___You know the elements of an annual budget ___You know why you should prepare an annual budget ___You are prepared for the amount of time and effort spent on your budget to bear some relation to the size of your budget ___You have determined what you will need to spend money on in the next year, using these six steps to estimate your expenses: Develop ways of estimating expenses List yearly expense totals for absolute necessities List estimated expenses for things needed to conduct the activities of the organization List estimated expenses for miscellaneous costs List estimated expenses for items you aren't sure you can afford, but would like to obtain if possible Add up all of your expense items ___You understand how to estimate your organization's income, following these nine steps: List all actual figures or estimates of amounts you can expect from your known funding sources Estimate the amount you'll raise in the next fiscal year from fundraising Estimate the amount you'll take in for fees or services you provide Estimate the amount you will receive from yearly membership dues or fees Estimate the amount you will receive from items you may sell, such as pins, T-shirts, books, blood pressure cuffs, etc. Estimate the income from any spaces you sublet or rent to others Estimate the income you will receive from any investments, endowment income, annuities, or interest income (e.g., from a certificate of deposit, or from a Money Market or checking account) List and estimate the amounts from any other sources that are expected to bring in some income Add up all the income items you have listed to determine your total projected income for the fiscal year ___The five steps of analyzing and adjusting your budget have been followed: Laying out your figures in a useful format Comparing total expenses to your total income Knowing what to do if your budget is balanced Knowing what to do if you have a surplus Knowing what to do if you have a deficit ___If necessary, you have ideas on how to trim your budget ___You understand how to create a budget document ___You know how to work with your budget, including when and how to review and/or revise it
