Question

In no less than 350 words, describe concepts related to developing and managing nonprofit budgets.

Answer 1

Answer)

No matter the type of the organisation,budget plays crucial role.In Non profit organisation without proper budget there may be financial mismanagement that will damage or ever will the organisation.

Hence Budget with reasonable estmiations must be made to lay strong foundation to achieve the goals and build the reputation that it want to be known as in an economical manner.

In non profit organisation the mission should be setup and then budgets for income estimation should be made based on cases sources of funds like membership fee, subscriptions, donations etc and then determine the expenditure to be incurred and then engaging responsibility to the persons would help in better management of funds in accordance with budgets.

Themission should be regularly observed whether it is achieved as budgeted and find the potential reasons of there is any deviations observed.