4 posts categorized "Sandi Matthews, CPA, CGMA" Feed

7 Book Recommendations for Not-for-Profit Leaders

Shutterstock_525675187Curling up in a blanket by the fireplace with some hot cocoa and a great book is one of the most relaxing ways to spend a winter afternoon. To help prepare for potential downtime over the holidays, the AICPA Not-for-Profit Section polled staff and volunteers to pull together a list of recommended page turners that will help invigorate you for the year ahead. Here are our top picks: 

Jennifer Brenner, Controller, World Vision recommends

This is a must-read for financial professionals to better understand different leadership styles and become an effective leader. The leadership teams at most not-for-profits are comprised of individuals from diverse backgrounds. For example, board chairs and executive teams may come from academia, scientific research, public policy or the medical field, and may not necessarily have a corporate or business background. This book affirms the importance of emotionally intelligent leadership and illustrates leadership that is self-aware, motivating and collaborative. 

 

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

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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.

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3 Things You May Not Know About Not-for-Profit Board Leadership

NfpIt is an honor to serve on a nonprofit board. In fact, financial professionals often serve in a leadership role as treasurers or finance committee chairs within the board itself. Though board leadership is certainly a meaningful way to give back in your community, it is not without its challenges. Finance committee chairs and treasurers assume additional leadership responsibilities that go beyond the responsibilities of board members at-large. 

Here are three things you may not know about not-for-profit board leadership:

1. Listening skills are paramount and require constant improvement.

You will be working alongside professionals from other fields, typically those with expertise related to the organization’s mission. For example, if your organization serves homeless youth, you may work with professionals from the social-work field. To lend your expertise to business planning and strategy, you will need to spend time talking with your colleagues who are experts on the subject matter and understand the organization’s theory of change. With different viewpoints the board, as a whole, will make better decisions.

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IRS Form 990 is an Opportunity for Not-for-Profits to Shine


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IRS Form 990 is the information return that is filed annually by most tax-exempt organizations, including charities and fundraising organizations. Just like any other return, it is vitally important to comply with the IRS requirements. What makes Form 990 unique is that it reports extensive information on operations, programs and governance and contains not just financial data, but written narratives and opportunities to provide supplemental information as well. Because Form 990 is available to the public, fundraising organizations that view it as merely another compliance requirement are missing a golden opportunity to shine a light on their organization’s accomplishments and attract support for their causes.

Here are some tips to help you or your clients make the most of Form 990 as a promotional tool:

Be mindful of your audience. With few exceptions, organizations are required by law to make their Form 990 returns available to the public. There are several widely accessible online databases, the largest being GuideStar, from which the public can easily access that information at no cost. Also, many online fundraising platforms, such as CrowdRise, Network for Good and Kimbia to name a few, interface with GuideStar’s database to provide would-be donors access to Form 990 information. When preparing your Form 990, consider who is reading your return: your constituents, including clients, customers and citizens in the communities you serve, and others who put faith in your organization. Also, consider your current and prospective donors. These individuals have the expectation that their participation and contributions of time and money are put to good use. Other groups and individuals who may read your Form 990 include community leaders who influence local policy decisions, other not-for-profits and the media.  

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