Budgets for governments and not-for-profit vs. businesses
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Why is the budget a far more important document in both governments and not-for-profits than in businesses?
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Solution Summary
In a 339 word solution, the four main reasons why budgets are so critically important for government and non-for-profit entities are explained.
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The importance of budgets in funded organizations is:
Revenue is often a contrived amount based on projected expenditures. For example, when a non-profit entity applies for a grant, the first thing they want is the budget for expenses and a narrative statement about the program, the goals and the expected results. If the granter likes the project and agrees with your expenses to accomplish the goals, they will fund exactly the total amount of the expenses.
When you think about the concept, you can see that government ...
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