During class last week, we discussed how to go about developing a budget; which is an essential step to writing a grant. To give us an idea on a simple yet effective way to do this, we were shown a video created by the Wallace Foundation, which is a nonprofit organization working to improve learning for disadvantaged children. The video, titled “5 Step Guide to Budget Development- Resources for Nonprofit Financial Management,” described a step-by-step process as shown below.
After watching the video, the class was asked to write our major takeaways on the board. Some examples included:
* Planning in advance is always important
* Gathering data from previous years is helpful
* Remember to plan according to alternate scenarios
All in all, the video included lots of helpful tips regarding budget development, and I would recommend anyone involved in grant writing to give it a watch!