DON'T LET YOUR FEAR OF FINANCE GET IN THE WAY OF YOUR SUCCESS. Can you prepare a breakeven analysis? Do you know the difference between an income statement and a balance sheet? Or understand why a business that's profitable can still go belly-up? Has your grasp of your company's numbers helped--or hurt--your career? Whether you're new to finance or you just need a refresher, this go-to guide will give you the tools and confidence you need to master the fundamentals, as all good managers must. The "HBR Guide to Finance Basics for Managers" will help you: (1) Learn the language of finance, (2) Compare your firm's financials with rivals', (3) Shift your team's focus from revenues to profits, (4) Assess your vulnerability to industry downturns, (5) Use financial data to defend budget requests, and (6) Invest smartly through cost/benefit analysis.
Nonprofit accounting is the unique process by which nonprofits plan, record, and report upon their finances. While for-profits primarily focus on earning a profit, nonprofits focus more on the accountability aspect of accounting. They follow a specific set of rules and procedures that help them stay accountable to their donors and contributors.
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Another aspect of nonprofit accounting that helps organizations stay accountable to their finances is the nondistribution constraint. This is a vital aspect of accounting that helps define nonprofits. Unlike for-profits, nonprofits are required not to distribute their net earnings to the leaders at the organization.
GAAP stands for Generally Accepted Accounting Principles. These are (as the name states) general principles accepted by accountants in all sectors. These guidelines are set by an organization called the Financial Accounting Standards Board (FASB).
Your nonprofit budget is the planning document used to predict expenses and allocate resources for your organization. It details both the costs that your organization will incur as well as the revenue you expect to receive over a set period of time, usually a year.
This document is where you can find the lists of assets and liabilities for your nonprofit. When you boil it down, the statement of financial position in nonprofit accounting can be summarized by one simple equation:
This nonprofit accounting statement breaks down the operating, financing, and investing activities to show how cash moves at the organization. You can easily see how your nonprofit uses the funding it receives from fundraising, grant seeking, and other revenue streams by analyzing this statement.
Nonprofit accounting may seem overwhelming at times. But, when you grasp how to read various accounting documents, it becomes much easier to understand how finances function and move at your organization.
While your nonprofit bookkeeper records day-to-day financial information for your organization, your nonprofit accountant is responsible for reviewing bookkeeping entries, performing account and balance sheet reconciliations, preparing financial statements and reports, and reviewing the financials with you prior to closing the monthly period, so you can make the best financial decisions in managing your nonprofit.
Because nonprofits operate the same as a for-profit business, overhead is necessary for any nonprofit organization to function. For example, you have to pay people to run the nonprofit, dedicate an office space to get work done, and invest in a website to reach the public.
Some donors choose to judge nonprofits based solely on their overhead expenses. However, this narrative is changing in the sector as more people become aware that overhead is a necessary expense for growth. Encourage your donors to judge your organization based on your impact in the community rather than how much you spend on fundraising and administrative expenses.
You should check in with your budget monthly, comparing and evaluating your budgeted revenue and expenses against your actual revenue and expenses. This will ensure that your organization is staying on track to achieve your goals.
Does your nonprofit have a dedicated team member with both the skillset and capacity to handle your accounting needs? Many small to midsize organizations struggle to find someone to fill this role. Actually, 18% of nonprofits listed limited staff as their greatest challenge in 2019. This means that finding someone to take on these responsibilities (especially as you grow) can be immensely challenging.
Funded by the New York City Council through the NYIC's Key to the City Initiative, Your Money, Your Future: A Basic Guide for Financial Education and Empowerment provides a basic overview of the American financial system with the aim to educate and better inform immigrant communities. In particular, the guide navigates solutions to the barriers that prevent immigrants from reaching their full economic potential and security, including a lack of reliable information, inaccessible financial services, and language barriers. It is these barriers that allow New York's immigrant communities to often fall prey to fraud and financial abuse, and to resort to insecure and costly informal banking systems.
Using focus groups to identify urgent needs within the community, the guide provides readers with information they need to improve their personal finances including basic financial management skills, a list of reliable service providers in New York, and tips on avoiding immigrant-targeting scams.
Accomplished properly, planning provides a methodical way to engage the whole community in thinking through the lifecycle of a potential crisis, determining required capabilities and establishing a framework for roles and responsibilities. It shapes how a community envisions and shares a desired outcome, selects effective ways to achieve it and communicates expected results.
Identifies relevant concepts, considerations, and principles that can inform jurisdictions in planning for evacuation and/or shelter-in-place protective actions. The research report Improving Public Messaging for Evacuation and Shelter-in-Place and its companion slide library documents findings from peer-reviewed research and presents recommendations for informing community members about risk and providing effective warnings.
The Shelter-in-Place Pictogram Guidance provides the public clear protective action guidance for 10 hazards and three building types. The guidance includes recommended interior locations by hazard, additional protective actions, and duration. Social media friendly versions are available to provide clear protective action guidance regardless of platform.
Identifies the capabilities and activities necessary to prepare and successfully implement disaster financial management while maintaining fiscal responsibility throughout response and recovery operations.
Provides jurisdictions, utility owners/operators, and healthcare facilities with information and resources to improve resilience to power outages, integrate plans, and prioritize assistance during an outage.
Distribution Management Plans enable SLTT partners to strengthen capabilities before a disaster to enhance capacities to distribute resources to survivors after a disaster. FEMA. Effective 2019, all Emergency Management Performance Grant (EMPG) recipients are required to develop and maintain a Distribution Management Plan as an annex to their Emergency Operations Plan. View the frequently asked questions.
Guidance on national housing priorities, types of housing, key considerations and housing-specific planning recommendations that jurisdictions can apply when developing or improving housing plans. (Spanish)
Provides emergency managers with recommendations and best practices on how to analyze local supply chains and work with the private sector to enhance supply chain resilience using a five-phased approach.
CPG 101 provides guidelines on developing emergency operations plans and promotes a common understanding of the fundamentals of community-based, risk-informed planning and decision making to help planners examine threats or hazards and produce integrated, coordinated and synchronized plans.
Guide on emergency operations planning, discussing actions that may be taken before, during and after an incident to reduce the impact on property and loss of life. It encourages houses of worship to develop an emergency operations plan.
This guide outlines principles of emergency management planning for institutions of higher education, provides a process for the development of emergency operations plans and describes the content with those plans.
This guide provides recommendations in the development of plans not only to respond to an emergency, but also outlines how schools (K-12) can plan for preventing, protecting against, mitigating the impact of and recovering from these emergencies.
This guide is designed to help local governments prepare for recovery from future disasters offering tools for public engagement, whole-community recovery, identification of existing recovery resources, and identifying outside partnerships that can help local governments build resilience.
This guide helps states and territories prepare for recovery by developing pre-disaster recovery plans that follow a process to engage members of the whole community, develop recovery capabilities across government and nongovernmental partners and create an organizational framework for comprehensive recovery efforts.
The Private-Public Partnerships (P3) Guide and supplemental documents provide jurisdictions with best practices to establish and maintain a private-public partnership to help coordinate mitigation, response & recovery planning and preparedness, and increase community resilience. 152ee80cbc
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