Budget

Policy Adopted April 19th, 2012

Purpose

1. The purpose of the budget is planning and monitoring of the club’s income and expenditures. The budget is an instrument for financial oversight but not for financial control.

Scope

2. The budget policy applies to the Board of Directors of the St Margaret Sailing Club.

Policy Statement

3. Within 90 days of the election of a new Board of Directors (generally at the Annual General Meeting) a budget for the term of office of that Board of Directors must be prepared.

4. The budget shall account for all expenditures and all revenues in all of the club’s functions and operations.

5. When approved the budget does not assign expenditure authority (see the SMSC Policy on Expenditure Management)

6. The budget shall be reviewed no less often than monthly including a tracking of revenues and expenditures to their forecasts within the budget.

a) Any exceptions to forecast that have the potential for significant impact on the club’s operations, performance or financial integrity must be reported to the Board of Directors.

b) Any revisions to the budget must have the approval of the Board of Directors.

Authority, Accountability and Responsibility

7. The Commodore is the authority for the budget.

8. The Executive Committee is responsible for the preparation and regular review of the budget. The Executive Committee shall consult the Treasurer at each stage of budget preparation if he/she is not a member of the Executive Committee.

9. The Director responsible for each of the club’s functions or operations shall be responsible for preparation of the budget entries for his or her area of functional or operational responsibility.

10. The Board of Directors is responsible for the approval of the budget.

11. The Board of Directors is collectively accountable to the SMSC membership for the development, maintenance, application, and monitoring of this policy.

References

• Expenditure Management Policy

Questions

12. Questions on the budget policy may be referred to the Commodore, or in his/her absence to the Rear-Commodore or the Treasurer.