Category: All

Give Your Board Confidence in Your Effective Financial Management

Although your nonprofit’s Board of Directors is not responsible for the day-to-day operations of the finance department, they are responsible for overseeing the overall financial health of the organization. The Board should have confidence that the organization is managed effectively. Sound financial management is critical to the sustainability of the organization and is necessary when…
Strengthen Your Nonprofit’s Internal Controls

It is now more important than ever for your organization to have strong internal controls. Reviewing and updating your internal controls is essential to ensure they are working effectively. What Are Internal Controls and Why Are They Important? Internal controls are processes implemented and followed by an organization to provide reasonable assurance in achieving: See…
My Presentation to the Board Following an Operational Review

I recently completed a review of the finance department operations of a nonprofit organization. The Executive Director wanted an evaluation of the operations of the finance department and to identify key areas for improvement. At the completion of the review, the Executive Director asked me to present my Findings and Recommendations Report to the Board…
Does Your Nonprofit Have A Conflict Of Interest Policy?

A Conflict of Interest Policy that is effectively communicated and enforced ensures that decisions about the operations of a nonprofit organization and the use of its assets are made solely in terms of benefit to the organization and not to individuals with positions of authority within the organization. Best practice is for all nonprofits to…
Finance and Technology: Implementing Automated Systems

Preparing for the implementation of automated systems is critical to ensure a successful outcome. Many nonprofit organizations are contemplating the implementation of automated systems to replace manual processes. These manual processes are time-consuming and are susceptible to manual input errors. Implementing automated systems in critical areas such as invoice and expense processing serves to:
Do Your Nonprofit’s Operations Protect Its Cash Effectively?

With sources of revenue declining and costs increasing, it is important for nonprofits to have effective financial procedures in place to safeguard the organization’s cash. Documenting and assessing your finance operations formally can identify issues your organization is experiencing and those that have not yet been detected. To protect the organization’s cash, financial procedures should…
Be Proactive Not Reactive: Preparing for Staffing Disruptions

Nonprofit organizations are facing high staff turnover, staffing shortages and difficulty attracting and retaining qualified employees for their finance departments. The period in which a position is vacant or a new hire is learning their position in the finance department can result in essential daily operations not being performed, delayed financial reporting and an increased…
Breaking The Silos In Nonprofits To Achieve Effective Financial Management

Collaboration between the finance department and non-finance staff in nonprofit organizations is essential to achieve effective financial management. By breaking down the silos preventing this collaboration, the finance department can fulfill its responsibilities and enable the organization to run its programs, deliver services and successfully carry out its mission.
Finance And The Board Of Directors

The Board of Directors of a nonprofit organization has a fiduciary responsibility to oversee the financial health of the organization. Although they are not responsible for managing the daily operations of a nonprofit organization’s finance department, they should be confident that the finance department is managed efficiently and effectively with proper processes and systems in…
The Importance Of Assessing Your Nonprofit’s Finance Operations

Has your nonprofit’s finance department ever undergone an independent assessment of its operations? An independent assessment brings a fresh set of eyes that reviews your finance department operations critically and provides recommendations for improvements. An assessment can correct issues your organization is having and identify those that have not yet been detected.