Budgets can be unnerving for nonprofit organizations. Understanding what all goes into a budget can seem simple until you start adding:
✅ programs,
✅ operating expenses,
✅ indirect costs,
✅ in-kind
✅ donations, and
✅ income.
At this point, your nonprofit may want to consider hiring an accountant or having some training!
It’s a good thing that Damien Scott of My Summit CFO comes on the podcast show to give you specific nonprofit budget tips!
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What We Discuss
✨ Difference between a program and operations budget
✨ How to account for In-Kind in your Budget
✨ Recommended software for nonprofit accounting
✨ The importance of operating reserves for your nonprofit
✨ Yes, you can have profit in your account at the end of the year
✨ How to be fiscally transparent
✨ About the Lupus Foundation
✨ Damien’s journey to summit the 7 peaks to raise awareness for Lupus
✨ Why it can be good to outsource accounting
✨ How often to meet with your accountant
Time Stamps:
0:00 Damien Scott’s 7 Peaks
7:20 Program Budget
9:00 Administrative Funding
12:41 In-kind and Donations in a Budget
19:36 Operating Reserves
29:20 Financial Transparency
30:55 Meeting with Accountant
34:16 Lupus Awareness
Visit https://grantwritingandfunding.com/216 for all of the show notes and how to contact Damien!