1) Recognizing you have only a day with us, what is the one thing you would most like to get out of this session? We will do our best to address it at least in part.
2) On a scale of 1 (not at all) to 5 (very), how comfortable are you with interpreting and making decisions about the financial data from your organization?
1) I would most like to be able to better budget for our organization. I have a general sense of how our budgets work, and try to do the best projections possible… but sometimes it still seems like I’m making things up! Especially on the revenue side where looking at the next year we think we’ll send a certain number of grants and get a percentage of that (all compared to previous years) – but we don’t really know.
Related to revenue, one of the best parts of the readings was thinking about how to move my organization from simply trying to meet our revenue goals (and keep expenses down) to thinking about how to build capital and position the organization for sustained growth. I am excited to learn more about that. Even our big grants and gifts to date have been “revenue” more than capital.
2) 3 – I’m able to interpret some financial data but have a lot to learn. As long as it stays simple – revenues and expenses, I am on solid footing. But as things get more complicated I am not as savvy. The enterprise capital grants in the reading sound amazing but I don’t know that I am able to forecast deficits and navigate some of the complicated things they are doing. As an example, I tried to read the F.B. Heron Foundation 990 online and found it confusing. I can see the total assets, and about $7M in grants. But there are definitely things going on with multi-year grants, technical assistance, advocacy for smartly investing in nonprofits, and other stuff that is harder to understand. On the expense side, I can see things like salaries and overall expenses, but I’m sure don’t tell the whole story. On the website, there are a lot of things like equity and debt that look like maybe they wouldn’t be an easy to understand $ figure. Looking forward to learning more from our session!
1) Recognizing you have only a day with us, what is the one thing you would most like to get out of this session? We will do our best to address it at least in part.
Strategies to effectively communicating financial information to non-finance folks – making it practical and meaningful. Appreciating financial analysis beyond financial presentation – too often finance professionals present data but do not help develop an appreciation and analysis of the data to inform and drive decision making.
2) On a scale of 1 (not at all) to 5 (very), how comfortable are you with interpreting and making decisions about the financial data from your organization?
Very comfortable.
1) Recognizing you have only a day with us, what is the one thing you would most like to get out of this session? We will do our best to address it at least in part.
I am comfortable in admitting that I know absolutely nothing regarding financial data. I would like to gain a basic understanding of the financial aspects that are involved in making a non profit operate. I appreciate the glossary of financial terms that was included as a resource for this weeks session, as I am positive that it will come in handy!
2) On a scale of 1 (not at all) to 5 (very), how comfortable are you with interpreting and making decisions about the financial data from your organization?
In all honesty, I would have to say 2 because I have no prior financial data experience.
In addition to gaining a basic understanding of financial aspects that are involved in making a non profit operate, I would also like to gain an understanding on what goes into creating a budget for a program/department. ( I apologize for not including this in my first post)
1. As someone with limited access to financial data (it is like pulling teeth to get to see the operating budget for programs I oversee), I would love some advice for how to make spending projections with limited info. Another area would be best practices for how money should be allocated within a non profit that provides services (between human capital, programmatic spending, development of new initiatives, etc.). Lastly, tips for developing staff around setting budgets and understanding the allocation of funds.
2. Again, as someone who struggles to gain access to financial information, I would say at my current institution a 1.
I would second all the requests above that deal with making decisions using limited data, whether because of lack of certainty about future financial prospects, or because of lack of access to full financial information about the organization. I would also love to talk about your suggestions about how much financial data to disclose, to employees, board members, and the public. I know that places like Guidestar and BBB “grade” you on whether you have a link to your 990s on your website and other “metrics of transparency” but I would love to hear some ways of sharing meaningful financial information while retaining your ability to be flexible and make changes without causing problems (either offending employees who would rather their salaries be confidential or alienating grantors who would rather think that you have no expenses).
I would rate myself as a 3 to 4 in financial literacy.
1) I would like to dig deeper into capital investment as it relates to strategic planning and the creation of a business model. Resources/any knowledge funders who are interested in funding non-profits with an earnings model would, of course, be great!
2) I would say my comfort would be a 3 and what largely does not make me a 4 is that I learned so much of my financial concepts on the ground versus a formal class.
I would be interested in an overview of finance, and maybe hearing a bit more about nonprofits’ allocations to program, admin, and fundraising. For example, I’ve heard of some programs that allocate part of a manager’s salary to “program” and part to “admin.” How does that work?
On a scale of 1 to 5, I think I am a “3.”
1) Recognizing you have only a day with us, what is the one thing you would most like to get out of this session? We will do our best to address it at least in part.
I am interested in hearing your thoughts about what to do when your business model and financial model are misaligned.
2) On a scale of 1 (not at all) to 5 (very), how comfortable are you with interpreting and making decisions about the financial data from your organization?
I would rate my comfort level a 4.
1) Recognizing you have only a day with us, what is the one thing you would most like to get out of this session? We will do our best to address it at least in part.
I would like to know what types of investments nonprofits are permitted or encouraged to make to generate either revenue or capital funds. (In other words, what are some above the board ways that nonprofits can act like a business in order to sustain itself, not turn a profit?)
2) On a scale of 1 (not at all) to 5 (very), how comfortable are you with interpreting and making decisions about the financial data from your organization?
3 on interpreting; 2 on making decisions
I second Alexandros Hatzakis request on “Strategies to effectively communicating financial information to non-finance folks”, that would definitely be me.
“Making practical and meaningful financial analysis beyond financial presentation to help develop an appreciation and analysis of the data to inform and drive decision making” is exactly what my organization needs, specially now during the last stages of a long and complex merger process. Some will argue that mergers cut costs and boost revenue by more than enough to justify them, but in practice, thinks can go awry!
In our case the entire staff spread their time too thinly, and sometimes neglect the organization’s programs and designated funds to focus on emergencies and financial issues coming from the other side. Can a financial analysis help us plan for emergencies?
I would rate myself as a “2” in financial literacy.
1) Recognizing you have only a day with us, what is the one thing you would most like to get out of this session? We will do our best to address it at least in part.
I would like to understand and develop means of conveying my organizations’ mission, story and accomplishments through a 990, which I understand is an important aspect funders look at.
I liked Veronica’s comment about what goes into creating a budget.
2) On a scale of 1 (not at all) to 5 (very), how comfortable are you with interpreting and making decisions about the financial data from your organization?
I’ve never looked at my organization’s financial data, and this session will be an eye opener for me to see my organization from a different point of view. So that would be 1 for me.
1) Recognizing you have only a day with us, what is the one thing you would most like to get out of this session? We will do our best to address it at least in part.
– I would love to find out how to do multi-year budget, that is realistic, but at the same time meet program goals.
We create our budget even before the year begins. However, there are so many changes in expenses and especially in revenues that by the end of the year it becomes hard to tie the program costs with the funding. I would like to find out how we can manage it better through out the year.
2) On a scale of 1 (not at all) to 5 (very), how comfortable are you with interpreting and making decisions about the financial data from your organization?
– I would say my comfort level would be 3. I understand the financial data pretty well of my organization, which is a small nonprofit with annual budget of 1.2 million dollar. But, I am sure it is much more complicated in a bigger organization.
1) Recognizing you have only a day with us, what is the one thing you would most like to get out of this session? We will do our best to address it at least in part.
To better understand how to read a financial statement and how to use it to influence decisions (ie: with corporate partners, high-level administrators, funders, etc.).
2) On a scale of 1 (not at all) to 5 (very), how comfortable are you with interpreting and making decisions about the financial data from your organization?
3 – I’m comfortable with financial jargon and work with budgets regularly (though small).
1) I would like to understand which parts of the 990 or Financial Statements are used by foundations and rating agencies to evaluate an organization. Furthe, I would like to understand what those elements should be managed to, e.g. try to keep overhead at 10% or earned income should be 20%
2) I would say 3. I can read them and they make sense as I am reading them, but I can’t reiterate what I read or what it means.
1) General overview of nonprofit financials
2) 1 – As a program director, I only have access to programmatic finances – the prospect of making organizational financial decisions is challenging.
1) I feel shameless — just want to know everything about financial statements and operations as applicable to non-profits from the bottom up! I would like to better understand the individual financial statements, the interrelationship between the various financial statements, and how operational decisions impact line items and beyond on the financial statements. I would also like to better understand how to identify key items on the financial statements that are most indicative of the financial health and stability of the organization. I would also be interested in learning about obtaining source funding for non-profit organizations.
2) I would give a BIG “0” RATING for how (un)comfortable I would feel in interpreting the financials and making any kind of decisions at this point — except for maybe cutting operating expenses. I do not work in any financial capacity in my current role and have never seen my organization’s financial statements. I actually felt uncomfortable to even ask to obtain a copy. But — luckily, I did ask and received a copy!
1. Financial management is one of my weaker points. I really feel like I need to learn the essential basics. What are the most basic points of financial management? What foundation do I need to have to be able to learn and understand more complex financial management skills?
2. I rate my comfort level as a 2. I think I am able to make informed decisions, but I do believe I need to build my confidence and understanding of financial management.
1) Recognizing you have only a day with us, what is the one thing you would most like to get out of this session? We will do our best to address it at least in part.
Getting a broader of understanding of how fiscal processes work in other non-profits. What systems/structures work well and ease communication between fiscal and program folks
2) On a scale of 1 (not at all) to 5 (very), how comfortable are you with interpreting and making decisions about the financial data from your organization?
I feel the same as Amy I would say a 3 or 4 but lean towards 3 because all know my knowledge/comfort/skill set has been developed within my current org which is limiting