Financial Management, Budgeting

1
Financial Management, Budgeting Ethical
fundraising

• 2008 Leadership Development Institute

2
Financial Management and Budgeting

• Budget Development
• Budget Delegation
• Assess Financial Need
• Determine Item Funding
• Allocate Funds Appropriately
• Stay Within Budgetary Constraints
• Keep Track of Expenditures and Budgets

3
Budget Development

• Where is your budget coming from?
• Student Senate
• Fundraising
• Collaboration
• Other Donations
• Will you need to fundraise?
• Does your budget match your goals?

4
Budget Delegation

• Who is in charge of your budget?
• Resources-
• Budget Basics Page
• http//www.stcloudstate.edu/csold/studentorganizat
  ions/budgetbasics.asp
• Treasurers Manual
• Student Senate Finance Policies

5
Assess Financial Need

• What Programs Are You Planning
• How much do you expect that it will cost?

6
Determine Item Funding

• What items do you need to reach your activity
  goals?
• How much will each item cost?

7
Allocate Funds Appropriately

• Do you have enough money to reach your required
  goals?
• Do you adjust your goals or attempt to raise
  funds? What factors do you consider?

8
Stay Within Budgetary Constraints

• Budget conservatively!
• Budget funds for unforeseen expenditures

9
Keep Track of Expenditures and Budgets

• Document all expenditures
• A simple budget form is available at
• http//www.stcloudstate.edu/csold/studentorganizat
  ions/budgetbasics.asp

10
Financial Management and Budgeting

• Managing Finances On Campus
• Student Government Account
• Annual funding
• Free Balance Accounts
• 900 Account
• No off-campus checking accounts for registered
  student organizations

11
Why Fundraise?

• What are your organizations goals?
• How much time do you have?

12
Soliciting and Receiving Donations from Businesses

• Demonstrate the impact of the donation
• Keep your solicitation simple and to the point
• Ask for something specific
• Money
• Goods/Services
• Tell the donor what they are buying with the
  donation.
• Give an incentive in return if possible
• Offer a follow-up visit to show the impact of the
  donation
• Provide documentation of the donation
• http//www.fundraisingknowhow.com/fundraiser-help/
  sample-fundraising-letters.aspx

13
Soliciting and Receiving Donations from Businesses

• Matching funds
• Mass mailing or target marketing?
• Use your network
• Coffee/Candy Fundraisers

14
Fundraising Ideas (beyond the Brat sale)

• Car washes
• Hockey Center/Husky Stadium cleanups
• To sign up for dates in Husky Stadium please call
  320.308.5146 in summer/early fall
• To sign up for dates in the National Hockey
  Center please call 320.308.3327
• Xcel Energy center and Metrodome concessions
  stands
• Centerplate Office- 612-335-3350
• Restaurant/ice cream shop portion-of-sales event
• Yard sales
• Alumni solicitation/involvement
• Press releases as a fundraiser

15
Fundraising Ideas (beyond the Brat sale)

• Student Government Finance Committee
• Club dues
• Penny wars
• Silent auctions

16
Group Activity

• Fundraising Brainstorming

17
Ethics in Fundraising

• How you get the money affects your
  organizationin other ways than financially
• Organization officers are responsible for the
  activities of their organization
• Collecting money for one purposeand using it for
  another

18
Student Senate Funding

• Types of funding
• Annual Budget
• Budget Reserves
• Bill Payment
• Contracts

19
Types of funding- Terms defined

• Fiscal Year
• 334xxx Accounts
• 900xxx Accounts
• Annual Budgets

20
Budget Reserves-So you dont have an annual
budget, or you want to do something extra

• Funds for FY07
• Free Balance Reserve- 30,000
• Equipment Reserve- 10,000
• Programming Reserve- 15,000
• Interpreters Reserve- 3,000
• Plan ahead for this process4 weeks at leastyou
  may also have to write a contract!
• Where do you apply?

21
Bill Payment- Terms

• Whats a 1400 form?
• http//www.stcloudstate.edu/businessservices/purch
  asing/manual/documents/1400form.pdf
• Whats a purchase order?
• What is a vendor?
• What are the steps to purchase?
• What is encumbered?

22
Spending 334xxx Funds

• Obtain a purchase order- planning is required!
• 1400 Form
• Advisor Signature
• Once item is received, or service is
  performedauthorize the vendor to be paid

23
Spending 900xxx Funds

• You must get an invoice of service or a receipt
  for a purchase
• 1400 Form
• Advisor Signature

24
Contracts

• Why get a contract?
• Plan aheadthe further the better
• Steps for a contract
• Fill out the contract request form- vendor
  information
• 1400 form signed by advisor
• Contract is drawn up
• Artist/University Signs Contract
• Artist paid within 10 days of performance