Budgeting
The CampusGroups Budgeting Module aims to streamline and simplify financial management processes for your organization or group. In this guide, we'll walk you through how a group can manage their budget and how an Admin can set up Budgets.
Understanding the Budgeting Process
Regardless of which Budget you decide to use, it is crucial to understand the two components of the budgeting process:
Budgets: The allocation of money to a Budget
Payments: Groups requesting to spend money from their Budget
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In addition, it is important to note these three rules about Budgets:
The Budgeting Module is a shadow system, meaning all Budgets simply serve as a record keeper
No actual money is being moved in the system
Groups can have multiple budgets active all at the same time
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Now let’s take a look at the differences between each type of Budget.
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Simple Budget
Allocates a total amount of funds to a group.
Groups can then make payment requests from the total allocated amount.
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Advanced Budget
Allows for groups to request their budget on an time-bound or rolling basis.
Each budget request allows groups to specify line items with associated amounts.
Creates a multi-step approval process for approval, denial or revision of the requested budget.
Once a budget request is approved, groups can request payments from the approved line-items.
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Group Funds
Funds that are typically generated by the group (ticket revenue, fundraising, sponsorship, etc.)
Funds roll over year-to-year.
Admins administer these funds, but groups can request payments from them.
Group Funds are optional and can be turned off by an Admin via Admin > Settings > Money & Finance > Hide group funds.
Click below to learn more about Budgets!
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