The primary consideration when budgeting for a non-Chest activity is to ensure that expenditure does not exceed the funds available. Therefore, the best place to start when budgeting for a non-Chest activity is to calculate the income available.
The process for preparing a non-Chest budget is as follows:
- Estimate annual income available
- Calculate cost of planned expenditure
- Allow for overheads on stipends if applicable. (Please refer to the Budgeting for Chest overhead recovery income section for more details)
- Compare income available to planned expenditure to ensure funds available are sufficient
The Monitoring and controlling expenditure against income section provides guidance on how to monitor and control expenditure where there is no formal budget in UFS.