Financial Management for Nonprofit Organizations

Policies and Practices

Inbunden, Engelska, 2018

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Beskrivning

Essential tools and guidance for effective nonprofit financial managementFinancial Management for Nonprofit Organizations provides students, professionals, and board members with a comprehensive reference for the field. Identifying key objectives and exploring current practices, this book offers practical guidance on all major aspects of nonprofit financial management. As nonprofit organizations fall under ever-increasing scrutiny and accountability, this book provides the essential knowledge and tools professional need to maintain a strong financial management system while serving the organization’s stated mission. Financial management, cash flow, and financial sustainability are perennial issues, and this book highlights the concepts, skills, and tools that help organizations address those issues. Clear guidance on analytics, reporting, investing, risk management, and more comprise a singular reference that nonprofit finance and accounting professionals and board members should keep within arm’s reach.Updated to reflect the post-recession reality and outlook for nonprofits, this new edition includes new examples, expanded tax-exempt financing material, and recession analysis that informs strategy going forward. Articulate the proper primary financial objective, target liquidity, and how it ensures financial health and sustainabilityUnderstand nonprofit financial practices, processes, and objectivesManage your organization’s resources in the context of its missionDelve into smart investing and risk management best practices Manage liquidity, reporting, cash and operating budgets, debt and other liabilities, IP, legal risk, internal controls and moreCraft appropriate financial policiesAlthough the U.S. economy has recovered, recovery has not addressed the systemic and perpetual funding challenges nonprofits face year after year. Despite positive indicators, many organizations remain hampered by pursuit of the wrong primary financial objective, insufficient funding and a lack of investment in long-term sustainability; in this climate, financial managers must stay up-to-date with the latest tools, practices, and regulations in order to serve their organization’s interests. Financial Management for Nonprofit Organizations provides clear, in-depth reference and strategy for navigating the expanding financial management function.

Produktinformation

Utgivningsdatum:2018-06-22
Mått:185 x 252 x 43 mm
Vikt:1 474 g
Format:Inbunden
Språk:Engelska
Antal sidor:768
Upplaga:3
Förlag:John Wiley & Sons Inc
ISBN:9781119382560

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Mer om författaren

JOHN T. ZIETLOW, D.B.A., CTP, is a professor of finance at Southwest Baptist University, Bolivar, MO, and he also teaches graduate nonprofit financial management at Indiana University-Purdue University at Indianapolis and Indiana University, Bloomington.JO ANN HANKIN is a nationally recognized consultant in the field of fundraising, and financial/administrative management for nonprofits. ALAN SEIDNER was the founder of Seidner & Company of Pasadena, California, an investment management and consulting firm. He is currently a Senior Consultant for Client Development with the Pyatt Broadmark Real Estate Lending Funds. TIMOTHY J. O’BRIEN, PHD, serves as a practitioner faculty at North Park University, School of Business and Nonprofit Management.

Innehållsförteckning

About the Authors xxiiiPreface xxvAcknowledgments xxix1 Understanding Nonprofit Organization Finances 11.1 The Impact of the Great Recession 21.2 Definition of Nonprofit Organizations 31.3 Characteristics of Nonprofit Organizations 71.4 Understanding the Language of the Nonprofit Organization 91.5 Financial Policies 101.6 Financial Practices 111.7 Primary Financial Objective 121.8 Conclusion 172 Liquidity Management 292.1 Introduction 292.2 Noncommercial Nonprofit Organizations 342.3 Evidence on Liquidity Management in the Nonprofit Sector 372.4 Facets of Liquidity Management 402.5 Importance of Liquidity Management 422.6 What Is the Appropriate Level of Liquidity? 512.7 Conclusion 543 Managing Mission, Strategy, and Financial Leadership 593.1 Value of Strategic Planning 603.2 What Is Strategic Planning? 613.3 What Are the Organization’s Mission, Vision, and Goals/Objectives? 613.4 Strategic Management Process 653.5 Implementing the Strategic Plan 733.6 Performance Management Systems 783.7 Strategic Planning Practices: What Does the Evidence Show? 883.8 Conclusion 894 Managing Structure, Accountability, and Ethics 934.1 Financial Tools and Support Structure 934.2 Organizational Structure and Governance 964.3 Accountability Structure 1224.4 Ethics 1294.5 Structure, Accountability, and Ethics in Practice 1354.6 New Forms 1374.7 Conclusion 1385 Developing Financial Policies 1655.1 Introduction 1655.2 Financial Policies 1765.3 Putting Policies into Place 1895.4 Establishing Procedures 1905.5 Financial Policies and Procedures in Practice 1915.6 Additional Resources 1936 Understanding Financial Accounting Basics and Financial Statements 2016.1 Introduction 2016.2 Financial Statement Users and Uses 2026.3 Accounting Basics 2106.4 Three Financial Statements 2136.5 The Audit and the Audit Committee 2356.6 Financial Statement Users and Uses in Practice 2366.7 Social Accounting 2376.8 Additional Resources 2377 Developing Financial Reports and Ratios: Making Sense of the Numbers 2577.1 Introduction 2577.2 Major Differences From For-Profit Business Reports 2587.3 Objectives of Financial Reports 2637.4 Reporting System Design 2677.5 Major Reports 2687.6 Internal Reports 2687.7 External Reports 3047.8 Conclusion 3068 Developing Operating and Cash Budgets 3338.1 Introduction 3338.2 Overview of the Budgeting Process 3358.3 Are Nonprofit Organizations Doing Their Budgeting Properly? 3368.4 Developing and Improving Your Budgeting Process 3378.5 Setting the Budgetary Amounts 3468.6 Budget Technique Refinements 3578.7 Cash Budget 3638.8 Managing off the Budget 3678.9 Conclusion 3729 Long-Range Financial Planning and Capital Budgeting 3899.1 Introduction 3899.2 Planning for the Future 3919.3 Financial Evaluation of New and Existing Programs 4159.4 Capital Budgeting: Financial Evaluation of Projects That Arise from Existing Programs 4189.5 Financial Evaluation of Mergers, Joint Ventures, and Strategic Alliances 4259.6 Financial Planning and Capital Budgeting in Practice 4349.7 Conclusion 43510 Managing Your Organization’s Liabilities 44710.1 Managing the Balance Sheet 44810.2 Balance Sheet Management: Benefits and Steps 44910.3 Payables 45410.4 Short-Term Borrowing 45510.5 Strategic Financing Plan 45610.6 Steps to Successful Borrowing 45810.7 Matching Financial Sources to Strategic Objectives 46310.8 Preparing the Financing Proposal 46410.9 Making the Presentation 46510.10 Other Factors in Borrowing/Lending Decisions 46610.11 Municipal and Taxable Bonds 47010.12 Leasing and Nontraditional Financing Sources 47710.13 Developing a Debt and Hedging Policy 47910.14 Liability Management in Practice 48110.15 Conclusion 48411 Cash Management and Banking Relations 48911.1 Introduction 48911.2 What Is Cash Management? 49211.3 Collection Systems: Managing and Accelerating Receipt of Funds 50111.4 Disbursements 50711.5 Structuring a Funds Management System 50911.6 Monitoring Bank Balances and Transactions 50911.7 Cash Forecasting 51111.8 Short-Term Borrowing 51211.9 Short-Term Investing 51311.10 Benchmarking Treasury Functions 51711.11 Upgrading the Caliber of Treasury Professionals 51811.12 Security and Risk Management Issues 52111.13 Trends in Treasury Management 52212 Investment Policy and Guidelines 53312.1 Investment Policy 53312.2 Investment Guidelines 53812.3 Checklist of Elements for Long-Term/Endowment Investment Policy and Guidelines 54812.4 Investment Committee 55012.5 Trends in Investment Management 55112.6 Investment Policy Summary 55313 Information Technology and Knowledge Management 58713.1 Introduction 58713.2 How Much Technology and Which to Choose? 59113.3 Knowledge Management and Information Technology 59613.4 Information Technology in Today’s Nonprofits 59713.5 What Should I Know/Do Before Investing in Technology Tools? 60213.6 Software: Design Internally or Purchase? 60413.7 Disclosure, the Law, and Security 60413.8 Needs Assessment and Analysis 60913.9 Policies and Practices in Knowledge Management and Information Technology 613Notes 61714 Managing Risk, Legal Issues, and Human Resources 62914.1 What Is Risk Management? 62914.2 Identifying Risk 63514.3 Primary Financial Risk: Illiquidity 63614.4 Legal Environment 63714.5 Safeguarding People 63914.6 Directors’ and Officers’ Liability 64714.7 Safeguarding Your Financial and Physical Assets 64914.8 Risk Management and Human Resource Management15 Evaluating Your Policies and Progress 67115.1 Introduction 67115.2 Evaluation 67315.3 Evaluating Your Decisions and Ethics 67315.4 Evaluating Your Communications 67915.5 Evaluating Your Mentoring and Supervisory Skills 68315.6 Testing Your Supervisory and Managerial Skills 68415.7 Evaluating the Strategic Nature of Your Role 68415.8 Evaluating the Financial Health of Your Organization 68915.9 Evaluating Your Financial Policies in Six Key Areas 69115.10 Evaluating Quality and Outcomes 70515.11 Using External Consultants and Data Sources 70615.12 Conclusion 706Notes 707Index 711