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Financial Management in Nonprofit Organizations
Finance & Accounting
Pages 7 (1757 words)
FINANCIAL MANAGEMENT IN NONPROFIT ORGANIZATIONS Executive Summary Several aspects form the basis of financial management in nonprofit organizations. The nonprofit organizations can operate with more independence than the profit making organizations. They are free from the influence of government, financial institutions or other parties.
As for example, social service organizations are required to be more specific with their financial reporting practices so as to comply with the existing rules and regulations. Next, religious nonprofit organizations have vital issues related to the complex requirements of its memberships. Management of finances in nonprofit organizations is quite a challenging task. The sources of revenues of nonprofit organizations are very much vulnerable to changes in political environment or economic issues. Nonprofit organizations being accountable to public require more accurate and reliable presentation of information by the financial management team. The fiscal health of nonprofit organizations can be inferred from its financial statements prepared by the financial mangers. This essay gives a descriptive view about the application of financial management in nonprofit organizations by taking into account various aspects like their fund sources, utilization of its debts, performance evaluation techniques used by them and the governance mechanisms used. It ends with a conclusion and a few recommendations that can be suggested. ...
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