Open Forum

Martin, we always keep our Board approved budget as our budget.   We never change that.  But during the fiscal year we require budget managers to formally submit their projections for the year, and it is from those projections that I really manage our year end results.   

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Cindy Martinez
Chief Financial Officer
Wadsworth Atheneum Museum of Art
Hartford CT
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We recently instituted a practice of creating quarterly updated "forecasts" that take into account significant changes to the budget. Our board prefers to see the budget as originally planned and then compare it to the forecast updates, to see where the pluses and minuses are. We've found it very helpful in documenting the dynamics that inevitably occur, and trustees find it easy to comprehend.

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Jared Hammond
Assistant Director, Finance & Administration
Hudson River Museum
Yonkers NY
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