Budget Template Best Practices
Are you ready to build your organization’s budget for next year? Have your Excel template handy as you read through these best practices.
- NAMING THE SHEET
- Start with the blank budget spreadsheet provided, not any previous versions your group may have used. Save that sheet with this format: GroupName_Budget_AcademicYear.xlsx. Here is an example: WaterPolo_Budget_2017.2018.xlsx.
- CONSTRUCTING YOUR BUDGET
- Begin by typing each line item name, categorized properly by subcode. These should be concise but descriptive. More detailed information and rationale can be provided in the budget outline.
- The corresponding amounts will fall under the “requested” column. Any column with “funded” is for Appropriations Committee use only.
- Please remember, DO NOT copy and paste. This may alter source formatting and make things difficult for you later. This also serves as a good exercise to think about each individual line item.
- Ask yourself:
- Is the item still needed? Did we use this last year?
- Is the request outdated? (i.e. Postage, printing that can now be electronic etc.)
- Should the amount change based on attendance or change in price(s)?
- Was this event successful last year? Is there an alternative?
- What would we like to change or improve upon?
5. Add new rows as needed.
- Hitting alt + enter will allow you to wrap text in a single cell. Please do not extend the length or rows or columns.
- Make use of formulas. Excel will do the heavy lifting for you. For example if you need 2 vans (cost of $90 each) for transportation on five separate occasions, enter: =2*90*5. This will also make it easier for Appropriations to determine your reasoning for a particular amount.
- If you added additional line items, allow one space between the last line item in a subcode and the next subcode. Otherwise, you may leave the default three lines (see simple budget example below).
- FINALIZING THE BUDGET
- There may be subcodes that you do not use. Delete the extra rows that they create.
- Make sure all the totals add up for each subcodes and total requested at the bottom.
Formulas may have shifted when you were editing the document.
Note: Income is subtracted from the total.
- Completed budget spreadsheets, along with the completed Group Template Outline, should be emailed to firstname.lastname@example.org.
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