Understanding Financial Data for Non-Finance Professionals: What Should We Know and How Should We Share It?


November 18, 2020
10:00AM-11:30AM EST
Board members bring a variety of talents and expertise to an organization or association, but they along with Chief Executive Officers, Directors and other key staff members do not always have extensive experience with finance and accounting matters. How can we both understand and then communicate the essential financial information we and they need to know to effectively manage and serve an organization? Organization management and governing board members cannot properly perform their duties if they do not obtain and understand information about the organization’s financial position. They can neither make informed decisions about goals and planning nor monitor the organization’s progress towards those goals, leaving them unable to fulfill their fiduciary responsibilities. This presentation will aim to accomplish the following: - Identify a standard set of financial statements /reports that should be generated and disseminated to management and boards on a regular basis: Which reports? How often? With what level of detail? - Identify crucial numbers within these statements: What matters? What does it mean? - Discuss how to deliver the information: Formatting, graphs, ratios, etc., cafting a narrative from key metrics - Discuss the incorporation of Dashboards: What to include? - Other miscellaneous items: Trend analysis, financial projections, what-if Scenarios, capital Projects, debt Covenant forecasting Attendees should leave with a basic understanding of how to pull key crucial information from a set of financial statements, as well as guidelines for what and how to share key financial information with boards of directors in a concise and effective way.

Registration fee: 


Type of event: 

Partner Events

Learning area: 

Economic Development
Nonprofit Governance


Massachusetts Nonprofit Network