Leading the budget of any student group can be an intimidating task. We here at the Student Activities Business Office (SABO) are happy to help out by listing our top five budget tips. We hope you find them useful!
1. Planning ahead will reward handsomely
Whether or not your group needs a university contract or funding from the Finance Board, planning ahead is paramount to success. Ample time in planning an event allows you to coordinate the logistics of incurring expenses. Often times this extra time prevents last minute headaches from creeping up on you with an unwelcomed surprise.
2. Organization is the key!
Good record keeping is of the utmost importance. Keeping copies of all transactions will prevent any funny business with your account. The time taken in advance to keep a copy of a receipt or other paperwork will payoff in the instance there are questions.
3. Early is on-time, on-time is late
Timeliness is a virtue. Make sure you submit everything in a timely manner. Failing to do so could lead your group into hot water! It is definitely a best practice to reference the appropriate deadline and ensure your group meets it.
4. A million ways to get the answer: Use your resources and ask for help
It’s okay to ask for help! It’s easy to forget, but remember that you have a lot of resources and that you are never alone. When you have a question, try referencing the Campus Activities website. Don’t be afraid to seek advice from your faculty advisor or program manager too. With funding, the SABO staff is ready to assist you. Although each community member serves a different purpose, we all want to see our students and their events successful. We are all here to help!
5. Double the pleasure, double the fun: Do a double check!
Things happen. By doing a double check you’ll be more likely to catch any mistakes with your account. Tracking your budget and regularly reconciling it to Banner is the best way to do a double check. In the instance you suspect an error, bring it to the attention of SABO. We’ll be able to look into the transaction and correct it.
We hope you find our post to be beneficial and informative. Student group finances are no easy task, but with these tips in place you’ll have everything running smoothly.
The SABO Staff