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Nonprofit budget should be structured around the organization's programs and activities, which will help the organization to stay focused on it's mission and goals. Nonprofit boards must begin reviewing their budgets at least three months before the end of the fiscal year (Price, 2019). The key steps in creating a budget are: Prepare a revenue budget, prepare an expenditure budget, prepare an overall budget, and prepare a budget report (Rotondi, 1997).
Program funding and budgeting work hand in hand as sources of funding for nonprofits. A nonprofit model combines different funding sources into groups unique to every nonprofit. A funding model is a systemic and established approach to building a reliable revenue base that will support an organization's core programs and services (Ibrisevic, 2020).
References:
Price, N. (2019). Budgeting for Nonprofit boards 101. Retrieved from https://boardeffects.com/blog/budgeting-for-nonprofit-boards-101/
Ibrisevic, I. (2020). Top funding sources for Nonprofits and charities. What is a funding model? Retrieved from: https://donorbox.org/nonprofit.blog.nonprofit-funding-sources/
Rotondi, A. (1997). Create a budget that works for you. Retrieved from https://snopo.org/samplev150446.pdf