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Financial Leadership: Understanding the Crucial Components of Financial Reporting

Executive Directors in partnership with board members serve as the financial leaders of the organization. Yet as you try and fulfill your role, you get bogged down in jargon and process of accounting without really understanding how to use what you’re looking at to strengthen your organization. This interactive webinar breaks down the financial statements in an easy to use manner. We’ll go beyond just how to read the financial statements, covering the key questions you should be asking to assess your organization’s financial health. We’ll also cover cash flow and present an easy to understand dashboard to inform and engage board members.

Learning Objectives

At the conclusion participants will:

  • Understand the two essential nonprofit financial statements: Statement of Financial Position and Statement of Activities
  • Have a list of questions to be able to easily assess the financial health of the organization and know strategies to improve it
  • Understand the difference between cash flow and financial statements and have a tool to forecast and manage cash flow

Who Should Attend: Executive Directors, senior managers and board members looking for an overview of the organization’s financial statements and an easy way to assess your organization’s financial health.

Presenter: Steve Zimmerman

Session Agenda

Overview of Financial Leadership

Understanding Financial Statements

  • Balance Sheet
  • Income Statement
  • Types of Nonprofit Income
  • Cash vs. Accrual Accounting

Assessing Financial Health

  • Do we have enough cash to pay our bills?
  • How is our cash flow?
  • Are we on target for our budget?
  • How is our reserve?
  • Are we using restricted cash?

How your activities fit together

  • Does everything need to break even?

Presenter Bio: Steven D. Zimmerman, Spectrum Nonprofit Services

Steven D. Zimmerman, CPA, MBA is the Principal of Spectrum Nonprofit Services where he performs training and consulting in the areas of finance and strategy for community-based organizations throughout the country. Spectrum Nonprofit Services provides strategy and management expertise to enable nonprofits to work more effectively as they better our society and enrich our lives. Steve offers data-driven management consulting based upon the theory of the dual-bottom line of nonprofits – mission impact and financial viability - and helps organizations better understand their intended impact, business model and how their different activities interact to create a viable organization with high impact. When leadership understands these elements they are better positioned to make ongoing strategic decisions to strengthen their organization.

Steve is co-author of the new book "Nonprofit Sustainability: Making Strategic Decisions for Financial Viability" published by Jossey-Bass in 2010. He writes the Finance and Strategy column for Blue Avocado, an online magazine for nonprofits with over 60,000 subscribers, and has also written for The Nonprofit Quarterly, Board Source and spoken nationally on these topics. Prior to starting Spectrum, Steve was a Projects Director with CompassPoint Nonprofit Services, one of the nation’s leading nonprofit consulting, training and research organizations. Steve contributed to development of CompassPoint’s Business Planning framework, wrote and delivered trainings in finance and fundraising and consulted on management issues to organizations ranging from $250,000 to over $20 million in revenue. While there Steve co-authored with Jeanne Bell the California Nonprofit Integrity Act Toolkit. Steve’s extensive nonprofit experience includes serving as a Chief Financial Officer, Development Director and Associate Director at community-based nonprofits where he performed turnarounds resulting in increased financial sustainability and programmatic reach.

Steve approaches nonprofit management with a passion for mission-based organizations and a strong foundation in finance. He is a Certified Public Accountant and earned a BA from Claremont McKenna College and an MBA from Yale University.


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