How Do I Create a Budget for my Club?

Creating a budget allows your club to plan effectively and better help you utilize your resources throughout the duration of the school year. Your budget should be detailed and discussed with all club executives in order to ensure proper communication and accuracy. A well thought out budget will allow your club to operate with ease so that you can operate to the best of your ability. Below are some helpful hints for creating a budget for your club.

1.The top half of the budget is your revenue. These are funds generated by your club through ticket sales, donations, fees, etc. For example, if you are charging cover at en event, the revenue generated would be recorded here.



2.Ensure that you list both a description of the revenue/expense as well as the dollar amount. Be as specific as possible. Rather than saying "clothing" say "Promotional t-shirts for event", etc.



3.There are 2 tabs to the budget template. Ensure that you fill both out. The second tab, labeled "CCFA-P" is a breakdown of your spending per period. Please be realistic in determining which period you will be spending your money. Plan ahead and consider when events will be held, etc. For a list of the periods, please visit https://waterloo.wlusu.com/campusclubs/periodcalendar.htm.



4.Make sure that you research your costs. This means calling suppliers, visiting stores and taking a look at past year’s budgets. Don’t make assumptions about costs when all that it takes is a quick phone call to determine a price. This way, you can ensure that you are allocating money efficiently and have a more realistic idea of what to expect. If possible, obtain a physical copy of the estimate (ie. an email) so that you can refer to the price quoted when needed.



5.Visit the Campus Clubs Resources page located on our website for a list of contacts in regards to venue bookings and preferred suppliers. Although this list may be helpful for you, keep in mind that you are not limited to this list. Ensure that you look around to find the best costs. As well, it is important to remember to not sign any contracts.



6.Campus Clubs are intended to enhance student life at Laurier. Ensure that your spending adheres to both this as well as the Campus Clubs Policy.

Please note that budgets will not be approved until 1st semester commences.  Regardless, please submit a budget with your application.