If you have ever heard the expression “cash is king,” it’s because it is, for now at least. Bitcoin and other cryptocurrencies have been taking off recently, but cash still rules the roost for now. As one of your business’s top resources, it’s essential that cash is well managed, which includes understanding the timing [...]
As your organization grows and scales, there are blind spots that sneak up on you. Things were going well in your organization; you were cruising along, enjoying the growth and sustainability and then … BAM! New problems and opportunities seemingly come out of nowhere. Each stage of an organization (startup, growth-stage and maturity) has [...]
Growing a business is a lot like an amusement park. It’s exciting, fun, overwhelming and nauseating. It’s a roller coaster of fear, confidence, joy and panic. It’s a tilt-a-whirl of influence, innovation, and concern. The growth stage of business can be a wild ride, especially when the growth occurs rapidly. This array of emotions [...]
If you have ever heard the expression “cash is king,” it’s because it is, for now at least. Bitcoin and other cryptocurrencies have been taking off recently, but cash still rules the roost for now. As one of your organization’s top resources, it’s essential that cash is well managed, which includes understanding the timing [...]
As we navigate this time of worldwide economic uncertainty, saying these times are “challenging” in the nonprofit world is understating the reality. While the ongoing COVID-19 crisis has affected organizations in different ways, nearly every nonprofit is concerned with maintaining donor engagement and achieving fundraising results. Many institutional donors have stepped up with accelerated distributions [...]
Let’s face it, every month you review the same financial statements, which are most commonly: the statement of financial position, the statement of activities, and possibly the cash flow statement. Do you take the next step and dig deeper into these financial statements by calculating the key financial ratios that are important to your organization? [...]
In the current economic and social climate, turnover is inevitable. Talented people land different jobs, move away, or retire. When turnover happens in your accounting department, most organizations experience some uncertainty and concern over the accounting function. You may wonder “how will we produce our financial reports next month?” or “how can we do [...]
For many nonprofit organizations, it may be easy to create and tell a story that pulls on potential donors’ heartstrings to encourage an initial donation. However, keeping them engaged and donating in the future requires trust; one of the best ways to ensure trust is through financial transparency. Sure, there are some financial transparency [...]
Nearly every nonprofit organization in existence can confidently state that their board of directors reviews and approves financial reports (generally the statement of financial position, statement of activities, and often a cash flow statement) at each meeting. However, many boards are missing out on a valuable opportunity in gathering important information to assist with [...]
Being honest and transparent about overhead costs (i.e., Management & General, Fundraising, etc.) is vital in educating stakeholders on the cost of delivering services. Many people think of overhead as a negative part of doing business, thinking it is something to be minimized in order to maximize something (such as profits or other measurables). [...]
