Finance Unlocked for Nonprofits
Unlocking financial literacy for nonprofit board members to deliver on their mission and protect assets
Washington Nonprofits and Jacobson Jarvis & Co PLLC present Finance Unlocked for Nonprofits (FUN), resources designed to help board members advance their missions as they learn how to make better financial decisions and better protect their assets.
FUN, as the name suggests, breaks with traditional nonprofit financial training in providing fun, interactive learning opportunities that work for busy board members.
The basics of nonprofit finance are as straightforward as BINGO. More specifically, as BI-N-GO.
Balance Sheets & Income Statements
Look at your balance sheets and income statements on a regular basis.
Review your organization’s IRS Form 990 every year.
Giving & Oversight
You should have clear systems, policies, and procedures in place for tracking and communicating about money and assets.
A doctor takes a pulse, a driver looks at the gas gauge, and a photographer snaps a picture. These are all ways to capture information at a point in time.
A Balance Sheet is a report showing where you stand financially at a point in time. It is also known as a Statement of Financial Position.
Nonprofits plan for the future and then check reality against this plan, comparing the story of what they see with what the numbers really tell them.
An income statement shows operating results over a specific time period. It is also known as a Statement of Activities or Profit & Loss Statement.
A strong 990 highlights a nonprofit’s mission and shows its compliance with federal regulations. An IRS Form 990 is an annual required tax filing.
After an organization files its 990, it is available on websites and viewed by potential donors.
Money fuels your work, so nonprofits are mindful of the mix of funds that drive their engines.
Healthy nonprofits make use of a wide range of funding sources and are mindful that different funding sources come with different accounting needs, donor expectations, and restrictions.
Nonprofit board members are ultimately responsible for the effective, responsible use of a nonprofit’s resources. Oversight includes the policies and procedures designed to prevent fraud and ensure accurate reporting of the affairs of the organization.
A lot of nonprofit folks come to FUN afraid of numbers, money talk, and hard conversations. That fear quickly subsides when Erin Welch breaks down what every board member needs to know in simple common sense ways. She masterfully walks through information, along the way demonstrating a deep, experienced understanding of nonprofits and how they work. Nonprofits know that Erin and Jacobson Jarvis have their back, and our sector is so much stronger for that.