The Oracle: Phi Mu Delta's Membership Manual

equates to the number of active members times the semesterly or yearly fee and may
This
a room & board fee for chapters with houses.
include
is best to underestimate revenues. Plan how to raise funds and estimate this in
It
such as Membership Dues, Fundraisers or Donations. Do not include
categories
in budget projections. Thus, if the planned car wash and book sale were to
fundraisers
(as fundraisers are known to do on occasion), the chapter budget would not be hurt.
fail
to split the expenses into two categories, fixed and variable. Variable expenses are ones
Try
change from month to month, such as electric, water, etc. Fixed expenses would be
that
is best to overestimate expenses. Estimate the costs for one year. Include costs of meeting
It
standards, conference attendance, copying and printing, food, advertising, rental fees
chapter
any costs your chapter regularly incurs. See the Annual Financial Report from the
and
year for more details. The total in the expenditures section should be lower than the
previous
best way to develop these numbers is by using historical data. If historical data is
The
take your best guess and add 10%. This will work in an error range that will
unavailable,
make sure you do not under budget your monies. Make sure to build in a
hopefully
category for expenses that are a surprise. Budget for savings!
miscellaneous
LINE ITEMS
TYPICAL
Council (IFC) Dues
Interfraternity
Philanthropy
Social
Formal
Academic
Brotherhood
Misc.
Budgeting Basics
BUDGETARY STEPS
1. Determine the Income
The chapter can then designate the revenue as desired.
2. Determine Expenses
mortgage, garbage, etc.
estimated income.
3. Determine Expense Amounts
Member Dues (any fees charged in addition to the two National New Member Fees)
New
Recruitment
Long Term Savings
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