Charities Review Council Financial Session. Barbara Clare MAP for Nonprofits Chief Financial Officer

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1 Charities Review Council Financial Session Barbara Clare MAP for Nonprofits Chief Financial Officer

2 Session Objectives Review and understanding of basic financial statement definitions and presentation Understanding of financial statement analysis using ratio tools Knowledge of best practices in financial management Introduction to business planning design using Mission Money Matrix tool

3 Financial Statements Defined

4 Balance Sheet The financial statement that presents the financial position at a certain moment in time. It lists assets, liabilities and net assets. It is also frequently called Statement of Financial Position. This statement shows the overall financial health of an organization. It is used to show assets available to pay for any debt that might be outstanding. It is the primary indicator as to whether an organization can meet its financial obligations.

5 Assets What is owned -A measurement of financial value. 1. Assets are listed in order of liquidity how quickly you can turn them into cash. 2. Checking checking accounts, petty cash 3. Savings or Money market funds temporary investments such as certificates of deposit, U.S. Treasury bills 4. Accounts receivable money owed to the organization for program services 5. Pledges receivable money promised by funders 6. Prepaid Expenses expenses paid for in a prior period that will be carried forward and expensed in the year that the expense actually takes place 7. Long term assets considered to be noncurrent. These might include stocks, bonds, or real estate 8. Fixed assets land, buildings, and equipment and their applicable depreciation

6 Liabilities What is owed - A claim on the assets by an outsider representing a financial obligation. 1. Liabilities include accounts payable, accrued expenses and loans. 2. Liabilities, like assets, are listed in the order of how soon they need to be paid. 3. Accounts payable invoices for purchases of goods or services that have been submitted to the organization but are not yet paid. 4. Loan payable line of credit, mortgage, capital lease 5. Grants payable to others if an organization grants money, when they approve the grant they would post the grant payable in their liabilities

7 Fund Balance (Net Assets) The difference between total assets (what is owned) and total liabilities (what is owed). Temporarily Restricted - A donor-imposed restriction that permits the donee organization to use up or expand the donated asset as specified and is satisfied either by the passage of time or by actions of the organization Permanently Restricted - A donor-imposed restriction that stipulates that resources be maintained permanently but permits the organization to use up or expend part of all of the income (or other economic benefits) derived from the donated assets. Unrestricted Net Assets - The part of net assets of a not-for-profit organization that is neither permanently restricted nor temporally restricted by donor-imposed stipulations. Board Designated A board imposed designation of funds that requires that unrestricted funds be set aside for a particular purpose. These funds are legally considered part of the unrestricted net assets.

8 Current Ratio Current Ratio=Current Assets Divide by Current Liabilities Organization has $36,000 in current assets and $28,000 in current liabilities Using the Current Ratio we get: $1.29 Anything above $1.00 is ok

9 Days Cash on Hand Days Cash on Hand=Cash Divided by Expenses Divided by 365 Organization has annual operating budget of $636,000 and expenses of $636000/365 or $1,742 per day and a cash balance of $80,000 Dividing cash balance by expenses 46 Days Cash on Hand The more days, the healthier the organization

10 Debt Ratio Debt Ratio=Total Liabilities divided by Unrestricted Net Assets Organization has total debt of $1,000,000 and unrestricted net assets of $1,200,000 Using the Debt Ratio 83.3% Less than 100% is optional

11 Income Statement

12 Income Statement (also called Statement of Activities) The financial statement that shows all of your financial activities from the beginning to the end of the fiscal year. This statement shows where your income came from, where it was spent and how much you had left (surplus) or were short (deficit) at the end of the year.

13 Income Typically, primary revenue sources (income) are classified as: Foundation/Corporation grants coming in from private foundations or corporate donations Government can be reimbursement for fee for service or direct grants Indirect Public Support funds from a third party that enacts a campaign to raise money for charity (ex. United Way) Individual Contributions funds received directly from a donor Earned Income fee for service, admission to programs Investment Earnings use of interest earned to fuel operations

14 Permanently restricted income Is assigned a purpose and/or time restriction forever. Donors want their contribution to be an investment in the organization and the investment returns are intended to assist financially with a source of unrestricted income. Temporarily restricted income Comes with donor imposed restrictions. These restrictions are generally filled in in two ways passage of time or expenditures for defined activities. Unique accounting standards apply to all funds received as restricted and each dollar spent must be accounted for to the donor based on the restrictions they placed with the gift. Unrestricted income Is for the general use of the nonprofit organization. These general operating funds are distributed to where the funds are needed by the accounting team of the organization.

15 Lobbying Admin Total Organization Program 1: Objectives and Cost Program Program 2: Objectives and Cost Fundraising Program 3: Objectives and Cost

16 Processing/Reporting Program Income Remember that revenue is recognized when it is earned and not when it come in the door. Your monthly statement will include fees for services you provided (revenues) in that month and not what was received in cash. This is called accrual accounting. Checklist: Do the revenues for fee for service reflect the increase/decrease in demand that the program experienced during the month? Foundations usually disburse funds at the same time each year. If you have a recurring grant support, do you see the contribution in the month you had expected it to happen? Note any funds that have been received for restricted purpose. Alert staff to the receipt and plan to execute the expenditures to meet the expectations of the donor. If you have an expectation of a special receipt you should ensure that is comes through on your statement and you should contact the accounting department if you don t see it.

17 Expenses Are defined as the amounts spent by an agency in providing the services for which it has been organized and exists. Expenses are divided into three basic categories: Program Service Expense: generally include goods and services distributed to beneficiaries, customers, or members to fulfill the purpose a mission of the organization. Management and General Expense: activities include general oversight, business management, general record keeping, budgeting, finance and other management and administrative activities. Fund Raising Expense: activities that include publicizing and conducting fund-raising campaigns, maintaining donor mailing lists, conducting special fund-raising events, preparing and distributing activities involved in the solicitation of contributions from individuals, foundations, government agencies, etc.

18 Budgeting Basics

19 Reasons why a budget is necessary: Helps an organization focus on short and long term strategic planning goals connected to availability of financial resources Assists the board in the oversight of operational management Sets spending limits based on revenue expectations Allows potential funders to see a transparent estimates of how much it costs to provide outcomes listed in proposals Holds all staff members accountable to financial parameters surrounding program service delivery

20 Budgeting Considerations: An effective well thought out budget should be conservative. Consideration should be given not only to the internal environment of the organization but also to the external political, social and economic climates. Looking at past years performance is a great way to start the process. This information along with documented facts and assumptions for the coming year are the foundation. In times of uncertainty, what if scenarios should be thought through and contingency plans should be documented. This enables organizations to continue to provide critical services to their constituents in difficult times. Programmatic goals should always accompany the financial information put forward in a programmatic budget. The costs should be tied directly to the programmatic activities necessary to provide the service. Financial goals are directly tied to programmatic goals and should be considered as such to fulfill the mission and service objectives of the organization.

21 Financial Management

22 Best Practices for Financial Management Engage program staff in the budgeting process Don t spend more than is budgeted Identify cost savings opportunities Know your true program costs and how to report them Monitor restricted funds carefully Understand restricted funds and their impact on cash flow Implement a way to manage restricted funds Educate all staff as to financial goals When combined with an assessment of a program s revenue and degree of mission-alignment, understanding the true costs of a program will also allow you to see how each program contributes to your organization s social mission an overall financial health.

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27 Planning Key Areas of Financial Management With budgeting and financial analysis, you can use your resources strategically to help achieve your organization s goals Operations A strong infrastructure for planning and monitoring means employees who know how to analyze Monitoring Regularly Review financial results to ensure you re using resources according to plan, and advancing organizational objectives Governance Your board of directors should provide the oversight and guidance to ensure the organization fulfills it s obligations and mission

28 Indicators of Process Quality Project managers play an active role in developing their project budget. Budgets are monitored on different levels of the organization. Deviations are analyzed and discussed regularly. Cash flows are planned, monitored and regularly revised. Payments of individual donors, grant-makers and customers are monitored and delays followed up on. Written policies and procedures exist. They guide all activities involving financial resources. A long-term fundraising plan exists. It is specific about tasks and responsibilities. The organization monitors regularly its micro-environment for new funding opportunities, and in order to identify opportunities to generate income.

29 Income Related Indicators Donor retention rate Customer retention rate Share of multi-year donors in donor pool Increase of income during the last years. Number of new donors, grant-makers and customers Increase of income from non-traditional sources during the last years Contribution of three largest donors and grant-makers to total income

30 Planning for Reserves

31 3 Most Common Types of Reserves 1.Equipment Technology 2.Building 3.Operational

32 Equipment Technology Reserves Use Technology Plan to budget for upcoming improvement needs forecast technology needs proactively Set aside replacement value funds for critical infrastructure reactive in the event of a crisis Assess depreciation schedule life of assets

33 Building Review strategic plan and identify program anticipated growth, changes and eliminations Use Facility Plan to budget for identified structural improvements and upkeep Assess depreciation schedule life of assets

34 Operational No right or wrong answer Requires assessment of revenue streams/vulnerability of sources Line of Credit vs. Reserve Band-Aid vs. Surgery

35 Revenue Analysis Revenue Streams Budget 2015 % of Total Vulnerability $ Exposure Government Contracts 3,500,000 50% -3% 105,000 Participant Fees 1,800,000 26% -7% 126,000 Foundations 1,200,000 17% (200,000) 200,000 Greater Twin Cities United Way 350,000 5% (350,000) 350,000 Individuals 126,000 2% 0% 0 Total Revenues Budgeted 6,976, ,000 Annual Expenses 6,976,000 Monthly Expense 581,333

36 Summary Thank you for participating in today s training. My hope is that you are leaving with the following: 1. Thorough understanding of financial statement creation and interpretation 2. Tools that will enable you to analyze your business in an interactive way 3. Information that will help you to improve and benchmark your current financial processes 4. New ideas to support and sustain your organization s financial health

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