If and when you share the organization's budget outside the organization, make sure to stress that the budget is reviewed periodically throughout the year and revised as needed - not set in stone.
Budgets may even be requested by parties involved in financial transactions with the nonprofits, such as banks, or by donors/grantmakers considering a gift to the nonprofit. It is likely that the nonprofit's budget will be referred to many times throughout the year - by staff and board members who play different roles within a nonprofit. It may be necessary to amend the budget during the year. It is quite common to periodically review the budget as well as compare it to the actual cash flow and expenses, to determine whether they are playing out as expected during the course of the year. Budgets should not be “written in stone” because the financial position of the nonprofit may change during the year.Ī budget is a guide that can help a nonprofit plan for the future as well as assess its current financial health.
The approved budget then serves as a guide for financial activity in the months ahead.
Approval of the annual budget is one of the fundamental building blocks of sound financial management.Ĭreating the annual budget is initially staff’s responsibility, but board members (usually those on the “finance committee” and/or “executive committee”) often review the proposed budget and the full board usually adopts the budget at a full board meeting. One way that board and staff plan for income and expenses in the future is by creating a budget. Dont waste another month counting down the minutes until payday.A key component of financial sustainability is the commitment of board and staff to financial management that includes timely review of financial reports and advance planning.
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