Budgeting for Future Years
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Part of your new accountant's role will be involved with budgeting for future years. So you can understand where she is coming from, so you ask her to talk about the following with you:
Explain how revenue sources are planned and budgeted in nonprofits.
What are some typical key assumptions that must be made in the "revenue sources" budgeting process of nonprofits, and what could cause these assumptions to be invalid?
What are at least 4 of the key revenue assumptions that must be made in a for-profit entity?
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Solution Summary
The expert explains how revenue sources are planning and budgeted in nonprofits. The typical key assumptions that must be made in the revenues sources budgeting processes of nonprofits are determined.
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Development of Revenue Source Plan (RSP)
In order to plan and budget RSP, there are five elements namely plan goals, revenue source selection, cost outline, adjustments in structure, and timetable are executed by nonprofit organization in sequence. In first step, the amount of fund which an organization expects to raise is identified with consideration of main goal. After identification of fund raising objectives, it identifies sources that can be used to enhance or start revenue. Further, hard, soft, hidden and any other forms of cost are determined (ACF). As per the nature of revenue sources, ...
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