Download free excel template for social group budget allocation. This template is useful for social groups, women organization, not for profit organizations to allocate their budget for the coming year or period efficiently.
Understanding Budget allocation
A budget allocation is the amount of funding designated to each expenditure line. It designates the maximum amount of funding an organization is willing to spend on a given item or program, and it is a limit that is not to be exceeded by the employee authorized to charge expenses to a particular budget line. (Source : SmallBusiness)
Why budget allocation is important ?
A budget helps create financial stability. By tracking expenses and following a plan, a budget makes it easier to pay bills on time, build an emergency fund, and save for major expenses such as a car or home. Overall, a budget puts a person on stronger financial footing for both the day-to-day and the long term.
Purpose of having a budget allocation in place
There can be numerous reasons behind having a budget. However, in a larger picture budget allocation practices serves the following purposes –
- It provides structure and guidance of doing expenditures.
- It helps organizations and social groups to predict cash flows.
- It can help in efficient and effective allocation of available resources.
- Doing model scenarios makes it easier for organizations and social groups to optimize their growth.
- Budgeting always helps in measurement of performance.
Writing a draft budget and allocating resources
Budget writing is simple yet technical business practice. You can either do this on paper, or on a computer using a spreadsheet program such as Excel by using this free excel template. Write it up in this order:
- Income items: list each item of income, with the amount you expect to receive.
- Income total: the total amount of income (all the items added together)
- Expenditure items: list each item of expenditure, with the amount you expect to spend.
- Expenditure total: the total amount of expenditure (all the items added together)
- Net income / expenditure (subtract the total expenditure figure from the total income figure)
- Reserves at the beginning of the year (the amount you have to start off with)
- Reserves at the end of the year (the amount you will have at the end).
Download and Use budget allocation template in Excel
To use this free Budget allocation template for social groups in excel, you should have Microsoft Office/ Microsoft Excel. You can only use this template if you have these applications in your system. or Use, Google Sheets.
Once extracted, you can open the file using Excel and start entering data or customizing the template.