Finance Unlocked for Nonprofits, which intentionally abbreviates to FUN, was created to bring fun to finance. Each board member has their own personal experiences with finance that may range from excitement to mixed feelings to uneasiness. The feelings and perceptions you may carry shape how you approach your relationship to nonprofit finance. Approaching nonprofit finance in a welcoming way, Finance Unlocked for Nonprofits (FUN) aims to help unlock your financial literacy.
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Finance Unlocked For Nonprofits Guide
Start by downloading the Finance Unlocked for Nonprofits guide that includes practice activities, worksheets, and reflection questions. As you work through the guide, watch the video for each chapter. Find templates and other documents to help put what you learned into practice in the document vault. Keep on learning with other resources and upcoming workshops on nonprofit finance.View Document
What We Cover in Finance Unlocked for Nonprofits
Start by learning why nonprofit finance matters. You will get an overview of the content covered in the subsequent 5 chapters.
At any given time, a nonprofit needs to know where they stand financially. A balance sheet is a report that shows an organization’s financial standing at a point in time. Having a solid understanding of your nonprofit’s finances at any given time supports decision-making and planning.
Nonprofits plan for the future and then regularly check reality against this plan. An income statement is a financial report showing operating results over a specific time period. This financial report provides an opportunity to examine the actual income and expenses in comparison to the planned budget.
Nine-Ninety (IRS Form 990)
A nonprofit’s most public document is their IRS Form 990. The Form 990 is readily available on the internet to any member of the public for review including potential funders. A properly filed form can show how your organization is operated, how it is compliant with applicable tax laws, how it is governed and managed, as well as highlight program accomplishments.
Financially stable nonprofits make use of a wide range of funding sources and are mindful of the differences in accounting, donor and funder expectations, and restrictions. Nonprofits need to think about the money that fuels their work including stewarding funds in ways that uphold the public’s trust.
The policies and procedures designed to prevent fraud and ensure accurate reporting ground an organization’s financial oversight. Nonprofit board members are ultimately responsible for the effective, responsible use of a nonprofit’s resources. Strong oversight practices are critical to the integrity and success of an organization.
We’ve collected valuable resources, tools, and links for you and your organization in our Finance Unlocked for Nonprofits document vault.