3.4 - Budget

Planning

Budgets

Each year local chapters must plan for the income and expenses so the president works with the Board of Directors to establish a budget. Each board member submits their estimates to the president who works with the treasurer to combine the inputs into a budget for the year. Then, the president reviews these inputs with the board for approval and inclusion in the Operating Plan. The chapter treasurer reports on budget status at each monthly board meeting. At the end of each year, the chapter treasurer will submit a complete annual financial report to INCOSE headquarters (the INCOSE Operations PM will send the chapter president and treasurer the spreadsheet template to complete). Each year an annual audit is also required. The chapter president assigns a lead to conduct the audit who is not the treasurer or member of the board. The Audit Lead conducts the audit and completes a report that is presented to membership in the spring of each year.

Example of End of Year Chapter Annual Financial Report Submitted to INCOSE International:

Financial_Report_Template_for_2017

Category and Subcategories	Income/ Expense	Description	ID	Responsible Board Member	Expense	Income
Awards	Expense	Science Fair 1	21	Outreach
Awards	Expense	Science Fair 2	22	Outreach
Awards	Expense	Past President Pin	19	Past President
Awards	Expense	Volunteer Awards (for Chapter, Board Service)	20	President
Books	Expense	Books for Chapter Meeting Raffle	24	Programs
Capital Expenditures (7 year amortization)	Expense	Capital Expenses		Treasurer
Donation Expense	Expense	INCOSE Foundation Contribution	26	President
Donation Expense	Expense	Engineering Society of Employee Holiday Awards	29	Treasurer
Donation Expense	Expense	Donation to Professional Society 1	30	Treasurer
Donation Income	Income	Corporate Advertising Donation Support (Web Site, Newsletters, etc.)	2	President
Donation Income	Income	Individual Donations	3	President
Donation Income	Income	Sub-committee Carry-Over from 2015 Budget		Sub-Committee
Donation Income	Income	Sub-committee Corporate Donations (Small & Large)		Sub-Committee
Dues Expense	Expense	Engineering Society of Baltimore		Past President
Dues Income	Income	INCOSE Dues Shares	1	Membership
Event Expense/	Expense	Special Event 2 Dinner Meals	39	Programs
Event Expense/ Awards Dinner-December	Expense	Special Event 1 Dinner Meals	34	Programs
Event Expense/ Awards Dinner-December	Expense	Holiday Dinner Gift Baskets & Supplies	36	Programs
Event Expense/ Awards Dinner-December	Expense	Event 1 Photographs (Professional Photographer)	37	Programs
Event Expense/ Special Event 2	Expense	Event 2 Photographs (Professional Photographer)	38	Programs
Event Expense/ Training	Expense	Tutorial-Workshop Meals	32	Programs
Event Expense/ Training	Expense	Tutorial-Workshop	33	Programs
Event Income / Awards Dinner Silent Auction	Income	Special STEM Event		Programs
Event Income / Training	Income	Training Session		Programs
Event Income/ Awards Dinner	Income	Awards Celebration Dinner Tickets	11	Programs
Event Income/ Special Event 1	Income	Special Event 1 Dinner	12	Programs
Event Income/Sub-Committee	Income	Sub-Committee Ticket Sales		Sub-Committee
Fees	Expense	Special Event 1 PayPal Fees	41	Programs
Fees	Expense	Award Celebration PayPal Fees	42	Programs
Fees	Expense	Tutorial, Workshop PayPal Fees	43	Programs
Fees	Expense	Pay Pal Use Fees	40	Treasurer
Interest Income	Income	Interest Income	13	Treasurer
Meeting Expense	Expense	Student Dinners		Membership
Meeting Expenses	Expense	Dinners for Chapter Meetings	46	Programs
Meeting Income	Income	Dinner Meetings	14	Programs
Meeting Income	Income	Sub-Committee Lunches @ Meetings		Sub-Committee
Merchandise Expense	Expense	Coffee Mugs		Programs
Merchandise Income	Income	Challenge Coins	16	Programs
Merchandise Income	Income	Coffee Mugs	15	Programs
Miscellaneous, Bus	Expense	Discretionary -Funds		Communications
Miscellaneous, Bus	Expense	Discretionary Funds (Membership Drives, etc..)		Membership
Miscellaneous, Bus	Expense	Discretionary Funds		President
Miscellaneous, Bus	Expense	Discretionary Funds	50	President-Elect
Miscellaneous, Bus	Expense	Discretionary Funds		Programs
Miscellaneous, Bus	Expense	Discretionary Funds		Secretary
Miscellaneous, Bus	Expense	Discretionary Funds	51	Treasurer
Postage and Delivery	Expense	Postage	55	Communications
Postage and Delivery	Expense	Special Event 1 Invitations Postage	54	Programs
Postage and Delivery	Expense	Postage	53	Secretary
Postage and Delivery	Expense	PO Box Rental	63	Secretary
Postage and Delivery	Expense	Postage and Delivery	52	Treasurer
Printing and Reproduction	Expense	Trifold (Printing Costs)	58	Communications
Printing and Reproduction	Expense	Printing & Supplies for Tutorials, Workshop	56	Programs
Printing and Reproduction	Expense	Sub-committee expenses (posters, etc)	57	Sub-Committee
Printing and Reproduction	Expense	Business Cards		Sub-Committee
Printing and Reproduction	Expense	Sub-Committee Signage		Sub-Committee
Printing and Reproduction	Expense	Sub-Committee Name Tags		Sub-Committee
Publicity Expense	Expense	Advertising, Publicity	59	Membership
Publicity Expense	Expense	Local Regional Conference Sponsorship/Table	62	Membership
Repairs	Expense	Hourly Web Site Maintenance and Repair		Communications
SIG Meetings	Expense	Sub-Committee INCOSE CC Lunch Meeting Meals	64	Sub-Committee
SIG Meetings	Expense	Sub-Committee Intern/Speaker Event	65	Sub-Committee
SIG Meetings	Expense	Sub-Committee Outreach Activity		Sub-Committee
SIG Meetings	Expense	Sub-Committee-STEM 1 Outreach	66	Sub-Committee
SIG Meetings	Expense	Sub-Committee STEM 2 Outreach Activities		Sub-Committee
Sponsor Donations	Income	Special Event 1 Program Sponsor		Programs
Sponsor Donations	Income	Special Event 1 Appetizer Sponsor		Programs
Sponsor Donations	Income	Special Event 1 Name Tag Sponsor		Programs
Sponsor Donations	Income	Special Event 1 Cocktail Hour Sponsor		Programs
Sponsor Donations	Income	Awards Celebration Program Sponsor		Programs
Sponsor Donations	Income	Awards Celebration Appetizer Sponsor		Programs
Sponsor Donations	Income	Awards Celebration Name Tag Sponsor		Programs
Sponsor Donations	Income	Awards Celebration Cocktail Hour Sponsor		Programs
Storage Unit & Insurance	Expense	Storage Unit & Insurance		President
Subscriptions Expense	Expense	Basecamp Collaboration Software		Communications
Subscriptions Expense	Expense	Event Espresso Subscription	44	Communications
Subscriptions Expense	Expense	Constant Contact Subscription	60	Communications
Subscriptions Expense	Expense	Software Upgrades to Current Levels		Communications
Subscriptions Expense	Expense	Domain Name Registration Fee	67	Communications
Subscriptions Expense	Expense	Website Hosting	68	Communications
Subscriptions Expense	Expense	Chapter File Storage (Google)	69	Communications
Subscriptions Expense	Expense	Website Maintenance	70	Communications
Supplies	Expense	Mailing Tubes & Address Labels	79	Communications
Supplies	Expense	Business Cards		Corporate Relations
Supplies	Expense	Special Event 1 Invitations, favors, programs and Other Supplies	74	Programs
Supplies	Expense	Special Event 1 Certificate for Speakers	75	Programs
Supplies	Expense	Special Event 1 Awards	76	Programs
Supplies	Expense	Special Event 1 Name Badges, Name Tents	77	Programs
Supplies	Expense	Supplies	73	Secretary
Supplies	Expense	Table Cover for Meetings and Events		Secretary
Supplies	Expense	Supplies	71	Treasurer

Example of Chapter Audit Report (this should be performed annually):

Financial_Report_Template_for_2017

Planning

Budgets

Example of End of Year Chapter Annual Financial Report Submitted to INCOSE International:

Example of Chapter Audit Report (this should be performed annually):

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