How to Create a Simple Budget 2019 Title VI National Training and Technical Assistance Conference Cartoon of budget 2 Budgeting Title VI programs do not require
budget, many Tribal Councils require programs to submit a budget . Even if you are not required to, you are encouraged to develop a budget as soon as you know your funding amount. 3 What is Budget
Budgeting is the process of creating a plan to spend your money. This spending plan is called a budget. Creating this spending plan allows you to determine in advance whether you will have enough money to provide the services as indicated in your grant application. 4 Six Steps to Create a Simple Budget
1. Start with the basics. The first step is to find a method to record your budget. 2. Budgeted amount and actual amount. Then create two categories for your budget: Income and Expenses 3. Calculate your monthly income. 4. List your monthly expenses. 5. Subtract your expenses from your income. 6. Implement, monitor, and adjust your budget.
5 Your Income Grant awards: Part A Part C NSIP Tribal funds? Voluntary Contribution?
Donation? Others? 6 Sample: Income 7 Fixed Costs
Rent Salaries Benefits Telephone
Insurance Indirect o Find out what indirect cost your tribe charged to the program; and o Understand what is included in the indirect cost so you will not charge the amount twice 8 Sample: Fixed Costs Entries
9 Variable Costs Raw materials and supplies Wages (hourly) Utilities Repair and maintenance Fuel
Know Your Numbers Compare your numbers: 1. If budget is over, find out why and adjust your activities Temporary fixes, i.e. avoid expensive entrees 2. If budget is under, find out why and adjust your activities
Temporary fixes, i.e. provide more roast beef lunch! 12 Best Practice 1. 2. 3. 4.
Keep good records Keep copies of all invoices/receipts Coordinate with your finance office If budget is over or under, find out why and adjust your activities 5. Avoid the need for carry over and loss of funds!!! 13
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