Fulfilling the mission of your nonprofit organization is the common goal of your internal team and your board. 

Nonprofit transparency and accountability begin with sound financials.

For your board to make the best possible contribution to the organization strategy and operations, they must have insight into the organization’s financials so that Board Meetings are as productive as possible. 

In the article ‘6 Ways Nonprofits Can Improve Board Relations,’ one Nonprofit CEO put it this way:

“Two of my overarching goals when working with leadership are transparency and efficiency: Their time is precious and we make the best use of the skills and expertise they share with us. My board officers and I are in frequent contact and thoroughly vet all information — financial, strategic, and operational — before we take it to the entire board for review and discussion.”

Financial Health Ensures Continued Operations and Operational Excellence

Having accurate, up-to-date reports can help you plan ahead, take measures to ensure your full costs are covered, establish necessary cash reserves, and look ahead to operational improvement and excellence.

Even if your financial situation is challenged, accuracy helps the team know the starting point and the distance to the desired future state. Then you, your executive team, and the board can put together a plan to move the organization forward.

Better Financials Mean Better Strategies and Execution

Accurate, timely financial reporting will help you monitor program progress and course correct if needed. Financial reporting better informs the decision making process that accompanies execution of your strategy.  You’ll feel more confident and your board will appreciate having the best possible information set with which to make decisions.

Look to Cordia Partners for Assistance

Cordia Partners is a full service provider of outsourced nonprofit accounting, technology, and business process consulting.  Our experts and accounting professionals work with Nonprofit organizations every day – why not contact us for a free consultation?