Approved by the Board of Directors October 25, 2013
The Board of NPMA shall approve an annual operating budget for each fiscal year that will project income and expenses and will provide for programs and support services as outlined in the work plan for the year. The Board will approve the annual budget prior to the start of the fiscal year.
The Board authorizes the Executive Vice President to manage the organization in accordance with the approved annual operating budget. Programmatic or operational changes that may have a significant impact on the annual budget shall be reviewed by the Board between budget cycles and may lead to a budget revision.
To support an effective budgeting process for NPMA, the NPMA Executive Committee, Board of Directors, and staff will adhere to the following annual schedule in meeting their responsibilities:
In February, the Executive Vice President and CFO will provide a report to the Executive Committee and the Board of Directors outlining any significant planned initiatives, program changes, and financial impacts for the next budget year. These shall be discussed at the 1st Quarter Board meeting, to provide strategic guidance for the budget process.
By April 30 a draft budget will be provided to the Executive Committee.
By May 20, the Executive Committee will meet to finalize the draft.
Prior to June 15, a draft will be presented to the Finance and Audit Committee.
By June 15 a final draft will be presented to the Board for approval.
Meetings may occur by means of conference call or in-person.