Page 36 - NCCAA Finance Board Accountability

Budget Cycle

 Budget Planning: Nonprofits begin the budget process by setting

financial goals and creating a plan for achieving them. This may involve
reviewing financial reports from previous years, assessing the current

financial situation, and identifying any changes that may affect the
organization's financial resources.

 Budget Development: Nonprofits then develop a detailed budget
based on their financial goals and plans. This involves estimating

revenues and expenses for the upcoming period, which is typically a
year. The budget should be realistic, taking into account any potential

risks or uncertainties.

 Budget Approval: The budget is then reviewed and approved by the

organization's board of directors or other governing body. This ensures
that the budget is in line with the organization's overall strategy and

mission.