Assignment
Part I) Budgeting in any organization, whether it is for-profit, nonprofit, or even a governmental agency, is important for: income planning and monitoring; revenue versus expenses; resource management; and successful financial planning.
1. Provide an example as to why these reasons are so important for organizations to budget.
2. What are the types of budgets organizations can use? How are they different and why would a company choose one type over another?
3. How can you apply what you will learn in this class to your personal and professional life?
Part II) Answer 2 questions.
You have been hired as an executive director of a small nonprofit organization. Among your many duties are to determine an annual budget and develop a fiscal plan for the organization.
1. How would you approach this project?
2. What types of sub-budgets should you also consider? Explain.
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.