In the study of the budget building, several elements were evident, since they were new to me. However, the most surprising aspect of the budget building process was in regards to the budgeting of income. In my previous view, the primary purpose of developing a budget was to regulate the expenses of a program or department (Hope & Fraser, 2013). Nonetheless, because of the course, I now know that much of the emphasis should be on the source of income and its regulation. Additionally, my idea of budgeting was that it was supposed to end in its preparation and implementation stages. Nevertheless, the course enabled me to understand that budgeting process involves the combination of all the budgets into a master budget, which is then used in the preparation of forecasted cash flow statement. In continuation, the master budget will be useful in the overall financing plan of the institution.
My position as the school athlete coach necessitated the contribution in the budget development process of “write it down” stage of the budget, where all budget stakeholders were involved (Foley, 2010). Moreover, I contributed to the establishment of the timeline of the budget, in addition to helping in the specification of responsibilities among stakeholders. In my opinion, the preparation of the practice athletic department budget should be in the initial stages of the budget building process. Then in the final course of the project, the development of the master budget should be the primary practice.
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One of the critical issues that I will like to be covered in this project is the issue of accountability. There should be accountability from all the players in the budgetary process, to ensure that it runs smoothly (Lin, 2016).
References
Carlitz, R. (2013). Improving transparency and accountability in the budget process: An assessment of recent initiatives . Development Policy Review , 31, s49-s67.
Foley, E. (2010,July 28). The Budgeting Process . Retrieved from https://www.nonprofitaccountingbasics.org/reporting-operations/budgeting-process
Lin, W. (2016, January 18). Key Success Factors in Driving Effective Budgeting Process. Retrieved from https://www.linkedin.com/pulse/key-success-factors-driving-effective-budgeting-process-wesley-lin
Hope, J., & Fraser, R. (2013). the Budget. Budgetierung im Umbruch ?, 1, 71.
