Tab 10: Annual Budget
The community foundation submits the budget for the most recent two years. The budget includes both revenue and expenditures for both years.
Material Changes: No documentation is required. Note that the Form 990 will provide some financial information and the resolution will require the date the board approved the most recent budget.
For more information, review Core materials, FAQs and a glossary of important terms
Related Standards
II. Mission, Structure and Governance
II.F.6 A community foundation's governing body is responsible for the financial health and sustainability of the organization, including ensuring adequate revenue, monitoring expenses, and overseeing investment and spending practices.
II.F.9 A community foundation's governing body ensures that the community foundation meets all legal requirements.
IV. Stewardship and Accountability
IV.A A community foundation is a steward of charitable funds, investing and prudently managing funds and maintaining accurate financial records.
IV.F A community foundation ensures that the foundation's financial resources are used solely in furtherance of its mission.
Key Elements
- The foundation’s sources of revenue and nature of expenditures for the previous year.
- The foundation’s sources of revenue and nature of expenditures for the current year.
Required Documents
- Annual Budget
How do I submit a budget for the current year?
The annual budget should include all sources of revenue for both the current and previous year. Since budget numbers for the current year are still only projections, please submit an estimated budget for the current year.
Distribution of funds.
Operating budget
An operating budget is the annual budget of activities stated in terms of functional/sub-functional categories and cost accounts. It contains estimates of the total value of resources required for operations.
Revenue
Funds received as income.
Reconfirming?
Review all key elements and consider if your organization has made changes to your policies, powers or practices.
Pay special attention to key elements and core materials marked with ![[R icon]](/images/icon_reconfirm_body.gif){kind=icon}
and a ![[P icon]](/images/icon_pension_body.gif){kind=icon}
. These represent minimum requirements for reconfirmation as well as Pension Protection Act requirements. Items marked with a are particularly critical for those who submitted record books prior to January 2007.
Document your compliance with each of these items as well as with all other key elements where support materials may have changed.
