Annual Budgeting Disciplines: An Essential Element of Performance Management
- NCCU Author/Contributor (non-NCCU co-authors, if there are any, appear on document)
- Ed Rehkopf, Donor to Hospitality and Tourism Administration (Creator)
- Institution
- North Carolina Central University (NCCU )
- Web Site: www.nccu.edu/academics/library/
Abstract: Budgeting is the act of establishing a plan for the financial performance of the club for thecoming operating year and broken down into monthly projections for both income andexpenses.The importance of a budget is that it allows the manager with bottom line responsibility toproject future revenues and expenses and then track actual performance against the budgetmonth to month during the coming year. This is done with the understanding that if you aremissing your revenue projections or your expenses are running high, you can intervene to dosomething month by month throughout the year.This is especially important when the club has plans to expand operations, renovate facilities,buy new equipment or technology, or spend funds on any other important project orimprovement in the club. If these plans are dependent upon the club continuing to perform at acertain level to fund the improvements but the net operating income is not meeting projections, itmay require the club to increase dues, establish or increase assessments, or borrow money.
Annual Budgeting Disciplines: An Essential Element of Performance Management
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Created on 1/12/2022
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Additional Information
- Publication
- Language: English
- Date: 2021