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In volatile and uncertain times like these, the ability to manage a nonprofit human service organization’s finances effectively and to guide its future direction in response to environmental changes and stakeholder demands is more critical than ever. In most surveys of management competencies required of modern nonprofit and human service leaders, sound fiscal planning stands out as a skill that is highly valued by selection committees, board members, funders, and other key stakeholders. Participants who are both new to budgeting as an integral component of advanced financial management, as well as those who have had limited prior experience with the process, will increase their capacities to benefit their organizations and programs.
Among the core components of prudent financial management are creation of a program structure (i.e., designation of how many programs an agency has), budgeting, regular inspection of financial statements, performance measurement, cost analysis, forecasting, and establishment of fees, fund development, risk management, and selection of an independent auditor. In this workshop, Dr. Singh will focus on the practice of budgeting as this activity and skill touches on all aspects of financial management. He will start by introducing the different types of budgeting systems, their various functions, and their relationship to the systems model. Next, he will describe how to plan and write an annual budget, followed by a comprehensive discussion of the five financial statements that nonprofit organizations are required to prepare annually, namely, a statement of activities, a statement of financial position, a statement of cash flows, a statement of functional expenses, and an IRS Form 990.
Dr. Singh will demonstrate how the information contained in these financial statements can be utilized to calculate seven major financial ratios to assess an agency’s financial condition. These ratios are, accordingly, the current ratio, the long-term solvency ratio, the contribution ratio, the programs/expense ratio, the general and management/expense ratio, the fundraising/expense ratio, and the revenue/expense ratio. He will train participants on how to locate information about their nonprofits via the GuideStar database, and will conclude by recommending the creation of a financial and audit committee as a standing committee of the board to fulfill its fiduciary responsibility to the organization.
At the end of this workshop, attendees will be able to:
- Describe the different types and functions of budgets
- Understand an organization’s annual budget, required financial statements, key financial analysis ratios, and their relationship to sound financial management
- Articulate the role and responsibilities of the Finance Committee of the Board related to assessing an agency’s financial condition and to auditing its financial management practices.
Karun K. Singh, PhD, LCSW-R, CSWM is a professor who teaches leadership courses in the Management and Policy Specialization at the Rutgers University School of Social Work. He has PhD and MS degrees in Social Work from Columbia University, is a Certified Social Work Manager, and holds a certificate in executive-level management from the Institute for Not-for-Profit Management at Columbia University’s Graduate School of Business. He presents on advanced management topics at conferences and workshops every year. Please refer to the attached bio and curriculum vitae for more information.
3 CE Contact Hours
REFUND REQUESTS:
All refund requests must be submitted by email to workshops@naswnyc.org . Valid requests must be received no later than five days prior to course date.
Refunds are available if requested in writing five business days before the workshop, minus a $20 administrative fee.
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