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Financial Management for Nonprofit Organizations: Policies and Practicesby John T. Zietlow
Synopses & Reviews
There are many titles used to identify those persons responsible for the financial management of a nonprofit organization, including director of finance, chief financial officer, treasurer, controller, chief accountant, director of operations, business administrator, and financial secretary. While the title of the position varies from organization to organization, the responsibility involved does not, requiring knowledge, skill, and the ability to balance a realization of the nonprofit's mission in tandem with effective management of the organization's funds.
Written in the light of increased scrutiny and accountability of nonprofits, Financial Management for Nonprofit Organizations: Policies and Practices effectively weaves legal and ethical considerations into a comprehensive treatment of nonprofit strategy and finance, furnishing financial officers with a firm knowledge of ethical business management.
Indispensable for all types and sizes of organizations, from small religious groups and community social service agencies to major cultural institutions and colleges and universities, this important book imparts a clear sense of the technical expertise and proficiency needed as a nonprofit financial officer and includes real-world case studies, checklists, tables, and sample policies to clarify and explain financial concepts.
Unlike other books on money management within the nonprofit field, this timely book uniquely discusses the development of a basis for liquidity targeting as the primary financial objective of the nonprofit—especially noncommercial nonprofit organizations—and then ties other financial decision areas to this liquidity target throughout the book.
Financial Management for Nonprofit Organizations demonstrates that financial management functions are expanding—and supplies effective strategies that will make a real difference in every organization's ability to achieve its mission.
Book News Annotation:
Does nonprofit accounting software now consider the Sarbanes-Oxley Act? What kind of reports should your nonprofit prepare, and how often? What are the primary causes of a cash crisis? This answers the questions of organizations ranging in size from small agencies to large institutions. Better yet, it offers a framework of financial operation that meets standards and is suitable for boards and managers with limited experience in nonprofit finance. The authors, who count academia and successful consulting in their credits, stick to the practical as they describe how nonprofit finances work and describe understanding the basics of accounting and financial statements, financing to meet missions and strategies, building in ethics and accountability in financial policies, building budgets and developing reports, planning for the long term, working with the bank and managing cash, handling risk and investment, tackling technology, capitalizing on human resources and performing assessments. Annotation ©2007 Book News, Inc., Portland, OR (booknews.com)
Maximize Your Organization's Financial Independence and Your Financial Acumen as a Manager
Hundreds of thousands of nonprofit organizations of all sizes exist today, each with a responsibility to its mission, its constituents, its employees, and its volunteers.
It is no wonder, between competition from other organizations for contributions, retaining supporters and employees, and maintaining strong internal control systems in light of the present Sarbanes-Oxley environment—all while accomplishing a stated mission—that the financial management of a nonprofit organization is just as daunting as that of a for-profit corporation.
Written by respected financial professionals from a managerial decision-making perspective for those on nonprofit boards or in day-to-day management positions with oversight responsibility for financial functions, Financial Management for Nonprofit Organizations expertly offers helpful advice on everything financial officers need to know, including:
With many real-world case studies, checklists, tables, and sample policies simplifying and illustrating financial concepts, Financial Management for Nonprofit Organizations: Policies and Practices supplies balanced and up-to-date guidelines in this readable and comprehensive guide.
Indispensable for all types and sizes of nonprofit organizations, this important book imparts a clear sense of the technical expertise and proficiency needed as a nonprofit financial officer and includes real-world case studies, checklists, tables, and sample policies to clarify and explain financial concepts.
About the Author
John T. Zietlow, D.B.A., CTP, is a professor of finance at Malone College in Canton, Ohio, where he teaches corporate finance, investments, short-term financial management, personal finance, and macroeconomics. He previously taught at Lee University (Cleveland, TN) and Mount Vernon Nazarene University (Mount Vernon, OH). He is certified through the Association for Financial Professionals as a Certified Treasury Professional (CTP). Dr. Ziegler also serves as associate faculty member at Indiana University-Purdue University at Indianapolis (IUPUI), where he teaches graduate non-profit financial management, and as an adjunct instructor for the University of Maryland University College, where he teaches graduate short-term financial management. He has done corporate training and consulting in the areas of cash management, treasury management, and investment management and portfolio performance evaluation. He holds membership in the Financial Management Association, Association for Financial Professionals, Association for Research on Nonprofit Organizations and Voluntary Action (ARNOVA), and the Financial Education Association. He may be reached via e-mail at: email@example.com , and maintains a web site at: www.johnzietlow.com.
Jo Ann Hankin is a nationally recognized consultant in the field of fundraising, and financial/administrative management for nonprofits. She has served as Vice President of Finance of The UCLA Foundation Vice President of Advancement for California State University, San Bernardino and has held various fundraising/financial positions with liberal arts colleges. In addition, she worked in the for profit world with several Fortune 500 companies.
Jo Ann also continues to be actively involved with her own community and does volunteer work for organizations promoting music and education.
Alan G. Seidner was the founder of Seidner & Company of Pasadena, California, an investment management and consulting firm whose roster included high-net-worth investors, healthcare organizations, major corporations, nonprofit institutions, and municipalities. Mr. Seidner has written many financial reference works and is a frequent speaker on investment techniques and strategies. He has also provided testimony before federal government agencies on the performance of pension fund investments.
Table of Contents
About the Authors.
1 Understanding Nonprofit Organization Finances.
1.1 Definition of Nonprofit Organizations.
1.2 Characteristics of Nonprofit Organizations.
1.3 Understanding the Language of the Nonprofit Organization.
1.4 Financial Policies.
1.5 Financial Practices.
1.6 Primary Financial Objective.
2 Liquidity Management.
2.2 Donative Nonprofit Organizations.
2.3 Evidence on Liquidity Management in the Nonprofit Sector.
2.4 Facets of Liquidity Management.
2.5 Importance of Liquidity Management.
2.6 What Is the Appropriate Level of Liquidity?
3 Managing Mission and Strategy.
3.1 Value of Strategic Planning.
3.2 What Is Strategic Planning?
3.3 What Are theOrganization’sMission, Vision, andGoals/Objectives?
3.4 Strategic Management Process.
3.5 Implementing the Strategic Plan.
3.6 Performance Management Systems.
3.7 Strategic Planning Practices: What Does the Evidence Show?
4 Managing Structure, Accountability, and Ethics.
4.1 Financial Tools and Support Structure.
4.2 Organizational Structure and Governance.
4.3 Accountability Structure.
4.5 Structure, Accountability, and Ethics in Practice.
5 Developing Financial Policies.
5.2 Financial Policies.
5.3 Putting Policies into Place.
5.4 Establishing Procedures.
5.5 Financial Policies and Procedures in Practice.
5.6 Additional Resources.
6 Understanding Accounting Basics and Financial Statements.
6.2 Accounting Basics.
6.3 Three Financial Statements.
6.4 The Audit and the Audit Committee.
6.5 Financial Statement Users and Uses in Practice.
6.6 Social Accounting.
6.7 Additional Resources.
7 Developing Financial Reports and Ratios.
7.2 Major Differences from For-Profit Business Reports.
7.3 Objectives of Financial Reports.
7.4 Reporting System Design.
7.5 Major Reports.
7.6 Internal Reports.
7.7 External Reports.
8 Developing Operating and Cash Budgets.
8.2 Overview of the Budgeting Process.
8.3 Are Nonprofit Organizations Doing Their Budgeting Properly?
8.4 Developing and Improving Your Budgeting Process.
8.5 Setting the Budgetary Amounts.
8.6 Budget Technique Refinements.
8.7 Cash Budget.
8.8 Managing Off the Budget.
9 Long-Range Financial Planning and Capital Budgeting.
9.2 Planning for the Future.
9.3 Financial Evaluation of New and Existing Programs.
9.4 Capital Budgeting: Financial Evaluation of Projects that Arise from Existing Programs.
9.5 Financial Evaluation of Mergers, Joint Ventures, and Strategic Alliances.
9.6 Financial Planning and Capital Budgeting in Practice.
10 Managing Your Organization’s Liabilities.
10.1 Managing the Balance Sheet.
10.3 Short-Term Borrowing.
10.4 Strategic Financing Plan.
10.5 Steps to Successful Borrowing.
10.6 Matching Financial Sources to Strategic Objectives.
10.7 Preparing the Financing Proposal.
10.8 Making the Presentation.
10.9 Other Factors in Borrowing/Lending Decisions.
10.10 Municipal and Taxable Bonds.
10.11 Leasing and Nontraditional Financing Sources.
10.12 Developing a Debt and Hedging Policy.
10.13 Liability Management in Practice.
11 Cash Management and Banking Relations.
11.2 What Is Cash Management?
11.3 Collection Systems: Managing and Accelerating Receipt of Funds.
11.5 Structuring a Funds Management System.
11.6 Monitoring Bank Balances and Transactions.
11.7 Cash Forecasting.
11.8 Short-Term Borrowing.
11.9 Short-Term Investing.
11.10 Benchmarking Treasury Functions.
11.11 Upgrading the Caliber of Treasury Professionals.
11.12 Security and Risk Management Issues.
11.13 Trends in Treasury Management.
12 Investment Policy and Guidelines.
12.1 Investment Policy.
12.2 Investment Guidelines.
12.3 Checklist of Elements for Long-Term Endowment Investment Policy and Guidelines.
12.4 Investment Policy Summary.
13 Information Technology and Knowledge Management.
13.2 How Much Technology and Which to Choose?
13.3 Knowledge Management and Information Technology.
13.4 Information Technology in Today’s Nonprofits.
13.5 What Should I Know/Do before Investing in Technology Tools?
13.6 Software: Design Internally or Purchase?
13.7 Disclosure, the Law, and Security.
13.8 Needs Assessment and Analysis.
13.9 Policies and Practices in Knowledge Management and Information Technology.
14 Managing Risk, Legal Issues, and Human Resources.
14.1 What Is Risk Management?
14.2 Identifying Risk.
14.3 Primary Financial Risk: Illiquidity.
14.4 Legal Environment.
14.5 Safeguarding People.
14.6 Directors’ and Officers’ Liability.
14.7 Safeguarding Your Financial and Physical Assets.
14.8 Risk Management and Human Resource Management Practices.
15 Evaluating Your Policies and Progress.
15.3 Evaluating Your Decisions and Ethics.
15.4 Evaluating Your Communications.
15.5 Evaluating Your Mentoring and Supervisory Skills.
15.6 Testing Your Supervisory and Managerial Skills.
15.7 Evaluating the Strategic Nature of Your Role.
15.8 Evaluating the Financial Health of Your Organization.
15.9 Evaluating Your Financial Policies in Five Key Areas.
15.10 Evaluating Quality and Outcomes.
15.11 Using External Consultants and Data Sources.
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