Why Financial Management of a Nonprofit is Harder than a For-profit
There is a chapter about the time value of money here it is chapter five. The book teaches the student how to approach the problems from a point where the unknowns are plugged into excel. This may just be me being old fashioned, but to me it skipped a step in being overly reliant on technology instead of going back one step and showing the derivation and making the student go through the motions to get an understanding of where excel is coming from.
Again, a small concern, but one nevertheless. A second thing is to look at the cost. The problem is that at the time, the third edition was less than half the price of the fourth edition. The kicker was I ended up with both of the editions side by side, and looking at the first three chapters I noticed no discernible difference.
Jan 11, Betsy rated it really liked it Shelves: arts-administration , business-and-finance , textbook. Very good text book that makes nonprofit financial management understandable to people who will never be accountants but will need to hire them and be able to knowledgeably know what they are talking about. Feb 16, amanda rated it really liked it. For a textbook on financial management, this was not nearly as dry as I'd expected and very clear.
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Take control of your organization's short- and long-term financial plan Now fully revised, Not-for-Profit Budgeting and Financial Management, Second Edition,. Book Description Wiley. Seller Inventory ING Edward J. Not-for-Profit Budgeting and Financial Management. Publisher: Wiley , This specific ISBN edition is currently not available. View all copies of this ISBN edition:. Synopsis About this title Take control of your organization's short- and long-term financial plan Now fully revised, Not-for-Profit Budgeting and Financial Management, Second Edition , offers a financial planning system that is not only easy to use and monitor, but also ensures true fiscal accountability in the complex not-for-profit arena.
Adds three entirely new chapters on Footnoting the Statement of Activity, Presenting Cash Prepared and Accrual Statements on the same page, and The Importance of the Executive Summary Fully updated with the latest financial advice to benefit your nonprofit Explains how to separate controllable, semi-controllable, and fixed expenses Reveals how you can prepare and present such top-notch budget documents that budgets will be approved the first time Written in a nontechnical, understandable format, incorporating dozens of relevant forms and documents, this completely revised and expanded edition will enable your nonprofit organization to create and manage reasonable financial plans that fit their organization's needs.
From the Back Cover : Budgeting Made Easy for Today's Nonprofit With more and more nonprofit employees responsible for the creation and management of the annual budget, it's clear that budgets must be well designed and easy to implement in order to accommodate the trend toward decentralizing decision-making powers in nonprofit organizations. Written in a nontechnical, understandable, how-to language and format, the Fourth Edition incorporates dozens of relevant forms and documents and covers: All new material on footnoting the statement of activity How to present cash prepared and accrual statements on the same page The importance of the executive summary How nonprofits can work toward liberating themselves from the year-to-year scramble for increasingly scarce resources Instead of being controlled by outdated, cumbersome, and inaccurate budgeting processes, nonprofit managers need to be able to effectively direct and responsibly control their resource allocation.
Buy New Learn more about this copy. Other Popular Editions of the Same Title. Search for all books with this author and title. With the advent of site-based decisionmaking, individuals lacking previous budget experience need clear direction in order to provide effective input. Preparation of Budget Guidelines Budget preparation guidelines typically are prepared by the assistant superintendent for business and finance or by an employee with similar responsibilities, such as a chief business official or a budget administrator, with direction from the school board, the superintendent, and other district and school administrators.
A presentation with subsequent board approval of the budget process, guidelines, and calendar may be legally required or may be a locally imposed procedure. In addition to these elements, the preparation guidelines may also contain the following: Guidelines for estimating standard school resource allocations, which are determined by the budgetary approach used by the district and the availability of resources Guidelines for estimating the costs of specific expenditure categories, such as salaries and benefits, supplies, or fixed charges Instructions for submitting school budgets to the district office, including the number of copies, due dates, and personnel to contact for assistance Preparation of the Budget Calendar The budget calendar provides critical dates for the preparation, submission and review of school budgets.
It is prepared during the planning process by the district budget office. A variety of simple techniques may be used to build the calendar, beginning with the previous year's calendar and modifying it for the current year. Problems that occurred in the prior year's budget cycle should be identified for changes to the current year's calendar. Additionally, changes in the budget development process should be incorporated into the current year's calendar.
If the process has been substantially altered, creating an entirely new calendar may be necessary. The following steps may be used to prepare a new budget calendar: Determine the necessary level of detail. If several calendars are used with varying levels of detail, they should be summarized in a master calendar to ensure that all activities and dates are consistent and compatible.
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Identify all activities that must be included in the calendar and arrange them chronologically. Assign completion dates to each activity. Although some districts may assign only completion dates, others may also assign suggested or mandatory start dates for certain activities to ensure their timely completion. Financial forecasting is the practice of projecting the quantitative impact of trends and changes in an operating environment on future operations.
Therefore, it is an integral part of all ongoing planning efforts.
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Thus, budgetary priorities may be evaluated on the basis of their long-term impacts. Forecasting clarifies trends, needs, and issues that must be addressed and evaluated in the preparation of budgets. For example, enrollment forecasting may reveal growing student populations and focus attention on the need for increased resource allocations for staff, facilities, or both. Forecasting enhances decisionmaking at all levels of administration. Forecasts provide valuable insight into future issues, which allows administrators to be proactive.
It creates the framework for anticipatory management.
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Although financial forecasting should be a continuing process, it is most important as a component of budget development. Forecasts of projected enrollments, property tax base and revenues, costs associated with salary adjustments, and so on, are important elements in setting baseline budgetary guidelines and creating the basis for the assumptions used to prepare budgets. Additionally, forecasting provides fiscal impact analysis that may be integrated into the budget development process.
Thus, current budgetary decisions may be evaluated for their long-term results. When used before forecasts are prepared, several action steps may increase the reliability of the forecasts: Clarify the intended purpose of the forecast. The prospective audience may require a certain set of data and related assumptions.
Match the time frame with the purpose of the forecast. Time frames for forecasts will vary according to the purpose i. Ensure the accuracy of basic data. Original source data should be used rather than extrapolated or summarized versions. Sources should be documented and verified if questions concerning data validity arise.
Specify the underlying assumptions. Assumptions should be explicit in the forecasts with proper documentation based on actual data. Be consistent in calculations. Spreadsheet programs are recommended for preparing forecasts to ensure the accuracy and consistency of calculations.
Examine data critically.go
A scan of the data may reveal anomalies or errors that may adversely affect forecasts. Further, a comparison of initial values and forecasted values should be completed to ensure the reasonableness of forecasted values. Recognize that forecasting requires insight and intuition.
Some variables or forecasting assumptions will always be a best guess. However, experience provides a basis for this type of estimation Miller and McClure.