Financial and Accounting Guide for Not-for-Profit Organizations, Eighth Edition 2014 Supplement

CHAPTER 20

The Importance of Budgeting

20.3 Timely Interim Statements

(b) Restaurant Operation

20.4 A Five-Year Master Plan

(a) Suggested Procedures

*(iii) Plan for Income

p. 365, first paragraph, first sentence. Delete “, like motherhood,”

20.3 Timely Interim Statements

(b) Restaurant Operation

*p. 367, list entry number 4, last sentence. Replace “little” with “a low.”

*p. 368, last bullet, first sentence. Add “and its board/governing body” to the end of the sentence.

p. 378, table at the top of the page. Underline the “Expenses (other than restaurant)” amount of “(147,560).”

20.4 A Five-Year Master Plan

(a) Suggested Procedures

(iii) PLAN FOR INCOME

*p. 381, second paragraph, second sentence. Add the word “sometimes” before “pushes the board toward.”

p. 382. Last sentence should read: “At that point the organization should change its goals.”