Preparing a budget is essential for effective planning and should run alongside the project plan.
Budgeting will help to:
A budget will include
Expenditure: items to be paid for; overheads including leases/ rent, insurances, equipment, salaries, marketing and publicity costs. Office costs are also included such as phone, postage, travel costs for meetings and activities. Unknown costs should be estimated.
Capital or Revenue: expenditure items are classed as capital or revenue. Capital items will be equipment with a resale value for up to 2 years. Revenue items are day-to-day or running costs such as rent, admin and volunteer expenses as well as hidden costssuch as insurance or phone credit.
Income: Initially this will be income from grants already received and anticipated amounts from grants that may be awarded, membership subscriptions, fees and donations.
Budget presentation
Business Planning
Getting Money
WCVA - Finding and getting money
Managing Money
Resource centre - Budget for community groups