From the course: Nonprofit Management Foundations
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Financial management and accounting
From the course: Nonprofit Management Foundations
Financial management and accounting
- Financial management and accounting may not leap out as the most exciting parts of a nonprofit. Clearly, your mission comes first. But putting in place solid financial management and accounting processes is essential. Organizations with poorly managed finances will likely achieve less impact. So while your financial staff may not work on the front lines of service they play a key role. In order to develop a clear understanding of financial management you will need to master the three financial statements of a nonprofit organization. These include the balance sheet also known as the statement of position, the statement of activities, and the statement of cash flows. These financial statements are the tools you'll need to manage the organization to your budget and they are used to ensure that you're complying with your 501(c)(3) tax exempt status. You're going to use them to report to your funders as well as to the IRS and to the state in which you are incorporated. So be sure to get…
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