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Supercharge Your Nonprofit's Success: Mid-Year Budget Review Tips for Nonprofits and Foundations




We’re halfway through the year, making it the perfect time to reevaluate your budget. This mid-year check-in is crucial for achieving excellence and empowering your team. By taking a proactive look at your finances now, you can ensure your organization stays strong and successful.


Why is a mid-year review so valuable?


Early Course Correction: Think of it as a financial pit stop. This review allows you to identify any spending overruns or revenue shortfalls early, enabling you to adjust strategies and ensure you reach those year-end goals.


Data-Driven Decisions: Remember all that spending data? Analyzing trends provides powerful insights to inform future program development, resource allocation, and fundraising efforts. It’s like a roadmap to maximizing your impact.


Professional Development & Training: This review process is an excellent training opportunity for your team, especially newcomers. It provides real-world exposure to financial management and fosters a culture of transparency and fiscal responsibility – all with less pressure than budget season!


Ready to Get Started?


Honesty is Key: During the review, strive for an honest and unbiased assessment. Acknowledge ambitious fundraising goals or programs that might be exceeding budget. The sooner you recognize these challenges, the sooner you can course-correct!


Celebrate Your Wins: Reaching milestones keeps your organization motivated. Take a moment to acknowledge the hard work and the positive impact you've made. Bonus tip: share your wins on social media to celebrate with your community!


Focus on Action: This isn’t about blame; it’s about identifying what could be improved and listening to the team about how to improve it. Ensure your organization is nimble and responsive to any challenges.


Get Your Free Tool!

Download our FREE Mid-Year Budget Review Worksheet [link to worksheet] and schedule your team meeting today! Let's turn this mid-year moment into a springboard for financial success.


Mid-Year Budget Review Worksheet (1)
.pdf
Download PDF • 74KB


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Before you use this worksheet!


Preparation Tips

  • Set Clear Expectations: Schedule a team meeting beforehand to explain the purpose of the review and the desired outcome. This ensures everyone is on the same page.

  • Gather Necessary Information: Before distributing the worksheet, provide your team with their appropriate budget and financial reports for the review period.

  • Customize the Worksheet (Optional): Take a moment to read through the worksheet and make any changes to ensure it aligns perfectly with your organization's specific budget categories, programs, and goals.


Review & Action Tips

  • Facilitate Open Communication: During the review process, encourage open and honest discussion about spending trends, revenue streams, and potential challenges.

  • Collaborative Action Planning: Once the review is complete, gather as a team to review the worksheets and collaboratively develop action steps for the remainder of the year. Consider if adjustments need to be made to spending, fundraising efforts, or specific programs.


Additional Tips

  • Celebrate Progress: Don't forget to acknowledge and celebrate progress made towards your goals. Positive reinforcement keeps teams motivated.

  • Transparency with Stakeholders: Consider sharing key takeaways from the review with your board or major donors. Transparency builds trust and confidence in your organization's financial management.

By incorporating these additional tips, you can ensure a smooth and productive mid-year budget review process that empowers your team, strengthens your financial health, and sets your nonprofit up for success. 

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