Club Budget

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A budget is one of the most important financial tools for any croquet club. It's essentially your financial plan for the year, helping you track income, manage expenses, and work towards your goals.

Why Budget?

• Sets Financial Targets: Helps you plan how much money you expect to receive and spend.
• Controls Spending: Provides a guide for making decisions about expenditure throughout the year.
• Monitors Performance: Allows you to compare actual income/spending against your plan and make adjustments if needed.
• Supports Planning: Helps determine if you can afford new projects or initiatives.
• Ensures Sustainability: Aims for a healthy financial position (ideally a small surplus) to keep the club strong.

Creating Your Budget:

• Look Back: Start by reviewing income and expenses from previous years.
• Look Forward: Consider known or likely changes for the coming year (e.g., increased costs, new income sources, planned projects).
• Estimate Income Conservatively: Be realistic about membership fees, grants, sponsorship, etc.
• Estimate Expenses Realistically: Include all likely costs (rent, utilities, maintenance, equipment, affiliation fees, event costs etc.). Don't forget small items!
• Aim for a Surplus: Ideally, budget to bring in slightly more than you spend to build reserves for the future or unexpected costs.
• Get Committee Approval: The budget should be discussed and approved by the Management Committee.

Monitoring Your Budget:

• Regular Review: Compare your actual income and spending against the budget at every committee meeting.
• Investigate Variances: If spending is much higher or income much lower than budgeted, figure out why and what action is needed.
• Be Flexible: Budgets aren't set in stone. If circumstances change significantly, the committee may need to revise the budget during the year.

Setting Membership Fees:

• Fees are often your biggest income source. Setting them correctly is vital.
• Consider all your costs, the value members receive, volunteer contributions, and your desired surplus when calculating fees. Don't just aim to break even!
  • Resource: QLD Gov Setting Fees Guide (PDF)
  • Tool: QLD Gov Sports Club Fee Calculator (XLSX)

QLD Government Resources:

• Overview Page: QLD Gov Prepare Your Budget
• Guide: QLD Gov Guide to Budgets (PDF)
• Guide: QLD Gov Making Money Guide (PDF) (Relevant as budgeting needs to consider all income sources)
• Training Video: ClubIQ: Budgeting (YouTube)

Smart budgeting is key to keeping your club financially healthy and achieving its goals!