120 Teach For Armenia
FINANCE AND AUDIT
In 2023 , we embarked on developing a new fundraising module to enhance our ability to monitor and report on donation progress . Additionally , we introduced a new budgeting tool that standardizes cost calculations across all departments . This new approach has led to the following outcomes :
● Budget Optimization : At the beginning of 2023 , we undertook a rigorous optimization process , reducing our initial budget from $ 5.3 million to $ 4.1 million . Through efficient implementation of our planned activities , we further reduced our budget , closing the year with a final expenditure of $ 3.7 million .
● Alignment with Strategic Objectives : The finalized budget is closely aligned with our long-term goals . Each department ' s budget supports our organizational mission and vision effectively .
● Realistic and Achievable Targets : Our budget reflects realistic expense targets , considering our internal capabilities and ensuring feasible financial planning .
● Cross-Functional Collaboration : The budgeting process involved active collaboration across departments , fostering teamwork and ensuring that the financial plan addressed diverse needs , priorities , and timelines .
● Thorough Review and Approval : The budget underwent a comprehensive review by the Senior Leadership Team ( SLT ) and the Board . The final approval represents a consensus on financial priorities and allocations for the upcoming year .
● Clear Communication : We established a communication plan to disseminate budget details to all relevant stakeholders , including explanations of budgetary decisions , changes from the previous year , and departmental expectations .
● Training and Support : We conducted training sessions to ensure that all team members are well-versed
120 Teach For Armenia