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 Date / Event $10,000 Regionals Date / Event / Location $250,0000 Date / Event / Location Date / Event / Location 250,000 Nationals Date / Event / Location $500,000 Date / Event / Location $500,000.00 Total Competition Expenses $770,0000 Travel Expenses Total Date / Event Transportation Type Rental Cost/Mileage $250,000 Lodging Rate x Rooms x Nights $250,000.