Friday, January 22, 2016

How to Budget Wisely for Fundraising Success


Creating a budget is essential for any project, and that is just as true when it comes to fundraising and budgeting in parent-teacher associations (PTA). PTA groups are designed to help enrich a child’s educational experience by providing support, encouragement and funds to supplement the classroom. How should PTA’s wisely and responsibly create a budget for the year? Read on to see what steps PTA’s should consider when budgeting funds.
Effective budgeting means mindful thinking. Create a list of goals and ambitions for the year. Establish what is financially feasible, and develop a written portfolio, a detailed spreadsheet, a map of financial funds and goals - whatever it is that your PTA finds necessary to meet your financial goals. Whether for reception funds at concerts, field trip funds, or for special group interests, you will want to be well prepared for the year’s activities and needs.

Learn from last year’s successes and mistakes. Study treasurer’s reports and budget from previous years to determine how well the budget met the association’s needs. Maintain connections with organizations your PTA partnered successfully with last year to ease any planning processes for the current year.
Keep the necessary, trim the non-essential. Determine projected financial needs while taking into consideration what funds are needed for approved programs, projects, events, and development. Develop trustworthy sourcing for these funds to meet all the requirements necessary.
Begin forming a budget. From here, a PTA can begin developing a budget, one that includes allocated expenditures for the remainder of the year, existing funds, and plans for obtaining funds. Make sure to include ample adjustment room funding as well, otherwise known as an emergency fund.
Don’t resist the urge to update. Whether an event went more successfully than you imagined or an unfortunate emergency arose, return to your budgeting process and readjust to make the most of your funds. Keeping a watchful eye on one budget can mean allowing for more space and leverage on another, so don’t assume funding cannot be moved around.
Mindful and effective budgeting can help you take your goals to the distance. For more resources, check out these articles from Parent Teacher Organizations Today for more information.