How is Your Organization Handling Budgets Given These Uncertain Times?

Nate Hug

This posting is a follow up to a conversation during the recent webinar “Financial Edge NXT: Refocusing Your Budget.” During the webinar, attendees discussed how they are handling current budgets given these uncertain times. This post is to act as a thread where attendees of that webinar and individuals on the Blackbaud Community can continue to share their thoughts to this question in order to learn what other organizations are doing. I’m looking forward to reading your responses below!

 

Bill Sanders

We are a June 30 fiscal year end.  We are in our 4 quarter of FY20.  Normally we would be tracking to the board approved budget and would be ready to approve our FY21 budget.  Since we have furloughed 83% of our staff we are making decisions based on a cash based six month crises budget.  The FY20 4Q budget was based on a plan that is not longer viable so we are not using for decisions.  The FY21 budget is complete but now on hold.  We probably will present a short fiscal year budget for the board approval in the fall. 

Donella Robb

Hi Nate,  Is there a recording of that webinar that is available?  I'm sorry I missed it.


Our fiscal year-end is March 31, so we are doing a reforecast of our F2021 budget right now.  What I would like is to be able to create a separate budget scenario in FE NXT for the reforecast and compare it against the final budget for the new fiscal year.  Unfortunately, because we use t-codes for revenue accounts to differentiate income statement lines (tcodes are mapped to RE Appeals), we are unable to do that as t-codes aren't supported in budget reporting, so must do all reporting in Excel.  

Nate Hug

Hello Donella! Unfortunately, I don’t have a recording of the session or else I would 100 percent share it with you. Technically, a recording does exist on the webinar program we use, but in order to stream it, the system would require you to have signed up for the original webinar.  

But! I do have good news! We will be holding the same webinar again in May. The registration is not up yet, but it should be in the next few weeks. When the registration goes live, it can be found on the FE NXT Customer Success Landing Page - so I'd say check back every so often to see if registration has opened up.

I hope this helps!

 

Nate Hug

As an update to my response above, the registration for the May session is live. Click here to register!