Financial management

Nonprofits have an obligation to act as responsible stewards in managing their financial resources. Nonprofits must comply with all legal requirements related to financial matters. They should adhere to sound accounting principles that ensure fiscal responsibility and build public trust. Nonprofits should use their financial resources to accomplish their missions in an effective, efficient manner and should establish clear policies and practices to regularly monitor how funds are used. Cash flow management is the process an organization uses to forecast how much cash it will receive and disburse, as well as the timing of these receipts and disbursements. Using this … Continue reading Financial management