Using the existing budget, create a new budget for the next fiscal year. Set out the details of all the assumptions you needed in order to build this budget.

Hsa525 – week 7 exercises

In order to create a budget for next year, you must assess current expenditures, revenues, and external factors that may affect budget performance.

It is crucial to first review the income streams, such as membership fees, grants and donations. It is important to assess the existing costs of running the organization, such as salaries, benefits, equipment and supplies, and maintenance.

Budgets must also include any extra expenses incurred for upcoming events or projects, such as seminars or conferences. Included in the budget must be funds for unexpected emergencies or events, such as natural disasters and unforeseen repairs. The budget must also take into account potential changes in the market due to macroeconomic variables like supply and demand shifts or inflation rates.

When creating the budget for next year, it is important to make all of these assumptions ahead of time. This will ensure adequate funding where needed while allowing flexibility based on what may happen in future.