Budget Terms1 - Proposal Budgeting Basics Terms Budget a...

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Proposal Budgeting Basics Terms Budget - a financial plan or projection for the income and expense of a particular organization as a whole (operating budget) or a particular program/project (program/project budget) for a specific time period (one year or multi-years). Budget narrative - a brief explanatory narrative that often accompanies a budget which clarifies and illuminates specific line items of a budget. Direct costs - costs that are directly attributable to a program or project. Financial statements - a set of financial schedules showing all of the financial activities of an organization usually prepared at the end of the fiscal year and often audited by CPAs. These usually include a balance sheet and income statement. Indirect cost recovery and Indirect cost recovery rate - a principle by which indirect costs are funded through recovering cost through an agreed upon rate, often used in government grant accounting (not foundations). Indirect cost - see overhead costs. In-kind contributions - the value of goods or services donated to an
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Unformatted text preview: organization. Support offered by the nonprofit to program/project providing such things as staff time, volunteer hours and products. Match Requirements -Monies required to "leverage" or qualify for a grant (usually government). This means that the nonprofit must, through its operations budget or raise donations of a certain amount, in order to qualify for the grant. Overhead costs - These expenses are amounts not directly accountable to the program, but are necessary to sustain the program. These costs include rent and administrative staff. These costs are also called Indirect Costs, Supporting Costs or Administrative costs. Program/project budget - the financial plan for a project for a specified period of time showing both income and expense items. Revenue -Income earned by an organization by selling goods or services. Supporting Services costs -another term for the administrative costs of an organization. Support - income from gifts and grants....
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