Drawn from the experience of CFO’s from a wide range of nonprofits and other highly respected experts, this article addresses three reasons why it is so hard to get people to pay attention to financials: 1)intimidation, 2) an organizational culture that doesn’t embrace financial information, and 3) a lack of financial literacy. The authors provide four specific solutions designed to addresses these obstacles and include sample tools appropriate for all nonprofits.
Written 12 years ago, this article is especially pertinent today when clarity and transparency are essential in communicating an organization’s financial condition to stakeholders. While focused primarily on developing financial literacy among staff members, the concepts and recommendations included are applicable to board members and – to a lesser extent – to funders and other stakeholders. The piece avoids common financial jargon, includes “hands-on” advice, and incorporates several creative – and even humorous! – tools, including a description of one contributor’s “Finance for Poets” training workshop.
Source: Bridgestar | January 1, 2008 | [Unknown]
Tags: Nonprofit, finances, communication