Let’s face it. Stuff happens. And, though you may wish your hard-fought and well-planned budget was settled, 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.”
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)
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.
Download our Budget Checkup tool to put your Nonprofit budget to the test.
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a pretty good understanding about the importance of the budget review process, but still relying on spreadsheets or an outdated solution?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.
Looking for new nonprofit software to track your budget? Answer these 5 Questions to Measure Fund Accounting System Effectiveness.
Welter Consulting is a technology firm empowering nonprofit and government organizations with effective software, consulting & training that can help you with your accounting needs. We are committed to finding the most affordable technology, the most powerful solution, and providing expert support. By leveraging technology and superior reporting, our team helps to free more of your time to devote to the important work of your mission. We bridge people and technology together for effective solutions for nonprofit organizations. We are passionate professionals who choose to work in the nonprofit sector for the same reason you do – helping others. Please contact us online or call 206-605-3113 for more information.