Questions directors should ask - monitoring the budget

Are we spending more or less than we planned?

Are we receiving the income we expected?

What are the biggest differences between the budget and what actually happened?

Why are these differences happening?

Are these differences likely to continue?

Do we have enough money in the bank to pay our bills when they are due?

Are any projects or activities costing more than expected?

Are our grants, contracts and other funding coming in as expected?

Have any new problems or risks come up since the budget was approved?

Do we need to change our spending plans?

Does the budget need to be updated?

Are there any signs the corporation could have financial difficulties?

What actions does management recommend to get the budget back on track?