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Module 1: Discussion
8 RepliesFor our organization, board members, the ED, the financial team and department managers will need to use the organizational budget. They will need to know each departments spending and income generation, overhead, and projections. They will need to be able to determine various departments input and how the organization is doing overall.
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For our HIV treatment program, program mangers need to use the organizational budget. They need to know which activities are budgeted for, the amount allocated for each activity and when and where the activities are expected to take place.
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In my organization the board and regional international cooperation department at the head office needs to aprove budget and submit it to donors. At the local level the director check with finance department and program coordinators the whole process of planning the budget. The finance department also tracks and monitor the finance budget at a montly base. Projetc coordinators also make sure the partners are applying the resources in or der to ensure the organization mission and goals.
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For our drug rehabilitation center, the CEO, board members and funders need the budget. We need to source funding to build the rehab center. This will be a two year plan.
For the remainder of the three year projection, the CEO, project managers , board members, CFO and the funders need the budget. This part will focus more on the operational budget, whereas the first part will focus on the startup. -
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department managers the financial team, Executive Director and Board and will need to use the organizational budget. They will need to know the operational incomes and expenses, overhead incomes and expenses and projections. Determine various departments input and how the organization is doing overall.
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In my organization; Quality Assurance Services and Construction Company Nigeria Limited; The board of Directors needs the budget inorder to review it, then give approval if is in line with organization set up goals and objectives for that fiscal year. They ensure that the budget is SMART; Specific, Measureable, Realizeable and
Time bound.
They also ensure that is fiscally sound and meet laws and regulations.
To achieve this the board needs sufficient details to ensure that all income and expenditures are in line with laws and regulations. They need to understand how the annual budget will further the organization's mission. -
They need to know if the budget is in line with the organization's set goals and objectives and if is in accordance with the laws and regulations
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The board needs to know if the budget is in accordance with the organization's set goals and objectives and if is in line with laws and regulations
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The board needs to know if the budget is in accordance with the organization's set goals and objectives and if is in line with laws and regulations
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Please, the role of board members and managers are different when it comes to budget.
While the board is responsible for reviewing and approval.The managers on the other hand is incharge of Implementation. Thanks
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All of the stakeholders need to be able to do with the budget because of transparency. Thus, bad management will be avoided.
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The E.D. and board members will need to know how the funds are being allocated to ensure stability within the organization. The budget can also determine the success of each department.
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For our organization, those who need to understand the budget : the shareholders, board of commissioner and director, head of departments and finance team. It is crucial for allocating resource and as a monitoring and evaluation.
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Those that will like to see and use the budget in my company are the shareholders. Reason being that they will like to know how much income that will recieve at the end of each year.
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The proprietor, board of Management's, parents, teachers want to know how spend money collect and how it is spent most especially when it involves a particular project they have paid for
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External evaluation consultants will need to revise the budget in order to assess if the programme plan corresponds to expenditures in the budget. By analysing the budget, consultants are able to identify if resources were spent efficiently and in a timely manner, as well as what is the correlations between expenditures and the achievement of outcomes and the overall implementation rate of the programmes.
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For my Organization, Mr. Brown (Funder) will need to know our organizational budget. He will need to know our proposed expenditure items (programs), this will help him to know if our programs are in line with his Foundation's area of interest, size of funding amount request, so as to be able to decide on funding our organization.
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In this context other than the stakeholders already mentioned, relevant government ministries will also need to be know of the organizational budget so as to consolidate efforts on specific issues and ensure that money is utilized in places where their is more need.
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Finance officer in our company
He is involving on designing effective budget models for departments and the entire company
Analyzing financial information (e.g. revenues, expenditures and cash management) to ensure all operations are within budget
Presenting annual budgets to senior managers
Review budget requests for approval
Forecast future budget needs
Identify variances between actual and budgeted financial results at the end of each reporting period
Suggest spending improvements that increase profits
Review the company’s budget for compliance with legal regulations
Ensure department managers meet budget submission deadlines
Design and implement effective budgeting policies and procedures -
In my case, the donors/funders are those who are mainly concerned with budgeting plans.
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At my previous organization, BOD, ED, Finance Team and Unit Managers need to know the budget. And, program staffs from each program also require to know their respective budgets to implement activities smoothly. When an activity starts, those staffs need to acquire prices of transportation, accommodation and other materials. Therefore, staffs from every unit are important to understand and know the budget.
