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.
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
- 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
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.
- 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
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.
- 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