Building a Superior Budget - May Nonprofit Forum

Building a Superior Budget – May Nonprofit Forum

Nonprofit Forum Agenda for May 30, 2018

11:30 to 12:30-Financial Management Topic
Building a Superior Budget
Please join us online, Wednesday, May 30; simply register using the link below.

Click here to register for Building a Superior Budget – May Nonprofit Forum

This session is free to nonprofit organizations.

The May Nonprofit Forum continues with Building a Superior Budget.

Those attending the May Nonprofit Forum – Building a Superior Budget will learn:

  • How to transform a strong budget into a superior budget
  • What most nonprofit leaders focus on and what they should focus on
  • How to use a rolling forecast to better anticipate results
  • Where cash flow projections could impact adjustments
  • And more

Click here to register for Building a Superior Budget – May Nonprofit Forum

A strong budget is an essential element for any nonprofit organization to achieve financial leadership. Superior budgets, though, have written plans about the core activities to include strategic, organizational, and program goals and how they will be financed.

Most financial leaders focus too much time on budget variance analysis and not enough time to anticipating or planning for the future. By anticipating or planning, organizations can focus on what’s upcoming regardless of its budget cycle or fiscal year end. A budget can be complemented with rolling forecasts to better anticipate upcoming financial results.

Budgets also need to include cash flow projections, which maybe outside of the finance department’s capacity or capabilities. Financial leaders must have a direct role in developing useful cash flow projections and assumptions with frequent, detailed analysis.

Any cash flow shortage needs to be further evaluated to determine if it is just a timing difference or an actual cash deficit. Shortfalls created by deficits need to be solved by budget adjustments or strategic choices to absorb a shortfall. An organization can determine timing or actual deficits by reviewing the budget to see if it had planned for or not.

Financial sustainability can only be achieved with a well-prepared and continuously monitored budget. Conversely, a poorly developed budget can diminish mission focused activities opportunities and threaten long-term success.

Click here to register for Building a Superior Budget – May Nonprofit Forum

Those attending the forum will receive handouts.

12:30 to 12:50-MIP User Group-Budget Refresher

12:50 to 1:00-FTM Updates and Closing

Click here to see a listing of future Nonprofit Forum topics.