1 march 24, 2015 ywca usa financial leadership & management program financial leadership for...
TRANSCRIPT
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1March 24, 2015
YWCA USA Financial Leadership & Management ProgramFinancial Leadership
for
ever
y w
om
an
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Join us on Twitter: @SpectrumSteve
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We’re Launching!
FMLP…a significant new YWCA USA capacity-building initiative!
Our hopes and dreams
We have great participation
A few logistics
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WELCOME
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Why this matters
Lead Proactively: No Money, No Mission
Board/CEO responsibilities for financial vitality―Duty of Care, ―Duty of Loyalty ―Duty of Compliance―Stewardship and Legacy
YWCA Assets: Our legacy, our future
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Today’s Conversation
• Tenets of Financial Leadership• Staffing -The Staff / Board Role• Internal Controls• Accounting Policies &
Procedures
AGEN
DA
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Who’s Your Audience?
• Funders?• Board?• IRS?• State?• Management
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Authoritative Guidelines
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Financial Leadership
The financial leader of your organization
is . . . . . . .
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Tenets of Financial Leadership
1. Move beyond mission vs. money thinking.
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Mission and Money
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Who is involved?
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Who is involved?
Everyone
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Cultivate Leadership
• Leaders like & invest in company
• Valuing financial literacy in ALL staff
• Executive responsibility for board/staff exposure and training
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Tenets of Financial Leadership
1. Move beyond mission vs. money thinking.
2. Cultivate financial leadership on the staff and board.
3. Understand your business model.
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Impact Strategy
Financial Strategy
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Understand Your Business Model
A nonprofit business model is leadership’s hypothesis of how impact drives human and financial participation.
$
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Tenets of Financial Leadership
1. Move beyond mission vs. money thinking.
2. Cultivate financial leadership on the staff and board.
3. Understand your business model.
4. Recognize the relationship between strong infrastructure and strong programs.
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Invest in Infrastructure
Strong Infrastructure Strong Programs
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Tenets of Financial Leadership
1. Move beyond mission vs. money thinking.
2. Cultivate financial leadership on the staff and board.
3. Understand your business model.
4. Recognize the relationship between strong infrastructure and strong programs.
5. Set the tone of accountability and sustainability.
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The Age of Accountability
• IRS Form 990• Website• Annual Report• Board review of
internal controls• Audit
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Tenets of Financial Leadership
1. Move beyond mission vs. money thinking.
2. Cultivate financial leadership on the staff and board.
3. Understand your business model.
4. Recognize the relationship between strong infrastructure and strong programs.
5. Set the tone of accountability and sustainability.
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Financial Leadership Model
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Financial Leadership Model
a) Staffing
b) Internal Controls
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Staffing
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Staffing
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Areas of Focus
Internal
• Budgeting
• Reporting
• Cash flow
External
• Focus on funders– Grant budget– Tracking / Invoicing– Grant reporting
• Audit
• Regulatory reporting
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Staffing
Role
• Strategic• Planning & Analysis
• Operational• Accumulation & Reporting
• Transactional• Inputting & Filing
Skills Needed
– Big picture thinking– Communication
– Accounting rules and regulations
– Attention to detail
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The Hiring Spectrum
Outsource to contract bookkeeper
Admin. Asst. does bookkeeping with review by CPA
Hire bookkeeper with review by ED?
Hire Controller / Accountant / Fiscal Manager
Where you are depends on:
Budget size and complexity of funding.
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Hiring a Bookkeeper
• Involve your board.
• Test for fit with the organization, ability to explain and work with you as well as technical knowledge.
• www.blueavocado.org
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Board vs. Staff
Board Responsibility Staff Responsibility
Approval of strategic planProviding accurate and timely financial information
Approval of budgetRecommending and enacting internal controls
Approval of internal controlsMaintaining and reviewing financial reports
Review of interim financial statementsUsing finances in strategic decision making
Set up finance committee and/or audit committee
Hiring an auditor and reviewing the audit
Review Form 990
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Internal Controls
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Influences on Internal Controls
Your Culture
Your Environme
nt
Your Procedures
Your Monitoring
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Who is involved?
Everyone
• Board: Approve and monitor
• Management: Design
• Staff: Implement
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Simple Steps to Take
• More than one check signer
• Payroll service
• Board review
• Think about your processes and define responsibilities – process map?
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Segregation of Duties
Invoice received and approved.
Entered into system.
Payables reviewed with cash flow forecast.
Checks printed.
Check signed.
Check Mailed.
Invoice stamped paid and filed.
Bank Statement received and reconciled.
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• Personnel Policy
• Accounting Policies and Procedures
• Training / Professional Development
• Encourage Vacations
Additional Steps for Internal Controls
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Accounting Policies & Procedures
• Internal controls
• Reporting
• Accrual Basis of Accounting
• Cash Management
• General Ledger
• Payroll
• Expense Allocations
• Detailed Procedures
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Recap
Staff the position correctly
Internal controls:Build a strong
foundation
Good procedures lead to good analysis
You’re the financial leader!
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YWCA FLM: Discussion Sitehttp://ywcaflm.ning.com/
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Next Webinar: April 21
Understanding & Assessing Financial Health
• Cash vs. Accrual Accounting
• Monitoring cash flow
• Reading financial statements
• Calculating key ratios
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Steve ZimmermanSpectrum Nonprofit Services
www.spectrumnonprofit.com
414-727-1029