BUDGETING
The budgeting process should always be related to the overall planning
process of an organization. No one is in a position to plan for the future
without a clear sense of what the available resources are. Conversely, sensible
budgets and financial plans cannot be put together without knowing the
direction the organization will take in the future. Simply allocating money is
not enough. Instead, the proper and strategic use of resources is key to the
budgeting process. As Thomas Wolf writes in the book, Managing a Nonprofit
Organization (1), “There are eight steps that an organization should take
to complete a successful budgeting cycle.”