Effective Financial Governance & Leadership

The best nonprofits provide effective financial governance and leadership.   The leadership needs to focus on making its organization financial sustainable and continuing to exists for long-term mission and social value.  It is important that all leaders in the organization practice effective governance and leadership for the organization to be financial sustainable and survive.  This starts with board members, treasurer, financial committee, and executive staff and they must establish the proper importance of stewardship and sustainability. 

We will focus on the various leadership roles of the organization:

• Board members
• Finance Committee
• Finance Governance Responsibilities
• Nonprofit Treasurer Roles and Responsibilites
• Executive Director Roles and Responsibilities

Please click the find out more button for the full article

Boards can provide effective financial governance

Nonprofits would have more public trust if all board members performed their financial governance at a high level.  The following eight financial governance responsibilities best practices should be practiced by your nonprofit organization.

1. Financial tracking by funds and program to easily identify overspending and underspending.
2. Financial Reports are goal oriented.
3. Financial health is priority and identify when poor financial health conditions exist.
4. Proper use of accounting software.
5. Financial stewarship must be a priority including all board members and policies and procedures to promote accountability.
6. Budget management to manage cash flows and revenue shortfalls.
7. Financial reserves should be established & maintained.
8. Financial plans that are reviewed and modified

Please click on the find out more for the full article

12 Golden Rules of Nonprofit Finance

Healthy nonprofit organizations employ financial management practices that build stability and flexibility, both today and in the future.  In this resource we set out the 12 golden rules for nonprofit finance, including budgeting, diverse funding sources, and interdependence.

1. Budgets matter as it supports financial planning
2. Understand Real Program Costs
3. Diverse Funding Sources
4. Core Mission and Infrastructure Expenses funded
5. Cash Flow needs to be monitored and managed
6. Develop Financial Literacy and Understanding
7. Financial responsibility shared and supported
8. Maintain Operating Cash Reserves
9. Maintain Accountability and Tranparency
10. Financial Integrity and Honesty
11. Financial Problem Response
12. Financial Management Interdependence to all areas

Please click the find out more button for the full article

Our Firm-Your Team is here to help-Schedule Today

Our firm has grown because of strong client relationships with referrals from our clients and other referral partners.  Our staff is very experienced at performing the accounting function for our clients.   Our nonprofit accounting services includes bookkeeping, accounting, controller, and CFO services.  Our nonprofit software accounting software expertise be composed of QuickBooks Online, MIP Fund Accounting, Microix Workflow Modules for MIP, and Sage Intacct.  Our nonprofit software services comprise software assessments, sales, data conversions, implementations, training, support, and project management services.  Our financial management training consists of newsletter, nonprofit financial forum, & MIP user group.  Our approach is to work with you to determine how your organization can best benefit from our professional services. 

Additional FTM resources to help your organization:

Is now time for financial assessment?

FTM offers client care plan for QBO and MIP users?

Why you should consider an Outsourced Controller or CFO?

Does my Nonprofit Need a Controller?

Eight Reasons to Outsource Your Nonprofit Accounting

When to Consider a Move to Fund Accounting?

Please click the find out more button for the full article

Our firm provides all the levels of accounting your nonprofit needs including bookkeeping, accounting, controller, CFO, and software advisory services for nonprofit accounting software including MIP, Microix, QuickBooks, Sage Intacct and AccuFund