Budgeting and Financial management for NGOs

Question

Accepted Answer

Budgeting and financial management are crucial for NGOs to ensure efficient use of resources and transparency in operations.

NGOs rely on funding from donors, grants, and fundraising events to support their programs and initiatives.
Budgeting involves creating a financial plan that outlines expected income and expenses for a specific period.
Financial management includes monitoring cash flow, tracking expenses, and ensuring compliance with financial regulations.
NGOs should prioritize transparency and accountability in financial reporting to maintain trust with donors and stakeholders.
Regular financial audits and reviews are essential to assess the financial health of the organization and identify areas for improvement.

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