ESSAY : Types of Budgets and Budgeting Techniques

The Discussion Board (DB) is part of the core of online learning. Classroom discussion in an online environment requires the active participation of students and the instructor to create robust interaction and dialogue. Every student is expected to create an original response to the open-ended DB question as well as engage in dialogue by responding to posts created by others throughout the week. At the end of each unit, DB participation will be assessed based on both level of engagement and the quality of the contribution to the discussion.

At a minimum, each student will be expected to post an original and thoughtful response to the DB question and contribute to the weekly dialogue by responding to at least two other posts, either the instructor\’s response to one of your posts, or posts from students. The first contribution must be posted before midnight (Central Time) on Friday of each week. Two additional responses are required, each on different days, after Friday of each week. Students are highly encouraged to engage on the Discussion Board early and often – at a minimum of three (3) different days each week, as this promotes learning and is an important factor in grading for the Discussion Board assignment.

The purpose of the Discussion Board is to allow students to learn through sharing ideas and experiences as they relate to course content and the DB question. Because it is not possible to engage in two-way dialogue after a conversation has ended, no posts to the DB will be accepted after the end of each unit.

Assignment Details

This assignment has 2 parts:

You have been hired as an executive director of a small nonprofit organization. Among your many duties are to determine an annual budget and develop a fiscal plan for the organization.
How would you approach this project?
What types of sub-budgets should you also consider? Explain.

SAMPLE SOLUTION

Barr and McClellan (2018) define a budget as a forecast of a firm’s estimated revenue and expenditure during a given period, usually one year. Budgeting forms a key component in effective financial management. A budget serves as a guide for an organization’s financial activities in the fiscal year (Barr & McClellan, 2018). In many nonprofit organizations, budgets are periodically reviewed to factor in changes in the firm’s financial position.

Project Approach
Budgeting being a tool of strategic importance would require me to engage various stakeholders who will be responsible for adhering to the budget. This includes the finance committee and senior staff members. I would create a timeline for the budgeting process ensuring that there is adequate time for research, brainstorming, review and feedback so that all elements of the organization are captured in the budget. Finally, I would create an efficient communication