I think we are approaching the end of the budgeting project. This week we had a meeting with the lender/investor who may have been the prime instigator for this budget process. I didn’t know it, but the first time we went through the budget last November, they didn’t like the fact that we didn’t review the budget in great detail. Well, considering the amount of time we had to review 30 units, in what?, three weeks, part of which was spent by the folks developing the budget, it was no surprise that we went into no great detail. It was not humanly possible.
But I do now understand why my boss approached the budgeting the way she did.
In preparation for the meeting, my boss prepared to go into extreme detail, tab by tab, line by line. We first went through the general process and then she proceeded to go into each GL account. I thought, “Surely, this will show that we put forth great effort to make sure the thought process behind the budget was realistic.” I think my boss was successful because after about 2 tabs, they said they heard enough to be satisfied and would like to move onto the marketing and the state of affairs at each of the units.
At the end of the presentation, it sounded like we ended on a positive note. I think the lender said we did a good job. I know that the company that hired us was pleased and thought indications from the lender was positive. All of those hours pulling together and cleaning up the data, setting up the preliminary analysis and reviewing my boss’ work may be done. We will see in a few days whether we get the funding.