can you write comments or an opinion on this discussion below!!

Hannah Nash posted Jun 1, 2020 11:07 AM

Budgeting funds is very important for any organization but I am going to focus on long term care facilities as that is the field I work in, not for profit and for profit. There are numerous things to take into account when budgeting for a long term care facility. Business will fluctuate based on the older population's sickness, falls, surgeries performed, etc. Summer months may be a slower time for the business whereas winter could be busier due to falls, family visiting their loved ones and noticing they're struggling and more. It is vital for an organization to be prepared for the fluctuations in business. For profits are required to pay taxes, pay for their property, responsible for payroll and more.

Not for profits have the benefit of being exempt from paying taxes however are only allotted a certain amount of money and it must last the organization for an extended period of time. I could see how both have their pro's and con's, good budgeting will only helpfully impact the success of the business. Both not for profit and for profit organizations should also plan for the future to the best of their abilities but circumstances like the current Covid-19 is unpredictable. Good budgeting and planning may alleviate some of the stressors that occurred due to this virus however it could only last for so long before any organization will feel the negative impact.