Building your Budget—and putting it to work
The budget is the financial expression of what you intend to do. Creating a budget is like painting a picture of your planned activities using money instead of paint. To paint the budget picture, nonprofit executives have to be able to envision and describe the planned activities in enough detail to determine how they will translate into dollars. Fortunately tools and strategies exist to help with budget preparation.
A well-prepared budget is one of the most powerful tools available to nonprofit execs and Boards. It sets an expectation for income and expenses that can be used as a yard stick to evaluate actual operating results. It can be used to project future levels of cash and reserves. Through the budget process, nonprofit leaders establish and communicate priorities for the use of the organization’s resources.
In this session, participants will learn strategies for developing a budget, budget pitfalls and ways to make the budget work for good management and governance.
Field of study: Business Management.