Policy Section:   Operations –       Finance		Policy Number:  OF-1
Policy:   Financial Planning and Budgeting		Date Approved:  April 24, 2003
		Last Date Reviewed: Nov 2007
		Last Date Revised:  April 2005
		Number of Pages:1

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 To ensure the financial stability and long-term sustainability of the AWNA, the Executive Director develops an annual budget based on the AWNA’s mission, priorities, policies, and annual plan.  Budgets must: 

• Show acceptable levels of foresight

• Ensure that the AWNA avoids financial jeopardy

• Meet the requirements of all relevant legislation

 

Parameters:

1. Budgets must provide:

a) Enough detail to enable reasonably accurate projections of revenues and expenses

b) Separation of capital and operational items

c) Appropriate detail for the annual fiscal audit

d) Disclosure of planning assumptions, with related rationale for major assumptions

 

2. Budgets must be based on Board-approved priorities and on a long-term administrative plan that includes the replacement and repair of capital items.

 

3. Budgets must meet Generally Accepted Accounting Principles (GAAP), except when alternate methods are required and noted.