March 31st, 2022
Budget is something we all need to consider and stick to, in order to be successful. Your budget is also something important to review on a regular basis and not just in the case of an emergency or when in a pickle. With prices rising on everything from our gas bill to a dozen eggs, it might be a good time to review your budget.
A great question came through our NIHCA Networking Group that we thought could benefit all our members. What percentage of your budget makes up payroll? This is a great question and we received a good response of answers. On average, payroll expenses make up 60% of the total budget for clubs. There are some facilities that are higher at 70% and a few that drop to 50%, but the average prior to 2022 is 60%.
What percentage of your budget is payroll? Is there another large line item in your budge that you would like to compare to other facilities? All responses should be emailed to email@example.com. If you have an idea or a burning question let us know and we may feature your question on our next round of NIHCA Knows.
“A budget is telling your money where to go instead of wondering where it went.”
– Dave Ramsey