Business Plan & Financial Budget Procedure
The Annual Business Planning and Financial Budgeting procedure commences on 15th February each year and is completed at the Annual General Meeting in May, when the Plan and its Budget are approved.
On 15th February each year, a Worksheet ,(Form001), listing the Projects in the current Business Plan, is distributed to Directors. The Worksheet lists current Projects (comprising administration, services, activities and special projects) is prepared by the Treasurer and/or Secretary with a status report on each item in the Plan.
Each Director will consider if extra work is needed to complete the current approved incomplete projects listed in Step 1.
Incomplete projects may be carried over to the next Plan Year if the Director agrees that they should still be completed and / or become an ongoing task by writing 'Yes' or 'No' against each project in the Worksheet.
Collating the answers obtained in Step 2 a combined worksheet (Form 001) is prepared.
Directors are then invited to submit ideas for new Projects (e.g. policy, computer systems, new or changed procedures, new services, additional benefits for members, publicity/advertising campaigns, etc). These are added to the Worksheet.
The combined worksheet is emailed back to the Directors asking them to indicate their support for each Project by inserting a value in the scale "0" for Not favored / Lowest to "4" Essential / Highest value and return this to the Treasurer.
The Treasurer will collate the results in a new Plan (Form 002) and submit it to the Directors for their information and request their comments.
The Projects which are the top ranked 4 new Projects, plus projects carried forward will be the basis of the Business Plan for the next financial year. The Treasurer is directed to estimate the cost of each Project and prepare the draft Budget.
Twenty-five per cent (25%) of the Balance of Funds Brought Forward as at 1st. March (see Balance Sheet) shall be deducted from the monies available for the New Budget and transferred to a Reserve Account.
The Board will review the draft Financial Budget, agree any final adjustments they think are necessary and submit the approved Business Plan and Budget to the AGM, recommending its adoption.
The Board may order at any time a review of project costs, or delete projects, or add new projects if these are deemed necessary and if funding is available. Monies set aside in the Reserve Account are intended to be used for emergency funding of the Association's activities and maybe used to finance major development projects.