As we near the two-year mark of the first COVID-19 lockdowns and stay-at-home orders, some nonprofits still are struggling with financial sustainability. This can mean that your board of directors is taking a greater interest in your organization’s financial performance. Key performance indicators (KPIs) can help focus your board’s attention on important metrics. Identify KPIs…
Tag: board of directors
Adding It Up: The Roles and Responsibilities of a Nonprofit Treasurer
When you think about it, it’s a bit inaccurate to refer to your organization as “nonprofit.” In fact, money is rarely far from the minds of your organization’s leaders. At least, it shouldn’t be. Like your for-profit counterparts, you can’t succeed without maintaining sound fiscal health. That’s why the title of “treasurer” is so much…
Board members: Stay alert for these 4 financial red flags
Your board members are undoubtedly well aware of your nonprofit’s financial problems during the COVID-19 pandemic. But as 2021 unwinds, the board should keep its eyes on potential problem spots, ask questions and direct remedies as needed. These four areas can present clues that the organization is headed for trouble. 1. Financial statement flaws. Late,…
Board of Directors: Financial Literacy is Key
Your board is responsible for reviewing your nonprofit’s financial results so it can make sound decisions. But not every board member arrives at your organization with a financial background. Here are some suggestions for relaying some of the most vital information they need to know. Communicating the balance sheet A statement of financial position shows…