Clubs are significant in our social settings, including schools, colleges, and workplaces, among others. They help in experiential learning by providing members with leadership and power to make useful decisions. Better yet, clubs also provide people with opportunities to interact and participate in matters of societal development. To realize the benefits and to achieve a financial goal, every club needs a well-set budget template. These templates help tract the club’s revenues and expenses incurred on a weekly, monthly, or yearly basis.
Why you need a budget template for your club
Well, there are various reasons why each club needs a budget template. These includes:
- Club budgets help determine your financial expenditure and plan for fundraising strategies to meet the targeted budgeting.
- Club budget templates help compare the proposed budget versus the actual balances of the club
- The templates also help track the revenues and expenses of the club.
Tips for creating club budget template
Creating a club budget template can be easier said than done for most. However, if you are wondering where to start, don’t let it take much of your thoughts. The following are step by step guide that will help you create a detailed template according to your needs.
List all the administrative incomes: Every club has an organizational unit that oversees all the operations of a club. Clubs administration acts as the brain of the club. They coordinate all the activities, including finances, hence helping the club achieve its stated goals. Therefore, it’s essential to include some resources and amount of income towards the administration. Here, you will, consequently, indicate the financial situation of the club, the total revenue, and assets.
Determine the administrative expenses: Once you have determined the executive incomes, you now need to identify the administrative expenditures. In your spreadsheet, list down the flow of expenses through the previous records of the club. These may include the cost of transports, motivational tokens, allowances, to mention a few.
Include the budgeted amount for fundraising: After determining the amount of money needed to finance your club activities, you need to allocate a particular amount to fundraising activities. Usually, club income does come from either the public or corporate fundraising. Therefore, you need to assign the right amount of your budget to the fundraising to ensure a sufficient collection of funds.
Provide space for the period of the budget: Here, you need to create a specific section within your template that indicates the period in which the budget sheet will be valid. Showing a time limit makes the budget process more organized and efficient.
Fill up your budget sheet consistently: One thing that you should avoid when filling up the budget template sheet is procrastination. Once there is any transaction made, it’s always advised to fill it in right away. This also helps prevent any defaults from happening hence proper accountability.
Types of club budget templates
Club budget templates are different forms. While there are those with simple structure, others do contain detailed information to suit different club’s needs. Therefore, the following are types of budget club templates.
- Simple club budget template
- Generic club budget template
- Modern club budget template
Simple club budget template: Just like the name suggests, this template is simple in its design and contains essential elements of the club budget. It is ideal for those clubs looking for monthly financial updates. Also, it has two separate sections to cater for administrative incomes and expenses.
Generic Club Template: The generic club budget template is often divided into two main parts, i.e., the income and the expense sections. Also, with this type of template, data is usually keyed in the form of tables with pre-written content. It is used to provide a piece of detailed financial information to the club.
Modern club budget template: These budget templates are designed with colorful and contemporary layouts for better visibility. Also, its comprehensive plan provides an additional section for detailing significant events that might be hosted by the club. Therefore, it is a perfect choice for clubs with regular programs such as weekly/monthly activities.
Sample of a club budget template
|________(Name of the club) CLUB BUDGET|
|INCOME: list all the fundraising event plans, date and estimated profit/income|
EXPENSES: list all the expenses you will incur such as project materials,
banner printouts, postage, rental fees, recreational expenses, etc.
This sample budget template contains the necessary information that a simple budget should have. It contains both the list of income and that of expenses as well as pre-written information. Therefore, you can use it to provide an overview of your financial goals. If it doesn’t meet your requirements, however, you can always adjust by including things you may need.