Have you heard about the Salvation Army? It’s a Protestant Christian church and one of the well-known, non-profitable, charitable organizations. So if you’re planning to give something back to society, then starting a non-profitable organization or business will be a good fit for you. Before you begin to plan for a way to help the community or organize a charity event, you need to create a budget plan to suffice all these activities. This is where the stress and the challenge steps in. To be fully equipped in this particular matter, one must know the fundamentals of budgeting.
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5 Steps to Create a Non-Profit Budget
Budgeting is the process in which you plan and invest your money towards the realization of your personal and financial goals. Determining the needs and wants in the business and addressing your financial situation is an important first step before creating your annual budget. But how will you organize a budget for a non-profit business? Here’s how.
Step 1: Be specific.
Write down all the “must pay” expenses and make them the priority on your list. Make sure that your revenue will suffice your expenses. Create a cushion to your budget and allocate it for unplanned expenses, like repairs, office maintenance, etc. Knowing the monthly expenditures should be considered to create a realistic budget.
Step 2: Stick to your budget.
Determine if your revenue is more than what you are spending. This will help you save money and pay off your debts. In cases where your expenses is greater than your income, you should figure out where and when to start cutting expenses until you stabilize your budget.
Step 3: Review your spending records.
Overspending on things that is not really included in the actual plan will highly affect your efficiency in managing your budget. It may result in the delay of payments and/or project setbacks. Practice collecting all the receipts from everything that you purchase. Keeping copies of all the receipts will eventually come in handy when time comes.
Step 4: Record your progress.
Documenting all the money that comes in and out of your business will help you stay on top of your budget. This record will let you forecast an estimate of your total spending and total earning each month. It will also show you if you’re hitting your savings goal or if you’re going beyond your budget.
Step 5: Re-evaluate and adjust.
Examine and compare the financial statements of your organization and take note of its highlights and its lowest points. If you find more of the latter, make changes and adjustments if necessary to improve this areas. Making such alteration will help you hit your desired goals.
Remember that it is wiser to magnify your expenses and underestimate your revenues. This will help you allocate more budget for your obligations and will also prepare you for unexpected expenses. Always adhere to your budget and avoid digging to your savings too often.
10+ Non-Profit Budget Templates
1. Nonprofit Monthly Budget Template
2. Nonprofit Event Budget Template
3. Non-profit Marketing Budget Template
4. Nonprofit Program Budget Template
6. Non-Profit Budget Template
Inaccuracy is one of the biggest problem in terms of budget management, especially if your running a non-profit business. Having the right budget template will surely help avoid this unwanted situation in the future. Download our Non-Profit Budget Template to keep an accurate record of all your expenses and business transactions. Available in these user-friendly formats: Google Docs, Google Sheets, MS Excel, MS Word, Numbers, Pages, and Editable PDF.
7. Non-Profit Startup Budget Template
Itemize all your income and expenses using our nifty Non-Profit Startup Budget Template. This product will effectively minimize your work and will help record all budget-related matters with ease and efficiency. All you have to do is to modify the information according to your preference and you’re all set. It has original suggestive headings and content which will suit your business needs. Try this now and enjoy the benefits of this state-of-the-art template.
8. Non-Profit Annual Budget Template
Keeping a record of all the income and expenses for the whole year will help in planning and managing the budget for your non-profit business. Our ready-made Non-Profit Annual Budget Template is the solution for that. It’s absolutely editable and can be modified according to your needs. Download and save this file so you don’t have to start from scratch in drafting your annual budget report. Available in A4 & US Letter Sizes and supports both Windows and Mac OS.
9. Non-Profit Treasurer Report Template
Producing the financial report of your non-profit company will be totally different if you’re using our Non-Profit Treasurer Report Template. Provide real-time records and details using this ready-made report template. This 2-page report is available in MS Word and Pages formats and in A4 and US Letter sizes. Print at home or send it for commercial printing. It’s fully customizable and you can download it anytime, anywhere.
10. Non-Profit Budget Template
Here’s another helpful and reliable resource that can assist you in record-keeping. Introducing our Basic Non-profit Budget Template. This template is competently-designed to separate and categorize all your revenues from your expenses. Highly recommended for beginners and professionals. Helps make recording your budget fun and easy. You’ll never have to start from scratch with this dependable material.
11. General Non-profit Budget Template
Budget reports are essential for the purpose of knowing where your company or organization financially stands. Preparing a layout of the flow of income and expenses of the business would be time consuming and stressful if you don’t have a ready-made template for such reports. Try our General Non-profit Budget Template for a change. Download the file and modify the contents according to your business requirements.