Question
In: Accounting
You are a nonprofit manager and you are preparing for the upcoming fiscal year. You are...
You are a nonprofit manager and you are preparing for the upcoming fiscal year. You are in charge of leading the budget process for the organization. Briefly describe how you would start to prepare the organization’s budget. What considerations would you need to take into account? Who would you involve in the process? What are the timeline and key activities of the budget process? Once your budget is developed, what steps would you take to ensure the organization is on track to meet its budget?
Preparing a Budget
o Describe the key steps you would take to prepare your nonprofit organization’s budget. Cite at least one academic source to support your response.
o Discuss the considerations that you would need to take into account when preparing the nonprofit organization’s budget. Cite at least one academic source to support your response.
o Describe individuals involved in the budgeting process. o Outline the budgeting process timeline and key activities.
Ongoing
o Describe the steps you would take to ensure the organization is on track to meet its budget.
Solutions
ekkarill92 answered 22 hours agoRelated Solutions
Garden Depot is a retailer that is preparing its budget for the upcoming fiscal year. Management...
Garden Depot is a retailer that is preparing its budget for the upcoming fiscal year. Management has prepared the following summary of its budgeted cash flows:
The company’s beginning cash balance for the upcoming fiscal year will be $20,000. The company requires a minimum cash balance of $10,000 and may borrow any amount needed from a local bank at a quarterly interest rate of 3%. The company may borrow any amount at the beginning of any quarter and may repay...
Garden Depot is a retailer that is preparing its budget for the upcoming fiscal year. Management...
Garden Depot is a retailer that is preparing its budget for the
upcoming fiscal year. Management has prepared the following summary
of its budgeted cash flows:
1st Quarter
2nd Quarter
3rd Quarter
4th Quarter
Total cash
receipts
$
280,000
$
400,000
$
330,000
$
350,000
Total cash
disbursements
$
344,000
$
314,000
$
304,000
$
324,000
The company’s beginning cash balance for the upcoming fiscal year
will be $45,000. The company requires a minimum cash balance of
$10,000 and may...
Garden Depot is a retailer that is preparing its budget for the upcoming fiscal year. Management...
Garden Depot is a retailer that is preparing its budget for the
upcoming fiscal year. Management has prepared the following summary
of its budgeted cash flows:
1st Quarter
2nd Quarter
3rd Quarter
4th Quarter
Total cash receipts
$
270,000
$
420,000
$
300,000
$
320,000
Total cash disbursements
$
323,000
$
293,000
$
283,000
$
303,000
The company’s beginning cash balance for the upcoming fiscal year
will be $38,000. The company requires a minimum cash balance of
$10,000 and may...
Garden Depot is a retailer that is preparing its budget for the upcoming fiscal year. Management...
Garden Depot is a retailer that is preparing its budget for the
upcoming fiscal year. Management has prepared the following summary
of its budgeted cash flows:
1st Quarter
2nd Quarter
3rd Quarter
4th Quarter
Total cash receipts
$
230,000
$
380,000
$
260,000
$
280,000
Total cash disbursements
$
295,000
$
265,000
$
255,000
$
275,000
The company’s beginning cash balance for the upcoming fiscal year
will be $30,000. The company requires a minimum cash balance of
$10,000 and may...
Garden Depot is a retailer that is preparing its budget for the upcoming fiscal year. Management...
Garden Depot is a retailer that is preparing its budget for the
upcoming fiscal year. Management has prepared the following summary
of its budgeted cash flows:
1st Quarter
2nd Quarter
3rd Quarter
4th Quarter
Total cash receipts
$
320,000
$
440,000
$
370,000
$
390,000
Total cash disbursements
$
372,000
$
342,000
$
332,000
$
352,000
The company’s beginning cash balance for the upcoming fiscal year
will be $27,000. The company requires a minimum cash balance of
$10,000 and may...
Garden Depot is a retailer that is preparing its budget for the upcoming fiscal year. Management...
Garden Depot is a retailer that is preparing its budget for the
upcoming fiscal year. Management has prepared the following summary
of its budgeted cash flows:
1st Quarter
2nd Quarter
3rd Quarter
4th Quarter
Total cash receipts
$
320,000
$
440,000
$
370,000
$
390,000
Total cash disbursements
$
372,000
$
342,000
$
332,000
$
352,000
The company’s beginning cash balance for the upcoming fiscal year
will be $27,000. The company requires a minimum cash balance of
$10,000 and may...
Garden Depot is a retailer that is preparing its budget for the upcoming fiscal year. Management...
Garden Depot is a retailer that is preparing its budget for the
upcoming fiscal year. Management has prepared the following summary
of its budgeted cash flows: 1st Quarter 2nd Quarter 3rd Quarter 4th
Quarter Total cash receipts $188,000 $349,000 $217,000 $242,000
Total cash disbursements $244,000 $226,000 $205,000 $224,000 The
company's beginning cash balance for the upcoming fiscal year will
be $26,400. The company requires a minimum cash balance of $10,200
and may borrow any amount needed from a local bank...
Garden Depot is a retailer that is preparing its budget for the upcoming fiscal year. Management...
Garden Depot is a retailer that is preparing its budget for the
upcoming fiscal year. Management has prepared the following summary
of its budgeted cash flows:
1st Quarter
2nd Quarter
3rd Quarter
4th Quarter
Total cash receipts
$
310,000
$
430,000
$
360,000
$
380,000
Total cash disbursements
$
365,000
$
335,000
$
325,000
$
345,000
The company’s beginning cash balance for the upcoming fiscal year
will be $25,000. The company requires a minimum cash balance of
$10,000 and may...
Garden Depot is a retailer that is preparing its budget for the upcoming fiscal year. Management...
Garden Depot is a retailer that is preparing its budget for
the upcoming fiscal year. Management has prepared the following
summary of its budgeted cash flows:
Total cash receipts
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr
$180,000 $330,000 $210,000 $230,000
Total cash disbursements
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr
$260,000 $230,000 $220,000 $240,000
The company’s beginning cash balance for the upcoming fiscal
year will be $20,000. The company requires a minimum cash balance
of $10,000 and may...
Garden Depot is a retailer that is preparing its budget for the upcoming fiscal year. Management...
Garden Depot is a retailer that is preparing its budget for the
upcoming fiscal year. Management has prepared the following summary
of its budgeted cash flows:
1st Quarter
2nd Quarter
3rd Quarter
4th Quarter
Total cash receipts
$
280,000
$
430,000
$
310,000
$
330,000
Total cash disbursements
$
330,000
$
300,000
$
290,000
$
310,000
The company’s beginning cash balance for the upcoming fiscal year
will be $40,000. The company requires a minimum cash balance of
$10,000 and may...
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