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Weathering the Financial Storm: A Guide to Nonprofit Forecasting
ARTICLE | September 24, 2024
Authored by Vasquez + Company
Financial forecasting is crucial for every nonprofit's sustainability but comes with its own unique challenges. The article "Sun or Storm? Forecasting Your Nonprofit's Financial Future" explores the key differences between forecasts, projections, and budgets, and how nonprofits can leverage financial forecasting to secure long-term success.
Key Points:
- Forecast vs. Projection: Understand the difference between a forecast and a hypothetical projection.
- Forecast vs. Budget: Learn how forecasts are flexible compared to set-in-stone budgets.
- Key Inputs: Know the essential documents needed for accurate forecasting.
- Applications: Use forecasting to manage cash flow, attract donors, strengthen grant applications, and inform strategic planning.
Effective forecasting enables nonprofit leaders to make informed decisions that guide their organizations through both stormy and sunny financial climates.
For more information, read the full article here.
Our firm provides the information for general guidance only, and does not constitute the provision of legal advice, tax advice, accounting services, investment advice, or professional consulting of any kind. The information provided herein should not be used as a substitute for consultation with professional tax, accounting, legal, or other competent advisers. Before making any decision or taking any action, you should consult a professional adviser who has been provided with all pertinent facts relevant to your particular situation. This article is not intended to be used, and cannot be used by any taxpayer, for the purpose of avoiding accuracy-related penalties that may be imposed on the taxpayer. The information is provided “as is,” with no assurance or guarantee of completeness, accuracy, or timeliness of the information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose.
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Vasquez + Company LLP has over 50 years of experience in performing audit, tax, accounting, and consulting services for all types of nonprofit organizations, governmental entities, and private companies. We are the largest minority-controlled accounting firm in the United States and the only one to have global operations and certified as MBE with the Supplier Clearinghouse for the Utility Supplier Diversity Program of the California Public Utilities Commission.
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