Basics of Budgeting
Includes a Live Web Event on 08/21/2024 at 1:00 PM (EDT)
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- Member - Free!
- Non-member - $99
Explore the basics of financial management through BOMA International’s budgeting course. Understand the differences between budgets and business plans and how they contribute to organizational success. Learn about strategy, tactics, and asset value to help you make informed decisions for profitability and competitiveness. Develop a strong understanding of key accounting concepts, including financial statements. Dive into practical budgeting techniques for income, operating expenses, and capital expenditures to improve resource allocation and cost control.
Learning Objectives: At the end of this session, attendees will be able to...
Budgets vs. Business Plans
- Differentiate between budgets (short-term financial plans) and business plans (long-term strategic documents).
- Explain how budgets align with overall business goals and strategies.
- Analyze the impact of budget decisions on the organization’s financial health.
Strategy, Tactics, and Asset Value:
- Define strategic planning and its relevance to commercial real estate.
- Identify tactics for optimizing asset value, such as lease negotiations, cost control, and revenue enhancement.
- Evaluate the impact of strategic decisions.
Key Accounting Concepts
- Describe the role of accounting in real estate operations.
- Explore concepts like cash vs. accrual accounting, modified accounting, and ethical considerations.
- Understand how accounting practices impact financial reporting and decision-making.
Budgeting Income, Operating Expenses, and Capital Expenses
- Break down income sources (rent, ancillary income) and project future income
- Estimate operating expenses (utilities, maintenance, property management fees) accurately.
- Plan for capital expenses (renovations, major repairs) and allocate funds strategically.
This session is Part 1 of a 3-Part Series!
This 3-part budgeting series is tailored for emerging professionals in commercial real estate. Designed to equip participants with essential skills for navigating financial landscapes in property management, this series blends theory with practical applications.
- Session Two (January 15, 2025) delves deeper into the intricacies of budgeting by exploring different lease types and reviewing how operating expenses are calculated and billed to tenants.
- Session Three (January 29, 2025) focuses on grossing up operating expenses.
Registration is coming soon! To reserve your spot ahead of time, contact education@boma.org.
This session is approved for 1 CEU. The live session is also approved for 1 AIA LUs. BOMA International's AIA Provider Number is 50110101.
Marc Fischer, CPM, RPA, CCIM, LEED Green Associate, BOMA Fellow
President | CEO, InsiRE Commercial Real Estate Services
Marc Fischer is the President & CEO of InspiRE Training & Development. He is a Senior Commercial Real Estate Executive with proven success building and leading high-performance teams, delivering exceptional financial results for the business unit, and adding portfolio value through measurable gains in occupancy, tenant retention, and cost control. Marc is a nationally recognized facilitator and speaker on property management, asset management, and more. He also has a 25+ year background as a paramedic.
Matt Faupel (Moderator)
Senior Property Manager
Cushman & Wakefield
Matt Faupel is a distinguished senior property manager at Cushman & Wakefield in the St. Louis area. He holds a bachelor’s degree in Graphic Arts Technology Management and a master’s in College Student Personnel Administration from the University of Central Missouri. Recognized for his professional excellence, Matt was named a 10 Under 40 Honoree for 2024 by UCM. His career began with managing student housing and conferences at colleges across the country before transitioning to Cushman & Wakefield. In 2022, he received the prestigious Mark of Excellence award for his exemplary management of a global headquarters property.
Matt is deeply committed to his community and profession. Locally, he has taken on various roles with BOMA, including serving on the Emergency Preparedness Committee and co-hosting Coffee & Conversations events. On an international scale, he is actively involved with the Emerging Professional Committee, demonstrating his dedication to fostering new talent in the industry. Matt was awarded the J Michial Coleman scholarship in 2023. He continues to engage with industry conferences, sharing his expertise and insights to drive the profession forward.
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