Fundamentals of Financial Management

Is your nonprofit working on getting your finances in order? Join us to learn the basics of financial management. 

Learning Objectives

• Understand the financial reporting requirements for nonprofit organizations
• Acquire hands-on practice with the preparation and use of financial statements
• Learn how to identify and allocate expenses to programs, fundraising, and administration

Description

Good financial management is essential to a nonprofit's stability and sustainability.  This session will give you the understanding and capability to produce financial statements. Organizations with strong financial management are better able to carry out their missions.

This session will cover how to prepare and use financial statements, and how to identify and allocate expenses. You will learn how to report financial information using straightforward examples and activities.  You will have an opportunity to work on your own financial statement or the statements of an organization you care about, as well as sample nonprofits.

After this session, you will be able to:

• discuss your chart of accounts and understand how to use these accounts to organize your financial data
• report donations, grants, fees and other sources of revenue
• trace payroll and other expenses to your Statement of Activities (also known as the Income Statement), including identifying program, fundraising and general/administrative expenses
• use your Statement of Position (also known as the Balance Sheet) to manage your financial resources
• take steps to protect your organization's cash and other physical assets, even in a one or two person organization

Level

Introductory

Audience

Managers and staff of small nonprofit organizations, especially those with limited knowledge of accounting. This training will be particularly helpful to Executive Directors or others working with new nonprofits or nonprofits in transition. The focus will be on organizations with less than $500,000 in assets and less than $200,000 in annual revenue.

Presenter

Raul Anaya, CPA, CFE, CGFM, Principal, CliftonLarsonAllen LLP