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Budget Management

Once approved, adopted, and prepared, the budget should be closely managed:

  1. Set and maintain a minimum cash balance.
  2. Formulate general policies and procedures needed to achieve objectives.
  3. Keep an accurate log of financial transactions (income and expenses): maintain in your organization record book (check and balance records periodically).
  4. Set up internal controls designed for safeguards and accurate accounting data — this encourages adherence.
  5. Control costs – allow only approved expenditures
  6. Assess budget at any given point of time during the budgeted period.

Key Budget Controls

image showing budget documents and tools
  • Regular monitoring of budgets to actual year-to-date and current period expenditures or outlays
  • Explaining any budget variations that are unexpected or unusual and determining necessary adjustments
  • Ensuring compliance with laws, regulations, and CNCS provisions, particularly matching percentage requirements
  • Requesting prior approvals for modification, if necessary
  • Assure budget changes are properly approved

Budgeting Methods

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