Nonprofit Organizations: A Case Study

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Introduction This paper will discuss the importance of budgeting for nonprofit organizations. It will cover ways a nonprofit organization can use budgeting as a planning tool, a management tool, and a communications tool. Budgeting is a tool that they can use to prepare their organization for future expenses and use them as comparisons for each year.

A budget is a tool that nonprofits should use to prepare for expenses for the future and to keep their financial management in check to help them maintain their financial health. One way they can do that is to know about how much their total budget is and to make sure they do not spend too much. They should make sure they keep all expenditures within their set budget. Nonprofits must be able to plan for their activities for the upcoming year. A key component of financial sustainability is the commitment of board and staff to financial management that includes timely review of financial reports and advanced planning (National Council of Nonprofits, 2018). It is very difficult to plan without a budget. Budgets can be adjusted if necessary and permittable, but they must have some idea of how much they can spend on events. …show more content…
The nonprofit's executive director and financial officers manage the organization's daily financial affairs, but it is the responsibility of the board of directors to establish financial controls and policies to ensure the organization is operating to further its mission (Masters, 2018). A nonprofit relies mostly on donations and grants. Both forms require public trust. A budget can be used to show whether the funds are being used for their intended purpose. The board can use the budget to show honesty and transparency in the management of the

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