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Need for Budget in an Educational Institution

BY: SEdwin | Category: Education | Post Date: 2010-02-22
 



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   SEdwin
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The budget for a country, company, organization and even a family has to be prepared with the maximum care and concern of all the people involved in the process. The reason for this is many. The main reason for this is that if the budget is not prepared adequately and the lack of funds becomes an issue in the middle of the year, then the whole company or country faces turmoil and there is a failure of the whole system. This will lead to chaos, rioting and other problems. This is the most important need for the budget.

Other than the reason said above, there are also other important reasons for the need of a budget in an educational system or institution. They are as follows:

Controls the scope and quality of the institutions program:

The scope and the quality of the educational institution depends on the budget. The reason for this is that if the budget is not made properly, the institution will suffer in that financial year due to either paucity of funds or misuse of the excess funds that have been budgeted for. This is the main reason for a proper budget to be made and presented by the finance department of the educational institution to the senior management of the institution.

Affects personnel policies :

The personnel policies of the institution depend on the budget to a large extent. The budget has to make provisions for the enhancement of the salaries and other benefits of the employees. This is very important because only if the personnel in the various levels of the institution are happy and satisfied will the people work to the best of their ability. If they give off their best to the institution, then it will have a good reputation.

Makes provision for research:


The budget has to make provisions for the research in the institution. This is because the research plays a very important role in the development and also the reputation of the institution. The institution where there is a lot of research going on is always considered to be the best institutions.

Gives direction to carry on different programs:

The budget provides guidelines that are also very important for the success of the program. It is even responsible for the success of the institution as a whole. The reason for this is that during the budget, the faculty and even all the employees get a rough idea on the various aspects of work that need to be concentrated on based on the budget allocation for that particular activity.

Helps to conduct cost analysis:

Cost analysis is an important part of the accountability of the program. The success of the program is measured and then it is calculated to find if the expenditure and the results are worth investing more in the particular project. This is the usual method of analyzing the various activities.

All these make one to understand that the success of the educational institution depends on the budget allocation and also the whole budgeting process as such.

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