Budget workshop
NTU Sport Committee Training
2015/2016
We are here to help
• [email protected] – Finance Officer
• [email protected] – Finance Assistant
• [email protected] – Sport Development Officer (Outdoor Activities)
• [email protected] – Sport Development Officer (Intramural)
• [email protected] – Sport Development Officer (Competitive Sport)
• TBC – Sport Development Officer (Participation Sport)
What is a budget and why is it important?
• Itemised summary of likely income and expenses for a given period
• Allows you to determine in advance whether you will have enough funds to do the things you
want to do
• Invaluable tool to help you prioritize your spending and manage your money
Club’s budget
• Expenditure, income, grant
• Grant request:
 contribution to the clubs operating costs for the following academic year
 Reviewed and approved by the management team
Grant allocation guidelines
• Two club categories – different allocation guidelines apply
• Funded (generally 1/3) and non-funded costs
• To be spent on specified areas only
• Cannot be carried forward to next year if unspent!
Expenditure
• Better to over budget
• VAT – clubs pay pre-vat prices. However, VAT cannot be claimed back on zero-vat goods and when
using non-vat registered suppliers
• Refer to the funding guidelines
• Trip calculator
Income
• Better to under budget
• VAT – clubs pay 20% on ALL income raised
Actual expenditure and income
• It is the Treasurer’s responsibility to:
 keep track of all transactions
 monitor actual expenditure against the budget
Budget summary
• Shows expenditure and income totals, total grant allocation and balance
• Final balance cannot be zero!
• Will be used for monitoring income and expenditure on clubs’ accounts
Summary
• Budgeting is the starting point of planning any activities
• Budget requests are used for determining clubs’ grant allocation
• Actual income and expenditure need to be tracked and regularly monitored against the
budget