Understanding Financials for Not-For-Profit Boards: Are you Financially Literate?
Understanding financials for a non-finance person can be challenging and even overwhelming. A not-for-profit board role includes a financial oversight role, which means not-for-profit directors need to be financially literate. You do not need to be a financial expert, but you do need to have a fundamental understanding of the financial statements of the organization in order to determine its financial viability. 10 tips to help you become financially literate on a not-for-profit board Understand what it means to be financially literate. Maintain your objectivity by being independent minded, and if you don’t know, ask; ensure you fully understand the financial issues of the organization. Develop a plan to become financially literate and begin the work. Begin by reviewing the annual reports of organizations that you are interested in and/or [...]