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Creating and Managing a Budget

Beth Flambures | posted 11/02/2007
This article provided by the Engstrom Institute

How can you unleash your ministry's potential? The annual budget doesn't seem a likely place to start, but there are steps you can take to make your budget and ministry more credible. It starts with getting others in your organization to take ownership of their budget numbers, setting them where they feel they can manage them best throughout the year. It also involves using the annual budget as a financial scorecard to gauge your progress in meeting budget goals. Finally, it will allow you to make room for new projects that expand your ministry's outreach.

There are two aspects to developing the budget. Listed below is the first aspect, or steps to follow in setting up a budget. A separate aspect of budgeting is managing it throughout the year.

Why Set a Budget

Plain and simple, you set a budget because it is required. You work with grants and donors, and they want to know that you are being good stewards of your resources. A budget allows for financial credibility outside of the organization. ...

See also:

 budget, budget kit, budget management, creating a budget, incremental budget, ministry budget, modified base budget, zero-based budget