The federal government's fiscal year runs from October 1 to September 30. Businesses often use the calendar year - January 1 to December 31. There are many different fiscal years you can use. The amount of money you expect to spend in the coming fiscal year, broken down into the categories you expect to spend it in - salaries, office expenses, etc.įiscal year simply means "financial year," and is the calendar you use to figure your yearly budget, and which determines when you file tax forms, get audited, and close your books. At some level, however, your budget will need to include the following:
How specific and complex the actual budget document needs to be depends on how large the budget is, how many funders you have and what their requirements are, how many different programs or activities you're using the money for, etc. It is important for organizations to create accurate and up-to-date annual budgets in order to maintain control over their finances, and to show funders exactly how their money is being used. It can be daunting to start the process of creating a budget, especially if you're not familiar with some of the common accounting and budget terminology you will encounter, so we have provided a glossary of terms covered here, located toward the bottom of the page under the In Summary section of the page. What are the elements of an annual budget?
#STANDARD BUDGET PERCENTAGES HOW TO#
Learn how to create accurate, up-to-date budgets in order to maintain control over finances and show funders exactly how your money is being used.
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