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Three Steps to Simplify Monitoring the Balance Sheet
Balance sheets are part of standard nonprofit organization financial reporting. However, balance sheets are intimidating to most individuals and often misunderstood. Simplifying the monitoring process is key to improving engagement, enhancing understanding of the balance sheet, and helping individuals to fulfill their financial oversight roles and responsibilities.
Part VI, Section A of the Form 990 Shines a Light on Your Board and Governance Practices
Part VI, Section A of the Form 990 asks many probing questions related to a nonprofit organization’s “Governing Body and Management.” How an organization chooses to respond to these questions will directly impact perceptions of the quality of its management systems and the integrity of its governance practices, so be thoughtful and complete with your responses.
The Benefits of Multi-Year Budgets
I have been a strong advocate of year-end budget projections that are updated monthly throughout the year. These budget projections help nonprofit organizations to keep track of their progress while providing an opportunity to react to changing circumstances in real time. The impact on the psyche is immediate and beneficial. This impact is enhanced when paired with multi-year budgets as shown in our Multi-Year Budget Financial Dashboard Template.
Successful Charity Auctions Start with Careful Planning
Charity auctions are used by nonprofit organizations of all shapes and sizes. Organizations that are thoughtful with their investment in time and planning can realize major benefits from their charity auctions. However, many nonprofits commit to holding charity auctions without committing to the time, planning, and due diligence necessary to realize the most successful event possible. A poorly planned charity auction can potentially impact net proceeds received, damage the organization’s reputation, and even expose the organization to tax liabilities and other possible risks.
Revised Financial Health Assessment and Implementation Framework
In both good times and bad times, we need to keep a close eye on the key framework markers for tracking and assessing a nonprofit organization’s financial health. During tough times we naturally lower our expectations for financial health in attempts to keep service levels and operations as high as possible. As circumstances evolve and stabilize, we must revisit and refocus financial health assessments to favor longer-term sustainability.
How to Freshen Up Virtual Board and Committee Meetings
Virtual Board and committee meetings will be with us for the foreseeable future. It will be a while before we can plan to move back to in-person leadership meetings. After a year of virtual meetings, the novelty has worn off. It is time to freshen up these virtual meetings with advanced planning techniques and a new focus on value, time, and impact.
Impact of Hyper Change on Financial Health and Continuity
During extraordinary times of hyper change, we are confronted with so many changing elements that making effective management decisions seems overwhelming and finding a starting point feels impossible.