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Budgets

When you prepared your Form 1023 application, you drafted pro forma (forecast) budgets for your organization for the first three years. Keep in mind that a budget is your best estimate of the income and expenses you anticipate within the budget period. On a monthly basis, you or your accounting manager should prepare financials comparing the actual results to the projected budget for that month or period.

Incorporate your programs and plans into your annual budget. Since you will not have a history on which to base your assumptions, you may want to rely on your trusted advisors to share information from similar events. This is another area where I like to be conservative by “under promising,” which will allow you to “over deliver” when you exceed the original revenue goals.


  

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