such as these will
 +
have to be tailored to your organization. First, let
 +
us examine “normal” operating expenses.
 +
Expenses related to operating a facility will be
 +
handled secondly.
 +
 +
Consider the following items when preparing your budget:
 +
<ul>
 +
<li>Telephone
 +
<li>Letterhead stationery
 +
<li>Envelopes
 +
<li> Mailing/Postage
 +
<li>Computer equipment and printers
 +
<li>Software
 +
<li>Computer disks/CDs
 +
<li>Photocopy paper
 +
<li>Rubber stamps/pads
 +
<li>Equipment maintenance
 +
<li>Post office box
 +
<li>Miscellaneous office supplies
 +
</ul>
 +
The treasurer should request assistance from
 +
other board members to itemize expenses they
 +
anticipate. Or, if operating a small organization,
 +
the treasurer may decide to compile all of the
 +
information personally and submit the budget for
 +
review and additions. Whichever method is used,
 +
it is helpful to work from the previous year's
 +
budget. The treasurer should supply copies of the
 +
budget to other board members as needed.
 +
 +
If your organization operates a permanent
 +
facility, the following items would all be
 +
budgeted under this category:
 +
<ul>
 +
<li>Rent/Lease/Purchase
 +
<li>Furnishing/Equipment
 +
<li>Utilities
 +
<li>Cleaning/Maintenance
 +
<li>Miscellaneous
 +
</ul>
 +
 +
Equipment maintenance contracts are available
 +
from most office supply firms. When equipment
 +
such as computers, fax machines or photocopy
 +
equipment is purchased, the firm may try to
 +
contract for maintenance. This is usually a good
 +
idea, especially for photocopy equipment.
 +
 +
If your organization also operates a library, these
 +
items should be considered:
 +
<ul>
 +
<li>Acquisition of new material
 +
<li> Repair/Binding
 +
<li>Replacement costs
 +
<li>Cataloging
 +
<li>Dues to other organizations
 +
<li>Miscellaneous
 +
</ul>
 +
 +
 +
== Miscellaneous ==
 +
 +
Always include a miscellaneous fund in your
 +
budget. This item should not exceed five percent
 +
of the overall budget. If it does, anticipated
 +
expenses should be better estimated or more
 +
detailed in the future.
 +
 +
 +
== Undocumented Expenses ==
 +
 +
Well-meaning board members may donate a
 +
number of items during the year to “help the
 +
organization.” If undocumented, the treasurer
 +
does not have a true picture of expenses. When
 +
that board member is replaced, expenses
 +
“unexplainably” go up. If board members do this
 +
and insist on not being reimbursed, impress upon
 +
them the importance of documenting the
 +
expenses to provide a better idea of the actual
 +
operating costs needed to operate the
 +
organization.
 +
 +
 +
== Employee Benefits ==
 +
 +
If your organization is paying employee benefits
 +
or anticipates paying them in the future, these
 +
may be as high as twenty-eight percent of your
 +
employee payroll expenses.
 +
 +
 +
== ASSESSING RESOURCES ==
 +
 +
Numerous options are open to every society or
 +
organization to meet operating expenses. Major
 +
sources of the income are from 1) membership
 +
dues, 2) subscriptions and publications, and 3)
 +
donations. Some organizations have interest
 +
income on investments and/or savings.
 +
 +
 +
== Membership Dues ==
 +
 +
Membership dues must be evaluated to ascertain
 +
if they are meeting the expenses of the society. If
 +
you increase membership dues to cover operating
 +
expenses, consider the impact of the increased
 +
membership on all aspects of your organization.
 +
Many organizations produce publications which
 +
are included in the price of the membership dues.
 +
At some point, it may be necessary for an
 +
organization to reevaluate and completely
 +
understand their operating and publication costs.
 +
 +
 +
== Subscriptions for Publications ==
 +
 +
Numerous publications cover the spectrum of the
 +
genealogical and historical community. The
 +
quality of publications ranges from poor to
 +
excellent in both content and materials. It is a
 +
good idea to secure bids for producing and/or
 +
printing your publication at least every two years.
 +
The printing industry is very competitive and
 +
there are always some “hungry printers” out
 +
there. When calculating the costs for your
 +
publications consider the following:
 +
<ul>
 +
<li>Production
 +
<li>Printing
 +
<li>Mailing preparation
 +
<li>Labels
 +
<li>Postage
 +
</ul>
 +
 +
A non-profit organization may consider
 +
obtaining a bulk rate permit from the postal
 +
service.
 +
 +
 +
== Interest/Investment/Income ==
 +
 +
Your organization may have the luxury of having
 +
a surplus of funds. The treasurer is usually asked
 +
to investigate methods to maximize interest
 +
income. If account balances are considerably
 +
higher than expected expenses, you may want to
 +
recommend to the board that funds from the
 +
general account be placed in a Certificate of
 +
Deposit or Money Market account. Also, some
 +
financial institutions are willing to give free
 +
checking services. If your organization has
 +
several accounts and some money should be
 +
placed in higher interest bearing accounts,
 +
stagger the terms of the accounts so all
 +
organization funds are not tied to the same time
 +
table.
 +
 +
 +
== Donations/Gifts ==
 +
 +
Many individuals want to
 +
donate to organizations.
 +
Those societies operating a
 +
library are likely to receive
 +
gifts. We have been taught
 +
not to “look a gift horse in
 +
the mouth”, but your
 +
organization must do this at times. For example,
 +
your library should have a collection
 +
development policy for the materials to be
 +
acquired. If someone wants to donate a
 +
considerable collection of material, does it meet
 +
the criteria? If not, you are devoting space,
 +
materials and resources to a “gift” your
 +
organization really didn't need or want. This is
 +
very costly. Thus, evaluate all donations before
 +
accepting them. One exception may be cash.
 +
However, this too must be evaluated if there are
 +
“strings attached.”
 +
 +
 +
== BALANCING NEEDS/RESOURCES ==
 +
 +
When projected financial outlays do not match
 +
your potential financial resources, you should
 +
consider doing one or more of the following:
 +
<ol>
 +
<li>Increase membership dues
 +
<li>Decrease services
 +
<li>Fund raising
 +
</ol>
 +
 +
 +
(Note: Fund raising is addressed in a separate
 +
Society Strategy Paper and FGS Wiki entry).

Latest revision as of 16:12, 13 August 2013

Personal tools
Namespaces

Variants
Actions
Navigation
Toolbox