FINANCIAL MANAGEMENT IN VOLATILE TIMES
RESOURCES FOR SURVIVAL AND SUSTAINABILITY
A. Michael Gellman, CPA, CGMA
It’s all about the mission and passion, but you cannot afford to lose sight of the “Numbers.” Financial accountability and sustainability are at the top of everyone’s list - now is the time to get your arms around these issues and make sure you have your “bases covered.” We will begin by exploring how nonprofit organizations differ from for-profit corporations and look at critical accounting issues related to exempt organizations. We will then discuss the importance of understanding nonprofit financial statements and review key components that make up nonprofit financial statements so you will have the skills necessary to ask probing questions and be able to search for signs of weakness.
Next, we will focus on the critical elements of financial accountability. We will explore financial accountability from three perspectives; financial accountability to the general public, to the board of directors and leadership, and from staff and management. Three check lists will be provided to assist you in improving your financial accountability and understanding your critical role in this oversight process. We will also discuss how nonprofit organizations can greatly increase their chances to improve their fiscal health and sustainability by remaining vigilant with accounting practices and financial management. We will explore and discuss a list of ten fiscal sustainability improvement practices that have time proven effectiveness and only take attention and patience to implement. Group problem solving and a case study will be used to let you try out your new learned skills.
We will conclude with a discussion on how budgets can be used to adapt to ever-changing economic conditions and protect your organization’s resources. We will explore the concepts behind behavioral based budgeting and how to fully integrate the non-financial manager, staff and board member into the budget process to help your organization realize its full potential and maximize the use of its limited resources. We will also discuss how budgets can be the catalyst to interactive sharing of information and resources between management, board and staff.