Group Assignment #3
Budgeting (100 points)
For this Group Assignment, please go to the People tab in Canvas to see your group members. Once you have identified and contacted your group, coordinate with them to complete this assignment. Please be sure to see all pages.
100 Points
| Identify or create a sport or fitness organization for this assignment providing the name and description of the organization (i.e., purpose, mission). | 5 | |
| What type of budget do you think is best for this organization? | 5 | |
| Explain your rationale for selecting this type of budget. | 5 | |
| Prepare a 2021-2022 budget for your organization. | Research and fill in the sections below. Then using that information, complete the budget sheet. | |
| Gathering information | 10 | |
| Forecast sales | 10 | |
| Project profits and losses | 10 | |
| Compare to industry norms | 10 | |
| Capital needs | 10 | |
| Complete the “Budget” column of the budget sheet. | 35 |
| [Company Name]2021-2022 Budget | ||||
| INCOME | Actual | Budget | Difference | |
| Operating Income | ||||
| Category 1 | – | |||
| Category 2 | – | |||
| Category 3 | – | |||
| Category 4 | – | |||
| Other | – | |||
| Total Operating Income | – | – | – | |
| Non-Operating Income | ||||
| Interest Income | – | |||
| Rental Income | – | |||
| Gifts Received | – | |||
| Donations | – | |||
| Other | – | |||
| Total Non-Operating Income | – | – | – | |
| Total INCOME | – | – | – | |
| EXPENSES | ||||
| Operating Expenses | ||||
| Accounting and Legal | – | |||
| Advertising | – | |||
| Depreciation | – | |||
| Dues and Subscriptions | – | |||
| Insurance | – | |||
| Interest Expense | – | |||
| Maintenance and Repairs | – | |||
| Office Supplies | – | |||
| Payroll Expenses | – | |||
| Postage | – | |||
| Rent | – | |||
| Research and Development | – | |||
| Salaries and Wages | – | |||
| Taxes and Licenses | – | |||
| Telephone | – | |||
| Travel | – | |||
| Utilities | – | |||
| Web Hosting and Domains | – | |||
| Other | – | |||
| Total Operating Expenses | – | – | – | |
| Non-Recurring Expenses | ||||
| Furniture, Equipment and Software | – | |||
| Gifts Given | – | |||
| Other | – | |||
| Total Non-Recurring Expenses | – | – | – | |
| Total EXPENSES | – | – | – | |
| Net Income Before Taxes | – | – | – | |
| Income Tax Expense | – | |||
| NET INCOME | – | – | – |
