Authors: Mcmillan
ISBN-13: 9780471453147, ISBN-10: 0471453145
Format: Paperback
Publisher: Wiley, John & Sons, Incorporated
Date Published: September 2003
Edition: 3rd Edition
EDWARD J. McMILLAN, CPA, CAE, is the author of Guide to Fringe Benefits for Not-for-Profit Organizations, Complying with SFAS #116 and #117, Essential Financial Considerations for Not-for-Profit Organizations, Second Edition, Budgeting and Financial Management Handbook, Second Edition, Model Accounting and Financial Policies and Procedures Handbook, Second Edition, and The Audit: A Novel. He is a nationally recognized speaker on not-for-profit financial and management topics and, in 1993, was appointed faculty chair for finance for the United States Chamber of Commerce’s Institutes for Organization Management program.
Take control of your organizations short- and long-term financial plan
The trend toward decentralizing decision-making powers in not-for-profit organizations means a greater number of employees are responsible for creating and managing the annual budget. Budgets, therefore, must be well designed, easy to implement, and accessible to professionals from a variety of backgrounds. Wishful thinking? Not any more. Continuous budgeting, as explained in Edward McMillans trenchant Not-for-Profit Budgeting and Financial Management, offers a system that is not only easy to use and monitor, but also ensures true fiscal accountability in the complex not-for-profit arena.
Continuous budgeting breaks down time-consuming annual budgeting processes into twelve easy-to-manage increments that produce more accurate and effective resource allocation. In this handy guide, the author explains how to:
McMillan writes in a nontechnical, understandable, how-to language and format, incorporating dozens of relevant forms and documents. This completely revised and expanded edition also includes all-new material on long-term financial planning, so that not-for-profits can work toward liberating themselves from the year-to-year scramble for increasingly scarce resources.
Not-for-profit managers must be able to direct and control their resource allocation rather than be controlled by outdated, cumbersome, and inaccurate budgeting processes. Not-for-Profit Budgeting and Financial Management, and its powerful system of continuous budgeting, enables all not-for-profit professionals to create and manage reasonable financial plans that fit their organizations needs.
List of Exhibits | ||
Preface | ||
Ch. 1 | Basic Accounting and Financial Operations | 1 |
Ch. 2 | Effective Use of Footnotes and Financial Ratio Calculations for the Statement of Financial Position | 7 |
Ch. 3 | Controllable and Uncontrollable Expenses | 13 |
Ch. 4 | Controllable, Semi-Controllable, and Fixed Expenses | 17 |
Ch. 5 | Noncash Expenses | 21 |
Ch. 6 | Natural and Functional Statements of Activity | 25 |
Ch. 7 | Internal Financial Statements | 29 |
Ch. 8 | Budgeting Philosophy | 37 |
Ch. 9 | Continuous Budgeting System Overview | 39 |
Ch. 10 | The Executive and the Budget Process | 43 |
Ch. 11 | Expense Reduction Plans | 47 |
Ch. 12 | The Monthly Budget Process | 51 |
Ch. 13 | The Cash Flow Budget | 65 |
Ch. 14 | Getting the Budget Approved | 69 |
Ch. 15 | Suggested Format of Budget Documents for an Approving Body | 71 |
Ch. 16 | The Role of the Budget Coordinator | 87 |
Ch. 17 | Accounting and Budgeting for Fringe Benefits | 91 |
Ch. 18 | The Capital Budget and Depreciation | 93 |
Ch. 19 | Inventory Purchases and Calculation of Cost of Goods Sold | 97 |
Ch. 20 | Accounting and Budgeting for Dues | 99 |
Ch. 21 | Capital Assets: Lease-or-Buy Decisions | 105 |
Ch. 22 | The Long-Range Plan | 107 |
Ch. 23 | Financial Ratios | 109 |
Ch. 24 | Zero-Based Budgeting | 113 |
Ch. 25 | Putting It All Together | 115 |
Glossary | 133 | |
Index | 139 |