As a part of our partnership with the Colorado Nonprofit Association, we recently provided a webinar to members on financial leadership, and the challenges most leaders face. Over the next several months we will highlight topics from that presentation. This month we will look at what should be done for the financial planning of the organization, specifically the annual budget.
A strong, inclusive budget development process is key to the successful development of an organizational budget. Establish a team that is appropriate to your organization’s size and structure. Since nonprofits invest heavily in the programs of the organization, program managers are good team members that will provide the core of the program budget. Involving them in the budget process naturally leads to the accountability of managing to their program budget. [Read more…]