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GMM's fiscal year runs from July 1st - June 30th each year. For example:
GMM's fiscal year runs from July 1st - June 30th each year. For example:
- Fiscal Year (FY) 20 began 7/1/20
- FY21 begins 7/1/21
RELEVANT DOCUMENTS:
Annual Budgeting Process
Annual Budgeting Process
The official budgeting process begins (preparation) in late February / early March.
The budget must be passed by GMM's board prior to the beginning of the new fiscal year - ideally, 1-2 months ahead of time (by May or June).
Monthly Budget Tracking Process
Monthly Budget Tracking Process
We track our spending/income progress on a monthly basis to ensure we are tracking where we are over/under spending.
We have an Airtable base for our budgeting called Budgeting & Accounting and it includes tabs for our overall budget, expenses, income, etc.
In Quickbooks: Create both income and expenses reports, download as plain CSV for the previous month (1st-30/31)
Upload expenses report to
Making Expenditures
Making Expenditures
Per our bylaws, of more than $500 for non-budgeted organization expenses must be proposed to the entire Board, via email and text message. This notice must be sent at least 48 hours prior to the proposed expenditure. To approve the expenditure: A simple majority of the Board Members who respond within 48 hours must approve the expenditure. Board Members must respond to the expenditure request within 48 hours, or their votes will not be counted. Expenditures of less than $500 for non-budgeted organizational expenses are implicitly authorized.
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