One of the important (and sometimes overwhelming!) responsibilities of nonprofit leadership is financial management. Strong financial practices are essential for organizational sustainability, and stewarding assets and resources. Healthy financial management practices build stability and flexibility for the known of today and the unknown of tomorrow.
While financial management is important, it does not need to be overwhelming! The Wallace Foundation has compiled resources in four key areas of nonprofit financial management: 1) planning 2) monitoring 3) operations, and 4) governance.
In addition to solid ongoing financial management practices, staying on top of changes in legislation and tax law is important. The National Council of Nonprofits has compiled a 2018 Tax Law Checklist for Nonprofits that breaks down recent changes and implications for organizations and employees. The Council compiled additional resources on How the New Federal Law Impacts Charitable Nonprofits if you want even more information.
CNE, in partnership with the CFA Institute, also offers programs for nonprofits through the Finance Academy. There are two trainings scheduled for this month:
- Budgeting Basics: The What, Why, and How (February 7)
- Nonprofit Accounting Practices (Feb 16)
CNE’s Finance Academy is developed in partnership with CFA Institute.
