Storytelling through numbers: conveying your mission in financials
On September 7, 2023, members of the Greater Good community heard from Robyn Campbell, Senior Manager with Elliott Davis. Robyn explained the difference in nonprofit and for profit accounting, illustrated the importance of transparency to users of financials and how to use impactful metrics. Here are our top five takeaways:
- As a board member, your name is on the 990 so read through it and understand your responsibility.
- Make sure the financial board reports you are receiving are transparent and show the organization’s activity.
- Help to establish a cash reserve and policy for your organization to be good stewards of your funding.
- Encourage a strategic plan where all parts of the organization are involved and create a unified plan (finance, mission, development)
- Consider a Key Performance Indicator, such as an E:R goal, as a high level performance tracker