Non-Profit Board Resolution
Date: September 16, 2050
WHEREAS, the Finance Committee of [Your Company Name] has diligently prepared the annual budget for the fiscal year beginning October 1, 2050, and ending September 30, 2051, ensuring that it aligns with the organization's strategic goals and operational needs; and
WHEREAS, the proposed budget has been reviewed in detail by the Board of Directors, taking into consideration the organization’s revenue projections, expenditure plans, and financial sustainability;
WHEREAS, the budget includes funding allocations for key programs, administrative expenses, and reserves, reflecting the organization's commitment to maintaining financial health while advancing its mission;
NOW, THEREFORE, BE IT RESOLVED that the Board of Directors hereby approves the annual budget for the fiscal year 2050-2051 as presented by the Finance Committee. The approved budget includes:
Program Funding: Allocation of [$2,000,000] for programmatic initiatives, including:
Community Outreach Program: [$750,000]
Youth Education Initiative: [$650,000]
Research and Development: [$600,000]
Administrative Expenses: Allocation of [$800,000] for operational and administrative costs, including:
Salaries and Benefits: [$500,000]
Office Supplies and Equipment: [$100,000]
Utilities and Rent: [$200,000]
Capital Expenditures: Allocation of [$300,000] for necessary capital improvements or equipment purchases, including:
Facility Renovations: [$150,000]
New Technology and Equipment: [$150,000]
Reserves: Allocation of [$400,000] to maintain an adequate reserve fund to support financial stability and risk management.
BE IT FURTHER RESOLVED that the Executive Director is authorized to implement the budget, including making necessary financial decisions and adjustments within the approved limits. This authorization includes:
Contract Approvals: Approving contracts and agreements necessary for the execution of the budget.
Expense Management: Managing expenditures to stay within the allocated budget for each category.
Revenue Collection: Overseeing the collection of revenues as projected in the budget.
BE IT FURTHER RESOLVED that the Finance Committee is tasked with monitoring the budget’s implementation and will provide the Board of Directors with quarterly financial updates. These updates will include:
Financial Statements: Detailed financial statements reflecting the budget performance.
Variance Analysis: Analysis of any significant variances between budgeted and actual figures.
Recommendations: Recommendations for any necessary adjustments to ensure budgetary alignment with organizational goals.
BE IT FURTHER RESOLVED that the Executive Director will work closely with the Finance Committee to ensure transparent and effective communication regarding the budget, including addressing any concerns or adjustments needed throughout the fiscal year.
BE IT FURTHER RESOLVED that the Board of Directors acknowledges and thanks the Finance Committee for their thorough work in preparing the budget and their ongoing commitment to the organization’s financial stewardship.
Signed:
[Chairperson’s Name]
Chairperson of the Board
[Your Name]
Secretary of the Board
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