In a short paper, talk me through the process you would use as an ED to compile an annual budget for the organization. Assume t
This assignment is your final project, and it covers one of the most important financial activities which organizations undertake: budgeting. The basis of this assignment is going to be the financial document for MANPM Opera we have been using all semester, and the assignment consists of the following components: 1.) In a short paper, talk me through the process you would use as an ED to compile an annual budget for the organization. Assume that, in addition to you, the company has managers handling production, events, and operations (you handle personnel). Additionally, explain which approach you would use (zero-based? across-the-board percentage increase? line-by-line based on past performance?) and why you would use that approach. 2.) Draft a budget for the next year based on the method you explain the paper. Assume that the company is anticipating 5% growth in revenues from this year’s budgeted amounts. For the sake of convenience, you may also assume that the same number of performances are planned for next year. Additionally, you may NOT eliminate any of the existing budget lines. Also, assume that the actual amounts in the received/paid column reflect the usual amounts received/spent. 3.) In a page, explain the choices you made in constructing your budget.
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Revenues Budget FY 2013 Increase of 5% for Revenue Amounts Budget FY 2014 Ticket Revenue 250,000.00 $ 12,500.00 $ 262,500.00 $ Individual Contributions 82,435.00 $ 4,121.75 $ 86,556.75 $ Board Member Contributions 185,000.00 $ 9,250.00 $ 194,250.00 $ Corporate 30,000.00 $ 1,500.00 $ 31,500.00 $ Grants 25,000.00 $ 1,250.00 $ 26,250.00 $ Events – Spring Gala 49,072.00 $ 2,453.60 $ 51,525.60 $ Events – Taste of the Season 16,710.00 $ 835.50 $ 17,545.50 $ Other income 22,279.00 $ 1,113.95 $ 23,392.95 $ Income Total 660,496.00 $ 33,024.80 $ 693,520.80 $
Expenses Budget FY 2013 Changes in Expense Amounts Budget FY 2014 Personnel Expenses: Administration 166,305.00 $ 9,570.00 $ 175,875.00 $ Artistic 135,764.00 $ (1,500.00) $ 134,264.00 $ Production 81,650.00 $ 1,000.00 $ 82,650.00 $ Operating Expenses: Office Expenses 15,738.00 $ 10,625.00 $ 26,363.00 $ Playbill 5,370.00 $ 900.00 $ 6,270.00 $ Development 10,950.00 $ (4,000.00) $ 6,950.00 $ Advertising, Marketing 17,525.00 $ 1,000.00 $ 18,525.00 $ Transportation 2,400.00 $ 12,100.00 $ 14,500.00 $ Morven/Rehearsal Rental Fees 6,200.00 $ (2,000.00) $ 4,200.00 $ Office Rent, Utilities, Maintenance 22,055.00 $ – $ 22,055.00 $ Education, Outreach 5,880.00 $ – $ 5,880.00 $ Capshaw Settlement 6,246.00 $ – $ 6,246.00 $ Production Expenses Professional Memberships 3,300.00 $ (2,000.00) $ 1,300.00 $ Costumes 12,000.00 $ 3,000.00 $ 15,000.00 $ Tech/Set 28,025.00 $ 4,600.00 $ 32,625.00 $ Music Royalties 14,720.00 $ (2,000.00) $ 12,720.00 $ Paramount Fees 88,280.00 $ (8,000.00) $ 80,280.00 $ Audition Expenses 250.00 $ – $ 250.00 $ Events: Spring Gala 19,389.00 $ – $ 19,389.00 $ Taste of the Season 6,924.00 $ – $ 6,924.00 $ Bravo Events 400.00 $ 400.00 $ Insurance & misc. exps 11,525.00 $ 4,500.00 $ 16,025.00 $ Total Expenses. 660,496 28,195.00 $ 688,691.00 $ Surplus/Deficit 4,829.80 $ 4,829.80 $
MANPM Opera FY 2014 Line-Item Operating Budget With Expected Increase of 5% Revenues from 2014
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