Budget question

[Guest Dave G]

Our Not For Profit corporation operating a homeowners park in Florida recently voted down our budget starting the fiscal year April 1,2024. What budget are we operating under as of that day?

[Joshua Katz]

I guess none if you don't adopt something.

[Gary Novosielski]

On 3/30/2024 at 3:53 PM, Guest Dave G said:

Our Not For Profit corporation operating a homeowners park in Florida recently voted down our budget starting the fiscal year April 1,2024. What budget are we operating under as of that day?

You don't have one then.  Your old budget ended on March 31.

[Josh Martin]

On 3/30/2024 at 2:53 PM, Guest Dave G said:

Our Not For Profit corporation operating a homeowners park in Florida recently voted down our budget starting the fiscal year April 1,2024. What budget are we operating under as of that day?

Based solely on the facts presented, it would appear there will be no budget for the organization starting April 1, 2024.

It may be advisable, however, to check your organization's bylaws and applicable law on this matter. It may be they have some sort of "failsafe" for what to do in the event the organization neglects to adopt a budget. If not, it would seem advisable to adopt a budget as soon as possible.

To the extent there is no "failsafe," I imagine the follow-up question is what happens now, and RONR has no answer to that question. What exactly adopting (or not adopting) a budget means tends to vary from organization to organization, and you will need to look to your organization's rules and customs to answer that question.