Operational Fiscal Management - Sigma Gamma Rho Sorority, Inc.
Operational Fiscal Management - Sigma Gamma Rho Sorority, Inc.
Operational Fiscal Management - Sigma Gamma Rho Sorority, Inc.
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<strong>Operational</strong> <strong>Fiscal</strong><br />
<strong>Management</strong><br />
Chantay Canty Alexander<br />
International Grand Grammateus<br />
And<br />
Thelma H. Johnson<br />
Northeast Region Grammateus<br />
<strong>Sigma</strong> <strong>Gamma</strong> <strong>Rho</strong> <strong>Sorority</strong>, <strong>Inc</strong>.<br />
Officer’s Essential Training * Queens, NY<br />
July 2009<br />
1
What will be presented<br />
About the Presenters<br />
Objectives of Presentation<br />
Need for a Budget<br />
Components of a Budget<br />
Format of a Budget<br />
Budget Analysis<br />
Budget Calendar<br />
2
About the Presenters<br />
Chantay Canty Alexander<br />
<br />
<br />
<br />
<br />
<br />
B.S Chemical Engineering<br />
M.B.A. Finance<br />
ExxonMobil - 13 years<br />
Canty Enterprises L.L.C.<br />
• Built <strong>Sorority</strong> Membership System<br />
<strong>Gamma</strong> Phi <strong>Sigma</strong>, Houston, TX<br />
Life Member 630<br />
<br />
Past Southwest Region Assistant Anti-<br />
Grammateus, 1996-1998<br />
Past Southwest Region Grammateus, 2000-2002<br />
Past Chapter Basileus, 2002-2004<br />
Past International Grand Grammateus 2004-2006<br />
Current International Grand Grammateus, 2008-<br />
Present<br />
3
About the Presenters<br />
Thelma H. Johnson<br />
<br />
<br />
<br />
<br />
<br />
B.S. Business Education<br />
M.A. Adult Education<br />
Retired in 2001, U.S. Dept. of Health and Human<br />
Services, Federal Program Manager<br />
Currently employed part-time as Office Manager<br />
Phi <strong>Sigma</strong>, Washington, DC<br />
Life Member 317<br />
Cultured Pearl – 2008<br />
Past Chapter Tamiochus 1988-2002<br />
Past Northeast Region Tamiochus 1992-2002<br />
Past International Grand Grammateus 2002-2004<br />
<br />
<br />
Current <strong>Sigma</strong> <strong>Gamma</strong> <strong>Rho</strong> <strong>Sorority</strong>, <strong>Inc</strong>. National<br />
Liaison to NCNW, <strong>Inc</strong>.<br />
Current Chapter Grammateus, 2006-Present<br />
Current Northeast Region Grammateus, 2008-<br />
Present<br />
4
Objectives<br />
Put To Use<br />
Learn How To Develop<br />
Understand The Need<br />
5
Need for a Budget<br />
Helps to set priorities<br />
Ensures you have money to do<br />
what you want to do<br />
Enables you to make sound<br />
financial decisions<br />
Helps you keep control instead<br />
of guessing<br />
6
Components of Budgets<br />
Resources (Inflows)<br />
Expenditures (Outflows)<br />
Develop > Projected<br />
Analysis > Actual<br />
7
Resources<br />
Dues<br />
Grants<br />
<strong>Sorority</strong><br />
Fundraisers<br />
Dividends &<br />
Interest<br />
Personal<br />
Disposable<br />
<strong>Inc</strong>ome (Salary)<br />
Rental Property<br />
Inheritance<br />
Dividends &<br />
Interest<br />
8
Expenditures<br />
<strong>Sorority</strong><br />
Personal<br />
<br />
Officers<br />
<br />
Mortgage/Rent<br />
<br />
<br />
<br />
<br />
<br />
Administrative<br />
Programs<br />
Scholarships<br />
Affiliates<br />
Support<br />
Organizations<br />
<br />
<br />
<br />
<br />
<br />
Car Note &<br />
Maintenance<br />
Utilities<br />
Grocery<br />
Medicine<br />
Day Care<br />
<br />
Conferences<br />
<br />
Phone/Mobile/Cable<br />
<br />
Savings/Investments<br />
<br />
Savings/Investments<br />
9
Format of Budget<br />
Section 1 - Resources<br />
Section 2 - Expenditures<br />
Section 3 - Net <strong>Inc</strong>ome / (Loss)<br />
Section 4 - Notes/Explanations<br />
Remember:<br />
You should only expend what you have<br />
resources to cover!<br />
10
Budget Analysis<br />
Analysis > Greek root to break up<br />
Determine where you stand<br />
• Budget<br />
• Actual<br />
• Variance (Actual - Budget)<br />
Determine why you are there<br />
• Comment reason for variance<br />
• Adjust to stay within Budget<br />
11
Budget Calendar<br />
for the <strong>Sorority</strong><br />
Proposed Chapter Budget Development/Approval Process<br />
Task:<br />
Issue Approved <strong>Fiscal</strong> Year Budget<br />
Present Previous <strong>Fiscal</strong> Year Budget Analysis (Jul-Jun)<br />
Report Previous <strong>Fiscal</strong> Year Activities on Annual Report & 990<br />
Present Quarterly Budget Analysis (Jul-Sep)<br />
Present Quarterly Budget Analysis (Aug-Dec)<br />
Present Quarterly Budget Analysis (Jan-Mar)<br />
Develop Next <strong>Fiscal</strong> Year Budget<br />
Review Next <strong>Fiscal</strong> Year Budget with Executive Board<br />
Obtain Chapter's Approval for Next <strong>Fiscal</strong> Budget<br />
Complete By:<br />
July 1st<br />
July 15th<br />
July 15th<br />
October 15th<br />
January 15th<br />
April 15th<br />
April 15th<br />
May 31st<br />
June 30th<br />
12
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