Budgeting is a process that many undergraduate and graduate schools have in place. Groupment has built a dedicated module to facilitate the entire budgeting process and allows multiple students and administrators to collaborate on a centralized system.
Two Main Aspects of Budgeting:
1. Set up a budget for the entire year, including all of the events you’re planning, all items that student leaders think they need for the year (adding details such as food, drink, marketing materials) and the amount of money they are requesting from the school. Note: students don’t have to request the entire amount of fundings from the school. Once you create a budget item for a given event, portions of the requested funds can be financed from other sources such as ticket revenues, membership fees, and sponsorship money received.
2. Ongoing budget and expense process is supported as events are created during the year. Students purchase needed items through allocated funds to actual events on an open-ended basis. Whether students buy event supplies with their own money or ask the school to buy it for them, the school can record an expense entered against a budgeted item, and if necessary, reimburse the students who advanced money.
Create an Ongoing Budget:
Create an event.
Create your budget for that event.
Enter different budget items that you’re going to need.
After the event, students or administrators enter the real expenses incurred.
The beauty of having all this in one place is that you can access a profit and loss screen where you see all the revenues you receive, all the expenses, and a live balance. Student leaders can see their balance at any time, whenever they want.