10: Annual Budget

Confirming
Reconfirming

The community foundation submits the budget for the most recent two years. The budget includes both revenue and expenditures for both years.

Key Elements 
  1. The foundation’s sources of revenue and nature of expenditures for the previous year.
  2. The foundation’s sources of revenue and nature of expenditures for the current year.

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.

Core Materials 

Required Documents

  • Annual Budget
No documents required for reconfirmation.
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.