Fractional COO and Outsourcing Firm
  • Welcome
  • About
  • Business Operations
  • Blog
  • Contact Us
  • Downloads
  • Accounting Solutions

A Journey of Innovation & Transformation

Budgeting Your Non-Profit

11/3/2016

0 Comments

 

How is that Going for You?

Picture
Picture
How does one define a non-profit organization?  It has been defined as entities that perform charitable services by accepting funds from the general public. To help regulate the activities and encourage proper allocation of funds, accounting standards have been put in place by the Financial Accounting Standards Board also known as FASB.   The accounting standards are used by management of non-profit organizations as a guide to record transactions and comply with program requirements.

Many non-profit organizations exist to accomplish a goal and not to return a profit however as funding opportunities present themselves and partnerships begin to form, the financial statements will need to be accurately managed by a designated accountant or management.  The finances are generally budgeted and every line item within the financials are accounted for.  The operational budget is the foundation from which all of the work will be carried out.  It allows you to establish benchmarks and determine priorities.  In addition, it brings light to the variable cost which may exist and allows management to analyze and change the to fixed cost.




Here are some key steps in developing your budget:
  • Establish a reasonable written budget and period (one year or multiple years)
  • Decide who should be involved and when (timing become key during this process)
  • Review program achievements and if in start-up phase be aggressive in seizing funding opportunities
  • Set program and organization goals for your budget inclusive of specific task and responsibilities
  • Establish internal goals your volunteers, leaders and potential partners can identify with appreciate
  • Estimate expenses, stray away from variable and unpredictable expenses
  • Estimate anticipated revenue
  • Plan for needed cash flow
  • Identify potential fundraising activities within your community

These steps are sufficient and valid for a newly established non-profit organization and those who have been established for five or more years.  A well established and maintained budget is what donors look for.  Donors want to know where the money is going.  They want to give their money away to "a worthy cause", and it is management's responsibility to show them that that's what is occurring.

Showing that you're non-profit organization is worthy starts with a good budgeting process which engages those who are responsible for adhering to the budget and implementing the organization's objectives in creating the budget. Get started today with the annual budgeting process, is it documented, with task, responsibility assignments and deadlines clearly state?  It is never too late to get started.  

​Fontenot & Associates Solutions, LLC offers the skills and experience to prepare the annual budgeting procedures in advance which will ensure proper delegation of assignments and the delivery of a clear message.

The meaning of life is to find your gift.  The purpose of life is to give it away." - Pablo Picasso
0 Comments

Your comment will be posted after it is approved.


Leave a Reply.

       get our Accounting & operations Tips and News in your Inbox 

    Subscribe Today

    Archives

    March 2025
    February 2025
    July 2022
    December 2019
    September 2019
    December 2018
    October 2018
    September 2018
    August 2018
    July 2018
    June 2018
    February 2018
    December 2017
    November 2017
    August 2017
    June 2017
    May 2017
    April 2017
    March 2017
    February 2017
    January 2017
    December 2016
    November 2016
    October 2016
    September 2016
    August 2016
    July 2016
    June 2016
    May 2016
    April 2016
    March 2016
    February 2016

    Categories

    All
    Accounting
    Accounting Education
    Accounting Solutions
    Account Reconciliations
    Business Solutions
    Entrepreneur News
    Newsletter
    Oil And Gas
    Policies & Procedures



    Author

    My mission is to offer the best accounting and operations solutions and tips for entrepreneurs and small to mid-size companies worldwide seeking to close their process gaps with actual solutions.  


      Sign up for our email newsletter

    Subscribe

    RSS Feed

we are committed to delivering unparalleled expertise

"Our team of innovative professionals use their knowledge and experience to set your business and team of professionals  up for success.  Our extensive accounting and operations skills are a start and  key tools to company growth, building team cohesiveness, establishing clear purpose and goals, and improving process  inefficiencies.  Our services are key to businesses of all sizes.  We handle providing the detail framework to your business so that you may focus on building your business.

We also additional services and support with monthly  operational and accounting task, reconciliation and training."

Contact Us

STAY CONNECTED

DREAMS & VISION IN YOUR INBOX
JOIN IN NOW
Photo from Rennett Stowe
  • Welcome
  • About
  • Business Operations
  • Blog
  • Contact Us
  • Downloads
  • Accounting Solutions