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Budget for a Educational InstitutionBY: JoJustin | Category: Education | Post Date: 2010-02-22
The budget is a very important activity in an organization or a company or even for a country. The budget for an educational institution is also important because of the most obvious reasons. There are certain important factors that have an effect on the type of budgeting done in an educational institution. The fact that the budget for an educational institution is important can be gauged from the fact that if the proper budget is not prepared, the various students in the educational institution will suffer a lot. Along with this, the quality of education imparted will also decrease and the effectiveness and importance of the institution will diminish.
The various factors that are involved in the budget of an educational institution are as follows:
Nature of the institution:
The nature of the institution is the first and most important aspect of the budget. The fact is that if the institution is very small, then a smaller budget is enough, but if the place is a large one, then various factors have to be considered and the budget preparation becomes very complicated. One single person may not be able to complete the process, but may need inputs from a large number of people.
The salaries of the employees play a very important role in the preparation of the budget. Adequate allocation has to be done for the intake of any new employees into the institution. This will ensure that the institution does not need to take funds from the contingency funds for the salary that needs to be paid. Similarly, along with the salaries, the various other benefits of the staff also have to be budgeted for.
Stipends for students:
If the educational institution offers any stipend or any other scholarships to the students, they also have to be taken into consideration and the educational institution needs to prepare an adequate budget for the same.
New equipments and repairs: The purchase of any new equipment for the educational institution needs to be managed and also budgeted for in the initial time. This is important because all these will cost a lot and so adequate budgeting will make the institution to not suffer later.
The office and other supplies for the smooth running of the institution also need to be budgeted for. This is because the offices of various people need stationery and other things. All these have to be identified and budgeted for.
Maintenance of transport including cost of petrol/diesel:
The transport for the various activities of the educational institution is very necessary and the budget for the vehicles, their upkeep, purchases and also the cost of the fuel need to be budgeted.
Maintenance of library:
The maintenance and upkeep of the library plays an important role in an educational institution. The purchase of journals and books needs to be budgeted for.
As the educational institution expands, there may be various contingency needs that have not been foreseen and all these need to be budgeted for in the contingency fund. This is a very important part of the budget as it helps to meet all the expenses that have not been thought of or have come up suddenly.
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