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Budgeting and Financial Management for Nonprofit Organizations: Using Money to Drive Mission Success

by Lynne Weikart, Greg Chen and Ed Sermier CQ Press
Pub Date:
06/2012
ISBN:
9781608716937
Format:
Pbk 408 pages
Price:
AU$167.00 NZ$170.43
Product Status: In Stock Now
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& Academics:
Available as eBook
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In the non-profit sector, money drives mission. Well-managed budgets and investments can spur long-term growth and achievement, while financial mismanagement can damage and even destroy organisations. Weikart, Chen, and Sermier—in their exciting new text geared wholly to nonprofits—provide the financial tools nonprofit managers need to thrive in pursuit of mission success.

Given the wide array of nonprofit managers’ backgrounds, and recognizing that there is often an inherent fear of “the financials,” the authors explain financial concepts without leaning unnecessarily on intimidating jargon. The result is a practical, accessible resource the prepares the next generation of nonprofit managers in financial planning and analysis as well as conventional and entrepreneurial financial management.

Grounded in real-world cases and offering plenty of opportunity for application and practice, Budgeting and Financial Management for Nonprofit Organizations helps readers develop a stable fiscal foundation and sound financial strategies for their organizations to prosper in times of economic expansion and contraction.

FEATURES & BENEFITS:

Nonprofit leaders are not often financial experts, so the authors provide a unique “Financial Tools for Informed Decision Making” chapter to help financial experts present data in a way that these leaders can fully understand the reality of their nonprofit’s fiscal situation.
Case studies, rich with detail and featuring both real and theoretical situations, ask students to engage in the tasks of a financial manager, such as examining a nonprofit’s budget to determine revenues and program costs to make fiscal year comparisons, generating appropriate data to aid decision-makers in determining whether to launch a new program, and following the steps toward creating a balanced budget.
Skill-building exercises and assignments allow students to apply new skills, including such activities as developing a cash budget, applying the direct allocation method, recording transactions, and creating a statement of financial position.
Abundant tables, figures, and worksheets promote accounting, data, and financial statement literacy.
Chapter objectives, bolded key terms, and a glossary provide useful reference and study aids.

About the Authors
Preface

PART I: INTRODUCTION
1. An Introduction to Nonprofits: Mission and Money

PART II: PLANNING AND BUDGETING
2. Budgeting as Part of the Planning Process
3. Liquidity and Managing Cash Flow
4. Analyzing Costs

PART III: FINANCIAL ANALYSIS IN NONPROFIT ORGANIZATIONS
5. Principles of Accounting and Reporting Requirements
6. Understanding Financial Statements
7. Financial Analysis
8. Financial Tools for Informed Decision Making

PART IV: FINANCIAL MANAGEMENT
9. Understanding Revenues
10. Performance Measurement in Financial Management
11. Time Value of Money and Cost-Benefit Analysis
12. Capital Budgeting and Financing
13. Investment Strategies
14. Internal Controls

PART V: NEW DIRECTIONS
15. Adapting to Turbulent Times: Conventional and Entrepreneurial Financial Strategies

Appendixes
Glossary
Index

''Budgeting and Financial Management for Nonprofit Organizations is a welcome addition to the field. The book's exclusive focus on nonprofits allows it to cover a variety of relevant financial management techniques and apply them in assignments and cases that present numerous and practical financial situations. Professors and students alike will appreciate its straightforward, user-friendly approach. I strongly recommend this book!'' -- Jay Eungha Ryu ''Budgeting and Financial Management for Nonprofit Organizations fills the need for a text focused solely on nonprofit organizations. Its treatment of financial topics as they apply to nonprofits is instructive, accessible, and appealing. The book's depth and breadth are a welcome contribution to the field.'' -- Gary Rassel ''Weikart, Chen, and Sermier aim to provide practical and useful insights into the problems faced by nonprofit board members and financial managers. They succeed very well indeed, outlining new formats for analysis and serving up sound advice for the real world issues of nonprofit financial management.'' -- Dall Forsythe
Lynne A. Weikart, James Madison University
Lynne A. Weikart was associate professor at Baruch College School of Public Affairs, City University of New York, until her retirement. She is currently a practitioner in residence at James Madison University, where she teaches budgeting and financial management. Before her academic career, she held several high-level government positions, including budget director of the Division of Special Education in New York City (NYC) public schools and executive deputy commissioner of the New York State Divi¬sion of Human Rights. For several years, she also served as the executive director of a nonprofit, City Project, a progressive fiscal think tank focused on reforming NYC’s resource allocation patterns. Weikart’s current research focuses on resource allocation in urban areas as well as on urban finance, and she has published many articles on these subjects. She is coauthor of Budget Tools: Financial Methods in the Public Sector (2009) and author of Follow the Money: Who Controls New York City Mayors? (2009). She won the Luther Gulick Award for Outstanding Academic from the New York Metropolitan Chapter of the American Society for Public Administration in 2001.


Greg G. Chen, CUNY-Baruch College
Greg G. Chen is associate professor at Baruch College School of Public Affairs, City University of New York. He was a manager of the budgeting and financial reporting department in the Ministry of Finance, and budget manager and senior policy adviser for the Premier’s Office of British Columbia, Canada, before taking his professorship in the United States. He had previously been an associate dean in the College of WISCO in China. Professor Chen conducts research and publishes papers in the areas of budgeting and financial management for nonprofit organizations and governments, program evaluation and cost-benefit analysis of diverse public programs, and compari¬sons of the health care systems and finance in Canada, the United States, and China. He is coauthor of Budget Tools: Financial Methods in the Public Sector (2009).


Ed Sermier
Ed Sermier is an adjunct professor at both Baruch College School of Public Affairs, City University of New York and at the Wagner Graduate School of Public Service, New York University, where he teaches a courses in nonprofit finance, management, and leadership. He is also an independent consultant specializing in nonprofit financial planning and management. Over the course of his career, Sermier has held positions at many non¬profit organizations, including as director of national customized services for the Nonprofit Finance Fund, vice president, chief administrative officer, and director of program evaluation at Carnegie Corporation of New York, chief finan¬cial officer of the New York Philharmonic Orchestra, and director of special edu¬cation as well as budget director for the New York City Board of Education. He developed the Financial Toolkit for Nonprofit Executives and Board Members, which provides a means to make financial data understandable to an organization’s decision makers. He holds an MBA from Columbia University