The experts at Fiscal Management Associates (FMA), who lead the MacArthur Arts and Culture Loan Fund workshops, recommend that finance and/or executive directors take an inclusive, team-based approach to budgeting. Consider:
- Artistic and/or program leads know what’s needed to effectively run programs and what they will cost.
- Staff who handle HR functions know the cost of turnover, new hires, changes to benefits, salary increases, and more.
- Your Development Director or fundraising staff know what’s feasible to raise based on funder relationships, plans, and pipelines.
- Your Board Treasurer and/or Finance Committee know what it will take for your board to approve the budget you create.
Take a look at FMA’s five-step guide to budget development for additional guidance.