Taking Finances to the Next Level

For large nonprofit organizations, a chief financial officer (CFO) is a critical part of the management team. A CFO provides a high level of financial knowledge, and helps the organization understand their finances on a deeper level, as well as create plan strategically for its financial future.

For smaller organizations, this level of knowledge isn’t affordable. Some organizations are able to hire a CFO on a contract basis for a limited number of hours per month, but for many, even that cost is too high. This means the executive director needs to develop their financial knowledge to help the organization thrive.

Read moreTaking Finances to the Next Level

Creating a Reserve Fund for a Rainy Day

Umbrella and moneyThe government shuts down, making your grant reimbursement is two months late. A critical piece of equipment breaks down and has to be replaced. An unexpected need for services comes up. These are all examples of when a reserve fund would be quite valuable.

In my time as an executive director, my biggest regret is not setting up a reserve fund at the beginning, and consistently funding it. There was always a need for programs or supplies or more staff, and when we had money, we used it.

Read moreCreating a Reserve Fund for a Rainy Day

Budgeting for Small Nonprofits

Just starting out? Have a small organization up and running but haven’t quite gotten around to writing down a budget? Even if you are just thinking about starting a nonprofit, you can benefit from a budget. A budget is a spending plan, and the most important part about it is the planning aspect, which makes you really think through your potential income and expenses. Here’s some help to get you started.

Read moreBudgeting for Small Nonprofits