On 26 June 2011 13:17, Richard Farmbrough richard@farmbrough.co.uk wrote:
As the organisation needs to budget a year ahead, and has no guarantee of income it is not, perhaps, unreasonable - and certainly sustainable - to budget expenditure based on the predicted cash balance at the beginning of the year. To do otherwise risks making financial commitments with no certainty of being able to fund them.
We chose our financial year to start on 1 February so that we would know the results of the fundraiser (which is where we get 99% of our revenue) before the budget was finalised. The budget the previous board came up with was based on the actual amount of money we had available to spend.