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Finance skills for
Board members
and Directors

How skilled is your Not-for-profit Board at reading Financial Statements?

Reading and understanding complex financial statements can be a daunting task and this is particularly the case for Not-for-profit Boards.
Not-for-profit financial reporting requirements include:
  • Audited Annual Statutory Accounts
  • Audited Annual Acquittal Reports and
  • Monthly Financial Performance Reports

Having three layers of financial reporting in itself is challenging enough but further complexity is created by the different accounting principles that underpin these reports.

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Financial statement reading consulting, Bendigo, Geelong, Sale, Shepparton, Bairnsdale

So what is required?

  • Firstly, Board clarity around its financial reporting obligations and
  • Secondly, the possession of sound financial literacy skills by all members of the Board

Quantum provides the following finance training options that can be tailored for the Not-for-profit Board

Finance for Not-for-profit Boards

This program provides practical finance training for Not-for-profit directors and has a focus on finance terminology, reading and understanding financial statements and the application of finance KPIs in the Not-for-Profit sector
Program elements
  • Finance terminology and concepts
  • Understanding Financial Statements: Income Statement, Balance Sheet and Cash Flow Statement
  • Financial KPIs and Financial Sustainability measures
  • Financial risk identification
  • Assessing financial performance
  • Utilising monthly Performance Reports

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Finance training for Not-for-profit Boards, Geelong, Traralgon, Bendigo, Sale, Shepparton, Bairnsdale
Financial Governance and Reporting for Not-for-profit Board Directors, Geelong, Traralgon, Bendigo, Sale, Shepparton, Bairnsdale

Not-for-profit Financial Governance and Reporting

The objective of this program is to provide directors, board and Audit and Finance Committee members with a broader awareness of their financial governance and reporting duties including compliance obligations.
Program elements
  • Role of Audit and Finance Committees
  • Annual Accounts
  • Business and accounting policies
  • Internal control systems
  • Legal and compliance obligations
  • Internal and external audit
  • Financial reporting

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Director Strategy Day – Board Finance Skills

The annual Board Strategy Day provides the Not-for-profit Board with the opportunity to incorporate a short and well-targeted director finance skills session as a key enabler for strategy development.
Session elements
  • Financial literacy skills for directors
  • Understanding the organisation’s financial performance, financial position and cash flow situation
  • Analysing the organisation’s financial KPIs as a key input to strategic plan development

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Finance Skills for Not-for-profit Boards, Geelong, Traralgon, Bendigo, Sale, Shepparton, Bairnsdale