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Budgeting for Success


<p><span><span><span><strong><span>Session Length</span></strong><strong><span>:&nbsp; 30 Minutes </span></strong></span></span></span></p>

<p><span><span><span><strong><span>Learning Objectives: </span></strong></span></span></span></p>

<ul>
    <li><span><span>Articulate their goals relating to event budgeting</span></span></li>
    <li><span><span>Conduct research necessary for formulating a budget</span></span></li>
    <li><span><span>Identify fixed and variable costs and revenues</span></span></li>
    <li><span><span>Use a basic Microsoft Excel model to formulate a budget</span></span></li>
    <li><span><span>Manage their budget once it has been approved</span></span></li>
</ul>

<p><span><span><span><strong><span>Required Materials: </span></strong></span></span></span></p>

<ul>
    <li><span><span>Screen and projector</span></span></li>
    <li><span><span>Notebook Computer with Microsoft Excel</span></span></li>
    <li><span><span>Budgeting for Success PowerPoint</span></span></li>
    <li><span><span>Simple Excel model file</span></span></li>
</ul>

<p><span><span><span><strong><span>Outline of the Session:</span></strong></span></span></span></p>

<ol>
    <li><span><span>Introduction – 5 minutes</span></span>

    <ol>
        <li><span><span>Introduce trainer</span></span></li>
        <li><span><span>3-minute buzz session at table: design an event. Determine the following:</span></span>
        <ol>
            <li><span><span>Event name and theme</span></span></li>
            <li><span><span>Projected number of people</span></span></li>
            <li><span><span>Rough program schedule</span></span></li>
            <li><span><span>Event location</span></span></li>
        </ol>
        </li>
    </ol>
    </li>
</ol>

<p><span><span><span><span><span>Ask participants to keep these factors within reason. Make them realistic. Tell them to keep their event in mind, because they will use them later to build a budget.</span></span></span></span></span></p>

<ol start="2">
    <li><span><span>Think like a business person – 5 minutes</span></span>

    <ol>
        <li><span><span>What is a budget?</span></span></li>
        <li><span><span>Draw parallels between an OA lodge and a business</span></span></li>
        <li><span><span>Businesses seek to maximize profit, an OA lodge seeks to maximize program efficiency</span></span></li>
        <li><span><span>When budgeting, you’re not just budgeting cash. You’re allocating resources.</span></span></li>
    </ol>
    </li>
    <li><span><span>Budgeting: A Roadmap for Success – 20 minutes</span></span>
    <ol>
        <li><span><span>Step One: Define Guidelines – How many people do you expect to register? Do you want to make money? Do you want to reduce your costs over the previous year? Do you want to increase revenues over the previous year? Identify your goals as they relate to your budget. </span></span></li>
        <li><span><span>Step Two: Do Your Research – get quotes, look at past budgets, solicit donations, talk to Arrowmen in your lodge with accounting/finance backgrounds</span></span></li>
        <li><span><span>Step Three: Identify Fixed and Variable Costs and Revenues – variable costs will change based on the number of people in attendance (insurance, food). Fixed costs are the same no matter the number of people (rental fees). </span></span></li>
        <li><span><span>Step Four: Formulate your Budget – at this point, the trainer will pull up the sample Excel budget model and manipulate it, showing how to piece together a budget in Excel</span></span></li>
        <li><span><span>Step Five: Evaluate and Balance – step back and see where you need to adjust. At the very least, make sure expenses and revenues balance.</span></span></li>
        <li><span><span>Step Six: Get it Approved – learn how to articulate it to your Lodge Chief, adviser, and LEC</span></span></li>
        <li><span><span>Step Seven: Execute and Record – track your expenses and revenues as they happen</span></span></li>
    </ol>
    </li>
    <li><span><span>Summary – 3 minutes</span></span></li>
    <li><span><span>Take Away Challenge – 2 minutes</span></span></li>
</ol>

<p><span><span><span><span><strong><span>Trainer Preparation:</span></strong></span></span></span></span></p>

<p><span><span><span><span><strong><span>General Preparation:</span></strong><span> The trainer should be a youth experienced with lodge budgets, like the treasurer or an event coordinator. Having some background in accounting, finance, and Microsoft Excel is also helpful. </span></span></span></span></span></p>

<p><span><span><span><span><strong><span>Logistical Preparation:</span></strong><span> Be sure the LLD attendees are broken up into groups. This will be helpful for the activity. </span></span></span></span></span></p>

<p><span><span><span><span><strong><span>Microsoft Excel Preparation:</span></strong><span> The trainer should have the basic Microsoft Excel budget model that accompanies this session pulled up on the presentation screen for use later in the session. The trainer should practice using this model well before delivering the presentation.</span></span></span></span></span></p>