Discussion 6
Forecasting
Forecasting is a very difficult part of budgeting. Discuss what sources of data (e.g., cost of living, inflation, housing market changes, unemployment rates, federal loan interest rates, gross domestic product changes, etc.) would you use to help forecast budget changes for year 2+? Provide rationale for your choice(s). Your initial post should be at least 300 words.
Monitoring Budget Goals
Sometimes things happen that we cannot predict or have control over that negatively impacts our budget. Consequently, monitoring budget goals on a quarterly basis is most common. If a quarterly budget goal is off (less than 20%) of its’ intended target, modifications and corrective action is generally needed. Discuss what modifications and corrective action you would make if your budget was 20% less than projected for quarter 2 of a fiscal year. Make sure to provide rationale.
TWO TOPIC, PLEASE SEPERATE EACH TOPIC AND MAKE THEM 200 EACH. SOURCES IS BELOW
Readings
1. Textbook
Dropkin, M., Halpin, J., & LaTouche, B. (2007). The budget-building book for nonprofits (2nd ed.). Jossey-Bass.
Chapter 20: Presenting Your Annual Budget Proposal to the Board
Chapter 21: Board Review, Revision, and Approval of the Final Budget
2. Website:
Tuck, A., (2011, February 9). Succeeding Through Tough Times. The Bridgespan Group. Retrieved from http://www.bridgespan.org/Publications-and-Tools/Strategy-Development/Managing-in-Tough-Times/Succeeding-Through-Tough-Times.aspx#.UTZphNZOTmd
