Effective financial management is essential for the sustainability and accountability of nonprofits. This handout outlines the roles and responsibilities of nonprofit board members and officers in financial oversight, ensuring legal compliance and fiduciary diligence.
A well-prepared budget presentation is essential for nonprofit organizations to ensure financial transparency, strategic alignment, and board engagement. The finance committee chair, who also serves as the board treasurer, plays a crucial role in guiding the board through the budget draft, addressing key variances, and facilitating discussion before the final vote.
Running a membership nonprofit with no staff can be both rewarding and challenging. Without staff, the responsibility for financial management rests heavily on board members, volunteers, or other designated individuals. This article explores the importance of financial internal controls and offers practical recommendations tailored to your unique organizational setup.
To fulfill their fiduciary duties, nonprofit executives and board members must regularly review and understand key financial reports. These reports provide critical insights into the organization's financial health, ensure transparency, and support informed decision-making. In this article, I outline the essential financial reports that nonprofit leaders should monitor and why they matter.
Understanding a balance sheet helps leaders, board members, and donors assess the organization’s stability and its capacity to fulfill its mission.