November 2014: How to Get Your Board “Onboard” with Non-Profit Finances

November 2014 Meeting: How to Get Your Board “Onboard” with Non-Profit Finances

Typically most nonprofit board members do not have a background in finance and those who do usually come from the for-profit world. This puts nonprofit CFOs in the position of having to explain nonprofit financial statements in terms of revenue/asset restrictions and give context to financial analysis for our sector. Issues often arise with board members having a different understanding of budgeting, cash flows, and revenue timing. Stephanie O’Leary, Senior Consultant at Accounting Management Solutions Inc., gave a presentation about how to get your Board “onboard” with nonprofit financial statements. Her presentation focused on: How we, as CFOs, can train our board members on how nonprofit financial statements work; highlighting some best practices to help board members know how to provide proper financial oversight; and providing necessary tools for board members on how to measure organizational success.

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