Board Policy
Statement
BP No.
16
Finance/Budget Statement
DATE APPROVED:
May 17, 1993
Amended 05/27/04
Amended 06/30/05
Section 1.
Preparation and Approval
Senior Management shall actively participate in the preparation of the
corporate annual budget. The Finance/Budget Committee will review the
proposed budget and make recommendations to the Board of Directors. The
Board of Directors will adopt an annual budget for the coming year at
its regularly scheduled December meeting.
Section 2. Tracking
By the 8th working day of each month the Accounting
Department shall prepare monthly financial statements. The statement
shall compare actual monthly and year-to-date results with the annual
budget and with the prior year’s results. The Finance/Budget Committee,
together with Senior Management will review monthly accomplishments and
determine reasons for variances.
Section 3.
Reporting
The chairperson of the Finance/Budget Committee will keep the Board of
Directors informed of budget actions and needed revisions and will
provide written and oral summaries of corporate operations at the
monthly Board of Directors meeting.
Section 4. Content
1. ANNUAL
BUDGET: Each department and sub-department will have an expense
budget. Each department producing sales will have an income budget.
The above will comprise of budgets for Centers, Golf, Bowling and Food
Service. An overall corporate budget will consist of all income and
expense items, proposed capital expenditures (including Capital
Preservation/Improvement expenditures) and projected Restricted Income
Fees.
2.
MONTHLY FINANCIAL STATEMENT:
This statement shall include as a
minimum the following financial data:
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Income/expense detailed by department
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Source/application of cash
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Schedule of Investments:
Capital Fund
Capital Preservation Fund
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Project status reports:
Capital Budget
Centers
Golf
Capital Preservation Fund
Centers
Golf
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BOARD
POLICY RESOLUTION INDEX
