Financial Statements, Analysis and the Budget Process
We recently hosted a webcast regarding financial statements, analysis and budgeting. Thanks to our guest presenter, Marie Brilmyer, CPA M. Acc. from SS&G, for her expertise and tips.
We know that tailoring reports for your board of directors and streamlining your budgeting process is important for any nonprofit or NGO. In the webcast, Marie shared with attendees real-world examples of how to effectively communicate a nonprofit’s financial position.
The webcast gave tips on producing financial statements that others can actually understand. Marie also pointed out the importance of who should understand them, why they should understand them, and what you can do to help staff members gain the appropriate understanding.
Marie discussed the highlights of the financial statements and the importance of financial analysis. Finally, she addressed how you can make sure your budget process is smooth, accurate and easily maintained.
Here are just a few of the budget process tips for nonprofits, NGOs, and the public sector:
- Involve your staff, don’t just ask for information, but meet w/ them to discuss
- Provide organization-wide budget information
- Be realistic – make reasonable assumptions about the future based on the current year’s operations, and build in reasonable projections like new hires or possible new funding
- Review and approve the budget with the board and share the approved budget with others
- Clarify who is responsible for monitoring the budget and how often
- Determine “why” there are any significant variances
View this webcast on financial statements and budgeting for nonprofits, or the entire library of on-demand webcasts, on our website.