Implementing and Managing Budgets - Case Study Example

Omega College is a private institution in the Midwest that experiences budgetary challenges because of their limited number of students and resources. The college experience many challenges because they rely on the tuition fees paid by the students to meet their daily operational costs whilst the number of students is not adequately high. For instance international students enroll at the college and study for only a semester then return to their hometowns. The college did not meet their enrolment targets in the last four years and students in other colleges were transferred to the State University to complete their Bachelor’s Degrees.

Omega College relies on the generosity of the alumni, friends, and board members to assist finance the annual operating budget. I would recommend the institution in the short term to advertise the programs offered at Omega College at fair prices using various forms of media such as newspapers, televisions, radio stations, and social network sites such as Facebook, which is the most popular social site. Advertising will promote awareness in the society and hence individuals will be aware of the existence of the college and consider enrolling their children at the college.

The college can get other additional revenues from projects such as clean water projects and renewable energy projects where they can generate biomass and solar energy and sell to the communities in the area hence generating more finances. I will conduct interviews with the community members to gather data to find out if the options being considered are viable and cost effective. The college will need to work with the master budget to summarize all their projected activities by the way of cash budget, budgeted balance sheet, and the budgeted income statement.

Zierdt (2009) noted that the master budget is an all-inclusive projection of how the management plans to conduct all their activities over the fiscal year of the budget period. The college will