PA 600 Key Financial Policies and Budgeting Week 4 Discussions

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PA 600 Key Financial Policies and Budgeting Week 4 Discussions 
What are some key financial policies that your organization…

 

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PA 600 Key Financial Policies and Budgeting Week 4 Discussion 

PA 600 Key Financial Policies and Budgeting Week 4 Discussions

All Students Posts 46 Pages

Key Financial Policies – 25 Pages

What are some key financial policies that your organization does (or should) have in place? Why are they important?  As you realize, you will be developing financials for your P-Plan, so it is imperative that you understand these principals this week.   A good idea is great; a good cause is wonderful; but in order to fulfill any ideas of philanthropy you may have you need to have a sound financial model. Financial policies are part of your P-Plan, and when you develop these, you will show your stakeholders your success and failures financially.   As such, you will need to be accountable;  accountability has become a hot topic in the public sector. One reason is due to the tremendous growth of the sector. How does your organization show accountability?

At your recent board meeting, one of the newer board members asks these two questions: “Does our organization have to have a budget that is break-even?” “As a nonprofit, can there be a profit?” As the director of this NPO, how do you respond?

Audits are part of a most organizations.   Can you tell me the difference between an internal and external audit?  Why do we need both?…

Budgeting – 21 Pages 

Review the budget templates posted in the lecture. What are some line items that you had not thought of but now realize will be important? How will you determine realistic figures to use in your P-Plan budget?

Who needs budgets!  Come on…we can just manage our money in our head!   Right?   – uh NO!
Budgets are critical.  Imagine an organization that had no or a unrealistic budget…what would happen?  How would they know if they are meeting financial objectives and managing one of their most precious resources: capital!  This discussion will center on budgeting concepts for the NPO!  Looking at your Plan, what will be the tax status of your organization? Will it be a governmental entity, a 501(c)(3), a nonprofit registered only with the state, or some other type? Why would any of this matter for a budget? Do you think a nonprofit should have a policy of using top down or bottom up budgeting when they create budgets? Or do you think it would depend on the project? Budgets can be tricky.   And often you have many people involved in the process.   Nothing can be more true than working with a governmental budget.