DPG and MIG Budgeting Resources

DPG and MIG Budgeting Overview

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Budgeting Insights

Please use the following information as a starting point as you begin your conversation on next year's Program of Work (POW) and budget. More information will be made available in the coming months.

Objectives

The Finance and Audit Committee (FAC) of the Academy is requiring all DPGs and MIGs to focus on creating a balanced budget. Utilize the time at FNCE to strategize with your manager on ways you can reduce costs and increase revenue if this is a challenge.

Evaluating Programs

As part of this process, it is essential to assess each program critically and individually, focusing on data-driven metrics such as return on investment (ROI) and member utilization. This approach encourages objective decision-making, free from emotional or traditional biases.

To support this evaluation, consider conducting member surveys to gather actionable insights now. Additionally, we will explore opportunities for cost-sharing, especially for joint events like FNCE® receptions with one being hosted for MIGs and one for DPGs interested in participating. Staff will handle the logistics for these events to ensure consistency and efficiency in cost management. More details will be released with the Standard Cost Sheet.

Finally, always review and update current information, including budgeted amounts, actuals, and projections for the current membership year. This comprehensive approach will allow for better tracking of financial health and alignment with the Academy's strategic goals.

Template Details

The budget template is separated into four projects:

  • Executive Committee and Administration
  • Website and Communications
  • Professional Development/Member Resources
  • FNCE® Member Initiatives

Your managers will work with each group to help categorize specific items. The table below provides some examples for each category.

Project Description Examples of POW Items
Executive Committee and Administration
  •        Revenue: Membership Dues, General Sponsorship
  •        Expenses: Credit card fees, EC-specific expenses (travel to annual meeting), Administrative Support
Website and Communications
  •        Revenue: Eblast sponsorship
  •       Expenses: Higher Logic, Zoom, SurveyMonkey, Canva, newsletter-related expenses
Professional Development/Member Resources
  •       Revenue: Symposium sponsorship
  •       Expense: Webinar speaker honoraria, symposium fees (honoraria, technology expense, etc.)
FNCE® Member Initiatives
  •       Revenue: FNCE sponsorship, event registration fees
  •       Expense: FNCE travel/lodging/subsistence/registration, showcase fees and giveaways

Templates and Resources

Budget Timeline

  • February 16th: Executive Committee approved budgets due to DPG or MIG Manager
  • February 17-23: DPG Staff Review
  • February 28: Budgets due to Academy finance team
  • March: Finance staff/Finance and Audit Committee Review
  • May 31st: Day Academy budget must be approved by

DPG and MIG POW/Budget FAQ

Is there a certain amount or percentage reduction in the deficit DPGs and MIGs should be targeting? Should information on budget decreases be placed in the notes? 
Groups should aim for a 20% deficit reduction in the path to a fully balanced budget. 

How would you like us to make note of expenses that will be from reserves? 
Please include in the notes section of a line item if your DPG or MIG would like that item, or a portion of a line item designated as reserves. These items should also be listed on the bottom of the budget template to be removed from the calculated net profit/deficit. 

How can we host a FNCE® event off-site?  

Offsite events should offer a unique experience or opportunity that cannot be facilitated within the hotel or convention center AND be financially self-sustaining, meaning they must either break even or generate a small profit. All approved offsite events are subject to a $300 fee to cover extensive contract review by the Academy's Meetings and Events Services teams. The Academy retains the first right to all offsite event space. Before any external venue outreach, contracts, or commitments are made, the Academy must review and approve the proposed location. This ensures alignment with FNCE® logistics, attendee experience, and existing contractual obligations with our hotel and convention partners. Submit proposals for offsite events to your DPG manager by February 9th

Our DPG or MIG is planning a new or different event at FNCE®. How do we estimate Audio Visual (AV) costs?
Please let your manager know what your new event will look like and the estimated attendance. They will work with the Academy’s FNCE® team to provide an estimate. 

Can you clarify how reserves are determined and how we know what is being taken out of them?
Reserves should not be used to routinely cover operational costs. Reserves are intended to support projects or initiatives aimed at improving member experience, providing a new or improved member benefit, supporting scholarships, or other Academy-support research or Scope and Standards update. Items intended to pull from reserves are not utilized as part of the calculation of the annual operating budget. Please work directly with your DPG manager to identify projects/initiatives/budget line items that fall under this category.  Reserves will continue to be updated based on the monthly financial performance of individual groups (reduced for deficit, increased if revenue present)