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University of Never Land Athletic Department

Introduction

The previous expenditure and revenue standings of the University Of Never Land has been above the projected budget for all the years. For instance, the year 2014 had $78 million dollars just slightly higher from that of 2013, which was $74 dollars (Ablauf, 2014). This is an indication that the expenditure has been increasing with an approximate of 5.5% annually. To financial experts, it is important to reduce the gap between the projected budgets with the actual budget so that you avoid financial crisis in the end. This is to avoid the idea of going beyond the limit covered by the taxpayers on the money spent on athletics by the university (Brit & Turner2010).

To maintain a clear budget for the university of Never Land athletic budget at a recommendable level, you need to keep updated records on all the expenditures and the revenues circulation within any financial year. It is important for financial managers to check on the revenues generated from the sports activities and allocate its use appropriately to avoid more stress on taxpayers’ money for the university. The department needs to incorporate qualified personnel to aid in expenditure allocation and revenue keeping to keep the athletics of the university lively (Brit & Turner2010).

The budgets for the next five years need to be projected analytically to be in line with economical changes that can come about. The budget needs to be one that will relate expenditure to revenues that will be expected from the athletics. Below is a projected budget for the next five financial years dating 2015 to 2020 for the University of Never Land Athletic Department.

The budget estimate of the University Of Never Land Department in dollars($)

Fiscal year

2015

2016

2017

2018

2019

Budgeted expenditure

78.00

80.34

82.75

85.235

87.7895

Expected revenues

81.9

85.995

90.2945

94.8095

99.55996

Differences

3.9

5.65

7.5445

9.5745

11.77046

Fig 1. The estimated budget for Athletic department

(Source: Author)

Conclusion

By following the estimates and set by the department, you need to spend the funds available in an accountable manner as a financial officer to enable availability of funds for emergency cases. The estimates will give a clear guide to what is expected to be realized in future for athletic activities in the institution. The internal auditors need to be open and critical when analyzing the books of account of the department to ensure that the officials involved spend funds in the right manner (Ablauf, 2014).

References

Ablauf, D. (2014). The Michigan Athletics Presents Fiscal Year 2015 budget. The University Records

Brit, W. E & Turner, G. R (2010). Changing The Game: Athletics spending in an Academic context. Trusteeship magazine

https://uarktransparency.wordpress.