We’re just about halfway through the 2017 calendar year – how is your nonprofit’s budget performing? Have you reviewed it since it was created and implemented? Is your revenue on target? Have any of the following occurred at your nonprofit? …
- A shift or pivot in strategy or direction
- Unforeseen events (natural disaster, legal, economic)
- Organizational structure change (such as consolidations)
- A change in funding received versus projected funding (such as receiving more or less from planned grant funding or fundraising activities)
Let’s face it. Stuff happens. And, though you may wish your hard-fought and well-planned budget was set and done, unfortunately, that’s just not the case. The National Council of Nonprofits says it best, “Budgets should not be ‘written in stone’ because the financial position of the nonprofit may change during the year.”
A successful budget is one that is carefully crafted and implemented by a thorough budget team, then cautiously monitored and continuously updated throughout the year to reflect the inevitable changes affecting your nonprofit.
To learn about best practices when it comes to effectively monitoring and reviewing your budget throughout the year, download Budget Checkup: Critical Components of the Nonprofit Budget Review Process.
Feel like you have a pretty good understanding about the importance of the budget review process, but still relying on spreadsheets or an outdated solution? Join a live webinar, “Budget Lifecycle: Key Components to Budget Creation and Support” on Wednesday, June 7, for an in-depth review of how a true fund accounting™ solution can help you improve budgeting, so you can focus on your cause.