Abstract: This study intends to develop a budget allocation model using the Association Budget Planner to avoid the threat of mismanagement of the available budget. By implementing sound financial planning and leveraging the markup strategy, UPSHBBA successfully navigated the challenges of bankruptcy, ultimately revitalizing its financial standing. The pivotal tool in this transformation was the application of the 50/30/20 rule for budget allocation. Based on the initial findings and conclusions, it is advisable to incorporate an annual budget allocation within the association's strategic planning framework. Proactively adhering to this budget plan is essential for sustaining the positive trajectory. When budgetary setbacks occur, consider remedial actions such as outsourcing to address any financial gaps and ensure the continued stability and sustainability of UPSHBBA. Reviewing the expenditures in the financial planning and reducing them helps minimize the financial gaps. Use up-to-date reports to know how much money is going out and into the associations’ finances.
Keywords: budget allocation, financial planning, markup, financial management.
Title: FINANCIAL MANAGEMENT: UPPER SABANGAN HONG KONG BALIKBAYANS BAGUIO ASSOCIATION (UPSHBBA) BEST PRACTICES
Author: TAWAGEN, JANE I.
International Journal of Management and Commerce Innovations
ISSN 2348-7585 (Online)
Vol. 11, Issue 2, October 2023 - March 2024
Page No: 188-192
Research Publish Journals
Website: www.researchpublish.com
Published Date: 26-December-2023
