Budgeting Is an Important Element

Budgeting is an important element of every school activity (Poston,2010;Sorenson & Goldsmith,2006).The formulation of any budget must be in line with the strategic objectives every organization (Kaplan & Norton,2005).In my work as the Director of Athletics in the Mid-American Conference, I am mandated to oversee the budget process across a wide range of sporting activities and spanning several schools and colleges. The school whose budget, I am developing is Oldwestbury College. The team is called Oldwestbury Maverics.The school team's mascot is called the Aztec Warrior. My budget is $12,500,000.00 and I have 16 sporting activities (Football, Rugby, Soccer, Volley Ball, Tennis, Badminton, Javelin, Pole Vault, Discus, Shot put, Swimming, Gymnastics, Martial arts, archery, wrestling, boxing). The allocation will be done with the implications of Title IX principles of inclusion and diversity in mind.

The need for linking budget and strategy

Traditional budgeting is a source of interesting and at times complicated discussion in the context of management accounting. Several studies have indicated the inabilities of budgeting in regard to some of the theoretical roles that are attributed to it (Neely et al.,2001).

Strategy is an important for any given organization. This is because it is the main element that guides the organization into a bright future by guiding the plans, actions as well as results. Strategies at the same time need to reflect objectively on the changes that are taking place within the business environment. The failure of budgeting process to incorporate strategy leads to serious threats to the future of any given organizations. As Bunce et al. (1995,p.253) noted, strategies are changing in response to many competitive and structural pressures, it seems evident that new management systems are needed to reflect these new realities."

In order for budgets to work, budgetary control must be adapted in order to work in the rapidly evolving and highly unpredictable organizational environment.

The work of if Bunce et al. (1995) went ahead to indicate the various positive aspects of the budgeting process. He noted that it brings together the plans, goals as well as responsibilities of a given organization.It is worth noting that at least 40% of the Maverick team members must be females and no single team should have more than 50% of the team members being from the same ethnic background and race.

How the Old Westbury College athletics budget is tied to its mission and vision: The conceptual framework

Maverick's mission and vision

Mission

The mission of the team is to produce athletes who are unparelled in their areas of sportmanship.

Vision

To bring up athletes who are men and women of integrity and are performers in almost all important faculties of life and the society.

The budgetary allocation

The budgetary allocation will take into account the relative importance that the athletic activities are given by the American society and the concerned intercollegiate organization such as Athletics in the Mid-American Conference. In this regard football would receive the highest amount of budgetary allocation. The allocation would be as follows:

Maverick's Budget Worksheet

SAMPLE

Team Name: Mavericks

Year: 2010-2011

# of Members: 1,700

Affiliation / and insurance Expenses

Total

Association:

National Dues

$500,000

League Dues

$400,000

$900,000.00

Liability Insurance

Insurance

$3,000,000

Total Affil./Insur. Expenses $3,900,000

Competition Expenses

Total

Referee/Officials Fees

Date / Opponent

$10,000

10,000

Entry Fees

Date / Event

$10,0000

Date / Event