Financial Essentials for Non-Profit Managers
Managers of nonprofit organizations generally are not skilled in financial matters. Or, managers are often preoccupied with its welfare objectives and fund raising and ignore the operations efficiency and operating cost controls. A series of appropriate questions that nonprofit financial managers must address in connection with an organization’s financial condition and activity include: 1. Do we have a profit or a loss? 2. Do we have sufficient reserves? 3. Are we liquid? 4. Do we have strong internal controls? 5. Are we operating efficiently? 6. Are we meeting our budget? 7. Are our programs valid? 8. Are we competing successfully? 9. Is our prioritizing of programs and activities reasonable? The course is an attempt to help answer these questions. Furthermore, it attempts to address recent management planning tools, such as time series forecasting, aggregate production planning, ABC analysis, and material requirements planning, to facilitate better demand and resource management.