Does your board understand budget-speak?

Description

Abstract: Although budget approval is one of the more important roles played by a nonprofit’s board of directors, not every board member is a savvy business leader used to budget work. At least some board members might be unfamiliar with key budget terms. This article translates budget-speak into English by providing descriptions of some of the different approaches to creating a budget, types of budgets and definitions of budgetary terms. A sidebar notes that it’s wise to document in-kind contributions in the budget.