HOWTO Chair the Budget Committee

Tasks/Responsibilities of Budget Committee

• Manage the Budget and all associated processes.
• Present reports to Board and Membership.
• Use the Transaction Recognition Policies defined by the Treasurer.
• Set all i3 policies regarding Budget documentation and accounting, subject to override by Board Action.
• Hold working meetings if the Committee has more than one member.

Budgeting Processing

Archiving

• Make sure that budget@ is set to archive both incoming and outgoing emails permanently.
• Pass all communication and documentation thru budget@ to insure archiving.
• Budget@ becomes your permanent archive for the next person.

Processing a Reimbursement Request

• Get payee name, mailing address, scan of receipt, amount, and Line Item # from the submittal, either from a form reimbursement request (see the Instruction Manual for Budget) or by informally gathering the information to budget@i3detroit.com.
• Make sure the name, amount, line item and scan of receipt pass thru budget@. If you are handed paper, photo it and send it to budget@.
• Send email with amount, name and description to Authorized Agent, per budget. Insert in spreadsheet Color ORANGE.
• Pester Authorized Agent until approval/rejection. Let Authorized agent handle rejection directly with submittee.
• Cut check to submittee. Place in month when check is cut. In spreadsheet mark PURPLE.
• When submitee receives check or check clears bank, mark GREEN.
• END

Processing a Budget Amendment Request

• All amendment requests given to the Treasurer will be vetted for completeness and forwarded with an opinion by the Treasurer to the Board at monthly Board Meeting.
• Give an opinion when asked on all amendment requests done ad hoc in the Board Meeting.
• Add each approved amendment to the Budget after the Board meeting, giving a new line item #

Budget Reporting

• Add all paid bills to spreadsheet.
• Add all income to spreadsheet.
• Freeze for month and start new sheet for budget through end of next month in Spreadsheet.
• Create a detailed Budget Report Spreadsheet and Budget Report Summary monthly. Archive in i3 Data Vault.
• Publish that report to the monthly Board Meeting and an appropriate Members Meeting.

Yearly Budget Creation

• Distrubute instructions to Coordinators and interested members on how to submit a budget item for submission.
• Forecast the General and Special Events budget submission form historical trends.
• Aggregate all budget submissions into a master spreadsheet and deliver that to the Board prior to the Annual Budget Meeting.
• Preside over the Annual Budget Meeting in which the Board create the Budget for the new cycle.