Template · Finance

Monthly budget-vs-actual report

A monthly report comparing what you planned to raise and spend with what actually happened, line by line, with notes on reading the differences.

Download for Word (.docx)Rich Text (.rtf)Plain text (.txt)

Three editable formats: Word (.docx), Rich Text (.rtf) and plain text (.txt). Reviewed October 21, 2026.

How to use this template

Download it as a Word file (.docx), which opens in Microsoft Word, Google Docs, Pages and LibreOffice, or as Rich Text (.rtf) or plain text (.txt). All three are editable.
Fill in every blank. Blanks are in square brackets, like [ORGANIZATION NAME], and are highlighted in the preview below. Delete any bracketed notes you don't need.
Make it yours. Check it against your bylaws and your state's rules, and change anything that doesn't fit. Have your board approve it where it says so.
Printing? Print this page: the printout leaves out the site's menus and shows the template with lines for the blanks.

A budget-vs-actual report puts your approved budget next to what really came in and went out, so the board can spot problems while there's still time to act. The difference between the two is called a variance. This template is the detailed companion to the one-page monthly treasurer's report: the treasurer's report gives the headline, and this report shows each line behind it.

Two state charity regulators describe this as basic good practice. The New York Attorney General's guidance on internal controls says a charity's written procedures should include "periodic reports - at least quarterly, preferably monthly - comparing actual receipts and expenditures to the budget with timely explanations of variances." The California Attorney General's Guide for Charities says directors should monitor the budget, and that sizable differences between expected and actual revenue, and expenses, should be investigated to get a full explanation. What your state's law requires of boards varies, so check with your state's charity regulator, but this report follows the practice both describe.

Build your budget first with our guide to your annual budget. Then copy the same lines into this report.

How to adapt it

Use the same lines as your approved budget, in the same order. If the bookkeeping uses different categories, map them once and keep the map.
Budget for the month, not a twelfth of the year. If your gala is in May, May's budget holds the gala income. A budget split evenly across 12 months will show false variances all year.
Show the month and the year to date. One month can mislead; the year-to-date column shows whether a gap is closing or growing.
Variance = actual minus budget. For income, a positive number is good news. For expenses, a positive number means you spent more than planned. Say which convention you use at the top of the report.
Set a threshold for notes. The board can decide what counts as a big variance, for example any line off by more than a set percentage or dollar amount. Explain every line over the threshold, and nothing else.
Keep restricted money separate. Gifts restricted by donors can only be spent as the donor said. Show them in their own section so the board doesn't count them as available. See restricted funds.
Attach it to the meeting papers and note in the minutes that the board received it.

Reading variances

A variance isn't good or bad on its own. Ask four questions about each one:

Is it timing or real? A grant that arrives in July instead of June is a timing variance and will even out. A grant that was turned down is real and won't.
Is it one-time or ongoing? A one-off repair is different from rent going up for the rest of the year.
Does it change the year-end forecast? If a variance is real and ongoing, update the "forecast for the year" column, so the board sees where the year is likely to end.
Does income match spending? If a program grant came in under budget, the program's spending may need to come down too. Underspending can be a problem as well, for example if a restricted grant must be spent by a deadline.

Preview

Budget-vs-actual report: [ORGANIZATION NAME]

Month ending: [DATE]

Fiscal year: [START DATE] to [END DATE]

Prepared by: [NAME], [ROLE]

Reviewed by: [NAME], [ROLE]

Variance = actual minus budget. Notes explain any line more than [PERCENT]% or $[AMOUNT] from budget, as the board decided on [DATE].

Summary: [ONE OR TWO SENTENCES: WHERE WE STAND AGAINST BUDGET, AND THE MAIN REASON.]

Income

Line	Budget this month	Actual this month	Variance	Budget year to date	Actual year to date	Variance year to date	Annual budget	Forecast for the year
Individual gifts	$[AMOUNT]	$[AMOUNT]	$[AMOUNT]	$[AMOUNT]	$[AMOUNT]	$[AMOUNT]	$[AMOUNT]	$[AMOUNT]
Grants	$[AMOUNT]	$[AMOUNT]	$[AMOUNT]	$[AMOUNT]	$[AMOUNT]	$[AMOUNT]	$[AMOUNT]	$[AMOUNT]
Events (gross)	$[AMOUNT]	$[AMOUNT]	$[AMOUNT]	$[AMOUNT]	$[AMOUNT]	$[AMOUNT]	$[AMOUNT]	$[AMOUNT]
Program fees and sales	$[AMOUNT]	$[AMOUNT]	$[AMOUNT]	$[AMOUNT]	$[AMOUNT]	$[AMOUNT]	$[AMOUNT]	$[AMOUNT]
Other income	$[AMOUNT]	$[AMOUNT]	$[AMOUNT]	$[AMOUNT]	$[AMOUNT]	$[AMOUNT]	$[AMOUNT]	$[AMOUNT]
Total income	$[AMOUNT]	$[AMOUNT]	$[AMOUNT]	$[AMOUNT]	$[AMOUNT]	$[AMOUNT]	$[AMOUNT]	$[AMOUNT]

Expenses

Line	Budget this month	Actual this month	Variance	Budget year to date	Actual year to date	Variance year to date	Annual budget	Forecast for the year
Salaries and payroll taxes	$[AMOUNT]	$[AMOUNT]	$[AMOUNT]	$[AMOUNT]	$[AMOUNT]	$[AMOUNT]	$[AMOUNT]	$[AMOUNT]
Contractors	$[AMOUNT]	$[AMOUNT]	$[AMOUNT]	$[AMOUNT]	$[AMOUNT]	$[AMOUNT]	$[AMOUNT]	$[AMOUNT]
Rent and utilities	$[AMOUNT]	$[AMOUNT]	$[AMOUNT]	$[AMOUNT]	$[AMOUNT]	$[AMOUNT]	$[AMOUNT]	$[AMOUNT]
Program supplies	$[AMOUNT]	$[AMOUNT]	$[AMOUNT]	$[AMOUNT]	$[AMOUNT]	$[AMOUNT]	$[AMOUNT]	$[AMOUNT]
Insurance	$[AMOUNT]	$[AMOUNT]	$[AMOUNT]	$[AMOUNT]	$[AMOUNT]	$[AMOUNT]	$[AMOUNT]	$[AMOUNT]
Event costs	$[AMOUNT]	$[AMOUNT]	$[AMOUNT]	$[AMOUNT]	$[AMOUNT]	$[AMOUNT]	$[AMOUNT]	$[AMOUNT]
Technology and software	$[AMOUNT]	$[AMOUNT]	$[AMOUNT]	$[AMOUNT]	$[AMOUNT]	$[AMOUNT]	$[AMOUNT]	$[AMOUNT]
Accounting, legal and filing fees	$[AMOUNT]	$[AMOUNT]	$[AMOUNT]	$[AMOUNT]	$[AMOUNT]	$[AMOUNT]	$[AMOUNT]	$[AMOUNT]
Other expenses	$[AMOUNT]	$[AMOUNT]	$[AMOUNT]	$[AMOUNT]	$[AMOUNT]	$[AMOUNT]	$[AMOUNT]	$[AMOUNT]
Total expenses	$[AMOUNT]	$[AMOUNT]	$[AMOUNT]	$[AMOUNT]	$[AMOUNT]	$[AMOUNT]	$[AMOUNT]	$[AMOUNT]

Result

	This month	Year to date	Forecast for the year
Budgeted surplus or deficit (income minus expenses)	$[AMOUNT]	$[AMOUNT]	$[AMOUNT]
Actual surplus or deficit	$[AMOUNT]	$[AMOUNT]	$[AMOUNT]
Difference	$[AMOUNT]	$[AMOUNT]	$[AMOUNT]

Restricted gifts and grants

Gift or grant	Purpose	Budgeted to spend this year	Spent year to date	Left to spend	Spend-by date
[NAME]	[PURPOSE]	$[AMOUNT]	$[AMOUNT]	$[AMOUNT]	[DATE]

Notes on variances

Line	Variance	Timing or real?	One-time or ongoing?	What happened	What we'll do
[LINE]	$[AMOUNT]	[TIMING / REAL]	[ONE-TIME / ONGOING]	[EXPLANATION]	[ACTION, OR "NONE NEEDED"]

Checks

The figures match the books, and the bank accounts are reconciled for the month
Every line over the board's threshold has a note
The year-end forecast was updated for any real, ongoing variance
Restricted gifts are shown separately and are being spent as the donor intended

For the board

Decisions needed: [FOR EXAMPLE: APPROVE A REVISED BUDGET, OR "NONE THIS MONTH"]
Questions to: [NAME] at [EMAIL OR PHONE]

Template from Golden Hint: goldenhint.org/resources/templates/budget-vs-actual-report. Reviewed October 21, 2026. General information, not legal or tax advice.

General information. Not legal, tax or financial advice. Rules change and every situation is different, so check the official sources and talk to a qualified professional before you act. More about this.

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Sources

Checked on October 21, 2026. Rules and fees change, so follow the links for the current version.