Below are the steps to take to create your budget:
- Review current and prior year actual income and expenses.
- Budget must be segregated by program and department.
- Review grants.
- Review with program directors.
- Factor in new salary positions, cost of living increases, increases in overhead and additional program needs.
- Budgets should be balanced — Revenue and expenses are equal.
- Budget must be entered on a month to month basis to account for variables for time of year.
- Determine if your budget incorporates an allocation of indirect costs to programs.
- Must be approved by treasurer, finance committee, grantors and board of directors.