Financial Management

Thank you to National Council of Nonprofits for sharing: 

Boards of directors have a fiduciary duty to ensure that the assets of a charitable nonprofit are used in accordance with donors’ intent, and in support of the charitable mission. One way to ensure prudent financial management is for the board of directors to adopt financial policies. Perhaps the most important financial policy for any charitable nonprofit is a conflict of interest policy.

Financial policies clarify the roles, authority, and responsibilities for essential financial management activities and decisions. In the absence of an adopted policy, staff and Board members are likely to operate under a set of assumptions that may or may not be accurate and productive.

– Nonprofits Assistance Fund www.nonprofitsassistancefund.org

Examples of financial policies commonly used by nonprofits include a policy that describes when a board member or an employee’s travel expenses will be reimbursed; how cash is handled, and how the nonprofit’s assets are invested.

This short Financial Management Self-Assessment Tool, developed by the Nonprofit Association of Oregon, is useful to explore the types of financial practices that may be beneficial for your nonprofit to follow and/or document in a written policy.

Just starting out? These financial policy guidelines from the Nonprofits Assistance Fund offer a framework for drafting and adopting the most useful policies for your nonprofit.

Basic Financial Policies

For Boards: Finance is Fun!

Financial Literacy Resources

Practice Pointers

Watch Common Good Vermont’s Finance Friday Series

Watch our Finance Fridays series, a live webcast event for nonprofit staff and board members who want to improve their organization’s financial performance.

  • What Kind of Audit is Best for You? Todd Wimette Finance Friday
  • Christine Moriarty – What  does your board needs to know? Finance Friday
  • Reduce Your Risk Through Better Management of Your Accounting & Bookkeeping Staff
  • Managing Multiple Revenue Streams with QuickBooks 05/13/2016
  • Financial Basics for Nonprofits with Wendelyn Duquette of QuickStart

Watch Now

 

Vermont Nonprofit Financial Professionals

Wendelyn Duquette, QuickStart, LLC
Stowe, VT
802-253-6008
[email protected] www.quickstartqb.com

Davis & Hodgdon Associates CPAs, PLC
Williston, VT
802-878-1963

Todd Wimette, CPA 
Wisehart, Wimette & Associates, PLC
Essex Junction, Vermont
[email protected]

 

Thank you to QuickStart, LCC for sponsoring this Nonprofit 101 Page