Budgeting
The Treasurer should prepare a draft budget for the coming financial year and work with the committee to review, amend and agree it. The budget should reflect the WI's planned activities and priorities for the year ahead.
Preparing your first budget may take a little time, but future budgets are usually much easier. Start with the previous year's budget or actual income and expenditure, then adjust the figures to reflect your plans for the coming year. Remember to allow for inflation and any known changes in costs or income.
A budget helps the committee to understand whether the WI is likely to have a surplus or a deficit during the year. It also provides the information needed to make informed decisions, such as:
- whether fundraising activities will be needed
- whether the WI can offer bursaries to members
- whether the WI is in a position to subsidise the WI's share of the annual subscription
- whether planned expenditure is affordable
The committee's decisions relating to the budget should be recorded in the committee meeting minutes.
Although members are not required to approve the budget, it is good practice to share it with them so they understand how the committee intends to manage the WI's finances.
The Treasurer should regularly compare actual income and expenditure against the budget and report any significant differences to the committee. Many WIs also provide members with a quarterly update on the WI's financial position.
The budget is a living document, not something that's written once and forgotten. It should be reviewed during the year and updated if there are significant changes to the WI's plans or finances.
The NFWI Budget Template is available to download here.