PART 1 (June 4): Will cover the basics of nonprofit finances including Fiscal Management.
Faculty: A. Michael Gellman, CPA, CGMA, Fiscal Strategies 4 Nonprofits
Cost: $99 (members) to $150
During these difficult times, many nonprofit organizations are looking to stabilize finances and improve sustainability to stay viable. This all-day session will give you valuable tools needed to develop financial practices and oversight that will strengthen your financial management systems and improve accountability to your board of directors, donors and the general public.
The session begins by exploring the key differences in accounting practices between nonprofit organizations and for-profit entities, with a focus on issues related to sponsorships, grants and contributions. Next, we will discuss the key components of nonprofit financial statements so you will have the skills necessary to ask probing questions, and teach your board how to identify “red flags.” Group problem solving and a case study will be used to provide an opportunity to try out your new learned skills.
Additional take home resources related to the critical elements of financial accountability and transparency will be provided from three perspectives; financial accountability to the general public, to board of directors and leadership, and from staff and management. Three check lists will be supplied to help assist you with improving your financial accountability and transparency and understanding your critical role in this oversight.
Part 2 (June 5) Provides a better understanding of Financial Management Projection-Based Budgeting and the Budget Process (NOTE: Registering for Part 1 automatically registers you for Part 2 on June 5 as well. If you cannot attend Part 2, reach out to Sean Sweeney at seans@nonprofitadvancement.org.)
Faculty: A. Michael Gellman, CPA, CGMA, Fiscal Strategies 4 Nonprofits
Given the current difficult economy, being financially nimble is now a necessity. In this second session we will discuss how budgets can be used to adapt to changing economic conditions and protect your organization’s resources. This interactive presentation will explore the concepts behind projection-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.
Discover how budgets can be the catalyst to interactive sharing of information and resources between management, board and staff. Participants will be fully engaged through the use of a series of rolling budget case studies that they will have to directly interpret and analyze. Concepts will be explained based on the use of direct real-life situations. This workshop will also explore the budgeting process, emphasizing how budgets work and how to make budgets work for you. You will receive valuable guidance on planning, the budget cycle, budget reporting and budget preparation techniques. Participants will leave with sample projection-based dashboards they can adapt for use with their board of directors.
