Budgets can be unnerving for nonprofit organizations. Understanding what all goes into a budget can seem simple until you start adding into your budget:
At this point, your nonprofit may want to consider hiring an accountant or having some training.
It’s a good thing that Damien Scott of My Summit CFO comes on the podcast show to give you specific nonprofit budget tips!
What We Discuss In This Episode:
- Difference between a program and operations budget
- How to account for In-Kind in your Budget
- Recommended software for nonprofit accounting
- The importance of operating reserves for your nonprofit
- Yes, you can have profit in your account at the end of the year
- How to be fiscally transparent
- About the Lupus Foundation
- Damien’s journey to summit the 7 peaks to raise awareness for Lupus
- Why it can be good to outsource accounting
- How often to meet with your accountant
About Damien Scott
Damien Scott, owner of My Summit CFO an accounting and tax practice based in Pennsylvania with clients across the United States. He is also the founder of a non-profit called The Seven Summits of Lupus, an organization devoted to spreading global awareness of Lupus and a nationwide program called The Lupus Warrior Outdoor Adventure Program. He is a financial professional and as a leader in a non-profit organization with an MBA in Accounting and over 23 years of experience assisting business owners in reaching their summit. Damien believes that all entrepreneurs need and deserve a competent guide in order to navigate the intricacies of this ever-changing business environment.
Damien draws on his 23 years of experience, education and his mountaineering background in order to guide his clients to increased revenues and greater cash flow to elevate your business to new heights.
When Damien is not assisting you in reaching new heights, he is traveling the world on a quest for the Mountaineers Grand Slam, to reach the highest peak on each of the 7 continents (also known as the 7 Summits) and a traverse of the North and South Poles.
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