Transfer money from Budget to "other"

Discuss questions around local unit policies for budgeting, reconciling, etc. This forum should not contain specific financial or membership information.
Gary_Miller
Senior Member
Posts: 1222
Joined: Thu Dec 08, 2011 10:42 am
Location: Emmett, Idaho

Re: Transfer money from Budget to "other"

Postby Gary_Miller » Tue Nov 05, 2013 3:01 pm

russellhltn wrote:
jasonfitt wrote:so they had a fundraiser even though we had enough in the ward budget to cover the camp expenses.

It's possible they had enough in the budget to front the money, but not enough to pay for the camp and fund the ward for the rest of the year.

Russell, read post #45. The problem came up when the auditor discovered to much money in the other account that had been there over a year. All expenses were paid for/reimburse from the Budget allotment not from the other account, Post #54. If the ward was not in the negative at the end of the year then its obvious that there was enough in the Budget to cover the cost and no fund raiser should have ever been needed.

Gary_Miller
Senior Member
Posts: 1222
Joined: Thu Dec 08, 2011 10:42 am
Location: Emmett, Idaho

Re: Transfer money from Budget to "other"

Postby Gary_Miller » Tue Nov 05, 2013 3:15 pm

jasonfitt wrote:You would be correct. I was not involved in the decision making at the time, so they had a fundraiser even though we had enough in the ward budget to cover the camp expenses.

I unnderstand your just the one who has to fix the problem. Aren't you lucky.

jasonfitt wrote: My guess is they weren't aware that we had enough,

My guess is that they did not even try and figure out if they had enough or not. I would bet that they had a really good fundraiser that had been going on for years so they just kept it going in fear of losing their fundraiser altogether.

jasonfitt wrote:or they weren't aware they could use funds from the budget allowance.

Not likely since units have been able directed since the inception of the Budget Allowance to pay for all activities out of the budget allowance. With the guidelines that fundraising was allowed for camps if necessary.

jasonfitt wrote: In any case, I'm going to mention this to our bishop before he meets with the auxiliaries to set the 2014 budget.

If your the finance clerk why don't you give the Bishop a suggested budget based on past expenditures before he meets with the auxiliaries to get their input. That way he has some Idea on what kind of budget to expect. If possible try and use the last three years.

Also please note when you make this adjustment by moving funds form other to Budget its very likely you will end up with a large carryover at the end of the year. Maybe time to think about purchasing some equipment for camp, stocking up on, sacrament meeting supplies, Copier paper, Copier toner cartridges, clerks printer ink, ect.. before the end of the year or your stake may just take the money since its not marked for anything specific.

mwgrover
Member
Posts: 85
Joined: Sun Jul 11, 2010 9:19 pm
Location: Broken Arrow, OK, USA

Re: Transfer money from Budget to "other"

Postby mwgrover » Mon Mar 10, 2014 5:07 am

Sorry for bringing up an old thread - this appears to be close to what I'm looking for but after reading this and a few other threads, I couldn't find the exact answer - or maybe didn't understand it... :)

So we need to prepay for Scout camp basically right now (down payments). The boys are going to do the annual fundraiser, and pay for the rest themselves for what the fundraiser doesn't cover. However, we don't have that money yet. So we have to pay for camp out of the budget since the district is asking for the money now. Which is fine, we have the money in the budget.

But, when the fundraiser takes place next month and then the boys start paying the rest, that money comes into the Other account, correct? And then... since camp has already been paid for by the ward out of the budget, what do we do with that Other money?

I THINK the correct answer (based on reading this thread) is that we could then go back and change the budget checks that we wrote to the Scout district and make them Other checks, which would then use the Other money that we will have received, and (virtually) put the money back in the budget.

Is this correct? Thanks for your help.

Gary_Miller
Senior Member
Posts: 1222
Joined: Thu Dec 08, 2011 10:42 am
Location: Emmett, Idaho

Re: Transfer money from Budget to "other"

Postby Gary_Miller » Mon Mar 10, 2014 6:23 am

mwgrover wrote:But, when the fundraiser takes place next month and then the boys start paying the rest, that money comes into the Other account, correct? And then... since camp has already been paid for by the ward out of the budget, what do we do with that Other money?

I THINK the correct answer (based on reading this thread) is that we could then go back and change the budget checks that we wrote to the Scout district and make them Other checks, which would then use the Other money that we will have received, and (virtually) put the money back in the budget.

Is this correct? Thanks for your help.

Just as you stated you go into the expense/check and change/correct it to the other money.

You can make the corrections as the money comes or wait until you feel you have received most of the money from the fund raiser and do an adjustment then. I prefer to wait and do the adjustment when I have all the funds in. However, you may want to do it as it comes in so the budget does not look like its overspent.

miket1024
New Member
Posts: 2
Joined: Sun Jul 13, 2014 7:51 pm

Re: Transfer money from Budget to "other"

Postby miket1024 » Sun Jun 05, 2016 3:35 pm

I made the mistake of doing this once where the expense had occurred in the previous year. I don't recall the specifics, but it caused issues that ultimately forced me to back it out and write a check.


Return to “Local Unit Finance”

Who is online

Users browsing this forum: No registered users and 1 guest