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.