Special Topics in Communication Notes Part 5 - did very well in the course!

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Florida State University
COM 3930r

Budgeting and finance Financial management principles of non-profit organizations • Financial competencies o Number one skill in association or non-profit work is management of finances o 1988 study commissioned by ASAE showed that both staff and volunteers agreed on the importance of financial management skills o Nonstarter in the business if you don’t know anything about budget and finance o All staff should have some knowledge, but the higher you go, the more responsibility you have o CEO/CSE and Treasurer responsible to the board o Board responsible to the membership/general contributors o Financial competencies good start but not enough • Staff and volunteer participation o Some organizations require staff to completely assume responsibility for the budgeting process o Other organizations have a budget and finance committee to allow volunteers to prepare a budget o Most organizations have both staff and volunteer involvement, with more of the responsibility for the budget resting with the board and/or budget and finance committee o Budgeting policies should be established to guide the process and create realistic expectations. o President treasurer/treasurer in charge of day to day finances o Real important that people in organization communicate with volunteer folks • Management reports and controls o Monthly and/or quarterly financial management reports are often provided to the board of directors for their review o This management report includes the (1) balance sheet, the (2) statement of revenues and expenses and the (3) statement of changein financial condition (i.e. period revenues and expenses) o Financial information is often reviewed or audited annually by an outside CPA (certified public accountant) o Financial information is also presented to the membership annually once reviewed or audited
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