Department Budgeting Guidelines and Tips
Gain insights into creating and managing department budgets effectively. Learn about the responsibilities of a department treasurer, budget preparation protocols, the importance of balanced budgets, and essential budgeting tips. Ensure compliance with audit requirements for a seamless budgeting process.
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Presentation Transcript
George Martin Director of Accounting 406 West 34th Street, 10th Floor Kansas City, MO 64111 (816) 561 8655 (office) (866) 299 1286 (toll free) (816) 800 8749 (direct) (816) 931 4753 (fax) gmartin@vfwauxiliary.org
Budget Information Your Dept. Treasurer should not be chairman of the Budget Committee. Your Dept. Treasurer shall prepare a tentative budget for financial operations for the ensuing year. The budget sets forth all estimated receipts and anticipated expenditures for the use of the Budget Committee in preparing the proposed budget Restricted funds shall be budgeted separately in every instance (what does this mean?) The budget shall be in balance (what does this mean?) Once the Council of Administration approves the budget it cannot be changed.
Budget Tips When creating the budget, round amounts to whole dollars Moving funds from savings accounts where revenue has previously been recognized cannot be counted as revenue again! When presenting the budget for approval, it is not necessary to read each line of the budget Any large discrepancies between prior year budgeted and upcoming year budgeted amounts
Budget Tips Have separate line item under revenues for miscellaneous revenues Even if the amount budgeted is zero, this will allow to record revenues during the fiscal year that do not fit into any other revenue category Have separate line item under expenses for miscellaneous expenses Even if the amount budgeted is zero, this will allow to record expenses during the fiscal year that do not fit into any other expense category
Approved Department Budget & Audit Copy of the Council approved Department Budget for the upcoming fiscal year forwarded to the National Treasurer (no later than October 1st) (This can be done electronically!) May request an extension. The request would go to the National President via the National Secretary Treasurer, via the Director of Accounting Copy of the Council approved Department Audit for fiscal year ended June 30th forwarded to the National Treasurer (no later than October 1st) (This can be done electronically!) May request an extension. The request would go to the National President via the National Secretary Treasurer, via the Director of Accounting
Auxiliary Audit Due Dates
