2021 Final Quarter Prep

Monday October 11, 2021 comments Tags: podcast, budget, nonprofit, planning

Any accounting business and tax advice contained in this podcast is not intended as a thorough in depth analysis of specific issues. Nor is it a substitute for format information. Nor is it sufficient to avoid tax related penalties. If you have specific questions that you need advice for, be sure to schedule a strategy session and not solely rely on information in this podcast. All right, back to the episode.

Hey everyone, welcome to another season of The Nonprofit Ace Podcast. I am your host, Chyla Graham. We are in the last quarter of 2021. And so this season has some interviews for you. We are going to talk about prepping, we're going to talk about budgets and so I'm super excited for you to hear some of our guests. 

Before we get into the first interview episode though, I wanted to remind you that as we go into the budget season, this is not solely about how well you can do math. Like so it's not about can we make this number zero. Yay, we did a thing. 

So why I say that it's not just about getting it to zero is because what does that prove? So you can get your revenue and your expenses to equal one another? Does that tell you how well the organization is going to do for the year? No. So what I really want you to do, as you think about your budget, as you think about how you're going to end this quarter is think about where you want to be, what are the things that you could control that you can say, Okay, I know that it's going to actually take these resources to get us to where we want our organization to be. 

These are the things I think we can bring in, these are the things that I think we can strive for, not to say that your goal is like, oh, we're not going to strive for more because we can't reach it. That seems silly. What I want you to say is okay, I want to be realistic as we set this budget. So we're not suddenly surprised. We don't overextend ourselves. And I want you to say, Okay, this is what we have and in reserves in our savings, we have these other elements that are going to help us reach there. 

So that's what I want to say, this is my season opener. This is what I wanted to tell you. Because if nothing else that you remember for this season, remember that the budget isn't simply can we make this net to zero? This is really about, can we take all the planning all the things that we've had in mind for the year? Can we put that into a number and really think about what is it going to take us to reach there and where do we need to tap into maybe our savings, what we already knew. 

So sometimes we need to be implementing things, and not simply hoarding. So I like to think sometimes we save to hoard, or we go into coaching programs, and we're like, I just want to learn all the things that we never implemented. We never spend the money and so here is going to be a season. Maybe your organization should be thinking about how do we spend down some of the resources that we have, because we were saving it for a moment such as this. All right, I’m super excited for you to be on this journey with me. Join us next week for our first interview. Thanks for listening to another episode of The Nonprofit Ace Podcast until next time.

 

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