From the perspective of an industry professional in a leadership position, the student is to develop ahypothetical annual budgetfor a university/college or professional sport team of their choice. Through research, the student should familiarize themselves with as many financial responsibilities of the organization as they can, including sources of revenue, typical expenses, employment practices and benefits packages, daily operating practices, financial planning practices, and more.Directions: The student is to develop an annual budget for a sport organization that he/she would be interested in working for. The budget should be developed in Microsoft Excel and should include, but not be limited to, the following:a. Types of revenues and amountsb. Types of expenses and amountsc. Financing details (i.e. loans, borrowing, etc…)d. Payroll and benefitse. Liability and Insurance Coveragef. Equipmentg. Servicesh. Inventory and Productioni. Other elements common to the organization provided.The student is encouraged to research budgets before beginning the project. Rather than re-inventing the wheel, the student should research in person or through the Internet search for budgets from organizations of a similar size and capacity.Please visit the following link:http://www.usatoday.com/sports/college/schools/finances (链接到外部网站。), which lists financial information for NCAA Division I schools. Please click on the institution’s name and you can choose more in-depth revenue and expense information. This may be very helpful to you as you are looking to utilize revenue and expense figures that may be more in line with the actual budget lines.You should also include a brief narrative that explains why you chose your sport organization and detail any key information that you would like to highlight about the budget that you created. Please include a cover page and submit the assignment as a single PDF document.