5 Steps to Increase Effectiveness for Not-for-Profit Leaders

Photo-panel-nfp
At AICPA’s Not-for-Profit Industry Conference, keynote speaker Barry Melancon, President and CEO of AICPA joined a panel that included Michael Forster, CFO of Woodrow Wilson International Center for Scholars; Carolyn Mollen, CFO of Independent Sector; and Joe Stradinger, founder of EdgeTheory. The panel was moderated by Lou Mezzina of KMPG LLP.

Financial professionals face ever-changing business and regulatory challenges that necessitate a wider range of skills and competencies. This was a topic of discussion at this year’s AICPA Not-for-Profit Industry Conference. Outlined below are five ways to run your not-for-profit more effectively, inspired by our panel of nonprofit executives.

  • Connect the mission with strategy. A not-for-profit’s success is measured not just by the strength of its balance sheet, but by its ability to execute its mission. . Keep in mind that mission-related decisions have financial implications. Before deciding on a fundraising campaign or a revamp to your program design, consider if the effort is fiscally sound and if it will bring you closer to achieving your mission. Because finance and mission goals are inseparable, leaders must have a deep understanding of operational complexities.
  • Think holistically. Leading change requires more than just technical skills. Today’s financial leaders need to be adept communicators and adaptable in order to bring about transformation. Delivering results in a fast-paced environment means focusing on both preserving financial viability and thinking holistically about strategies needed to drive results. Many Chief Financial Officers report spending the majority of their time tackling big picture issues rather than detail oriented technical ones.

Continue reading "5 Steps to Increase Effectiveness for Not-for-Profit Leaders" »

Passion for Performance: A CGMA’s Perspective

Lindsey Branston for AICPA_074Lindsey Branston, CPA, CGMA, is director of financial operations for the 70,000-member BMW Car Club of America and director of finance for the club’s charitable foundation in Greenville, S.C.

What’s your passion?

I’ve been fortunate to join an organization where my passion for strategy and financial analysis fit hand in glove with my love for cars and driving. As a CGMA, I know many financial strategies work on paper, but success depends on a deep understanding of how the club operates and of our members’ needs and desires. Our members are BMW enthusiasts—I’m one too. I go to car events all over the world to keep my finger on the pulse of BMW owner culture. Both my husband and I drive BMWs: an X5 SUV and a 435 convertible. Like many of our members, there’s a car I dream about owning. For me it’s an E9, a coupe built from 1968 to 1975.

How did you end up in a finance job for BMW?

When I was in public accounting, I worked with the BMW Car Club doing their audits. Then I started my own accounting firm and contracted with the club to provide financial management services. Since becoming a CGMA, I’ve expanded the work that I’ve done with the club and the foundation.

Continue reading "Passion for Performance: A CGMA’s Perspective" »

3 Things to Keep When You Tackle Clutter

Shutterstock_375900517The world now seems chockful of tips to streamline your desk, your home and even your life. This isn’t a bad thing. For CPAs, the files pile up fast. Not to mention the articles, notes, e-mails and phone messages.

At home, the challenge to keep a grip on all the stuff can be even bigger with old clothes, shoes, sports equipment, tchotchkes and other stuff.  The cappuccino maker that your brother-in-law bought you is collecting dust but you feel guilty giving it away.  Or, in the case of my parents, it was books, tons of them. “They were like houseguests who never left,” my brother observed.  In her bestseller, “The Life-Changing Magic of Tidying Up: The Japanese Art of Decluttering and Organizing,” Marie “KonMari” Kondo advises getting rid of things that don’t bring you joy.

Being surrounded by useless things, be they old magazines or appliances or clothes, can be draining. I am a big fan of regular (ok, semi-regular) sweeps to free up visual space, bringing an “ah” feeling to your eyes and brain. However, I want to caution you in your zeal to unclutter to consider keeping a few items that you may regret tossing later.  With all due respect to Kondo, it doesn’t have to bring you joy, but provide a crucial link with a person or memory you cherish.

Continue reading "3 Things to Keep When You Tackle Clutter" »

The Current Expected Credit Loss Model is Here… Now What?

HamiltonYou know the feeling you get when you are excitedly looking forward to something? It just can’t come soon enough. For instance, you enter Broadway’s mega-popular Hamilton -- the musical lottery -- every morning and anxiously await the email saying that you won. Even if the chances are only 909 to 1. 

The financial institution community has been anticipating the release of the Financial Accounting Standards Board’s credit losses standard. We have been following the process since the beginning. We reviewed drafts and submitted comments along the way. We participated in focus groups and met with the FASB to discuss the community banks’ concerns. The final standard is here. Now what?

Last month, the FASB issued Accounting Standards Update 2016-13, Financial Instruments – Credit Losses (Topic 326). The release of this new standard marks the end of accounting for credit losses using an incurred model. Institutions should not only consider all factors that have been incurred as of the reporting date, but also should estimate losses over the life of the loan. If an institution cannot estimate credit losses to the end of the loan’s life, taking into consideration any anticipated prepayments, it must estimate as far as it can and then revert back to the mean for the remaining years. This process sounds simple enough to implement, right?

Continue reading "The Current Expected Credit Loss Model is Here… Now What?" »

Summer Reading Recommendations

Summer reading 2Part II

Looking for things to read on your summer vacation? Here is the second installment of the AICPA summer reading recommendations. Missed Part I? You can find it here.

Tammy Atkins, Manager, Brand Management recommends:

  • All the Light We Cannot See by Anthony Doerr (2014)

This Pulitzer Prize-winning book is set during WWII. A blind French girl and young orphaned German boy offer the experience of war through children/young adults’ eyes. The young girl flees Paris with her father. The boy is enrolled in an academy for Hitler youth. The story gradually connects the two so that eventually their paths cross.

Continue reading "Summer Reading Recommendations" »

Subscribe

Subscribe in a reader

Enter your Email:
Preview