Nonprofit's Financial Best Practices

A comprehensive look at how integrating financial best practices can empower a nonprofit to achieve its goals more effectively, encourage nonprofit leaders to foster collaboration between finance and program teams, that leads to a more well-rounded approach to financial management.  Shannon Poll, Director for the North Carolina market at Your Part-Time Controller (YPTC), shares her expertise on nonprofit financial best practices with host Julia Patrick on this Nonprofit Power Week episode.

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Shannon starts by addressing a common misconception that financial best practices are solely technical. She highlights the emotional and mission-driven aspects of financial stewardship in nonprofits, saying, "When we talk about best practices, we're talking about making sure that you have stewardship over your nonprofit. There's so much extra care and nonprofits that we need to take." She speaks to the need for finance teams not only to possess technical skills but also to understand and support the organization's mission, ensuring that financial decisions reflect the organization's core values.

Continuing, Shannon discusses with Julia the importance of building a strong finance team that goes beyond credentials. Her advice, "You're going to get a finance team that understands your people, understands your stakeholders, understands the why behind the figures, and that is really all part of it." By focusing on the alignment between finance professionals and the organization's mission, nonprofits can foster a more cohesive and engaged team.

Shannon also shares thoughts on other key areas such as internal controls, financial statement audits, and educating boards on fiduciary responsibilities. She stresses the necessity of transparency and communication within organizations, pointing out that finance teams need to communicate with other departments to ensure everyone understands the financial landscape, saying, “The more you empower people across the organization, the more efficient, educated, and cohesive your organization is going to be.”
This Nonprofit Power Week episode fills-in some big picture ideas for better financial management of your nonprofit!

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