Understanding Financials

Home/Understanding Financials
25 07, 2019

Financial Intelligence in the Boardroom

By |2019-07-26T11:34:50-04:00July 25th, 2019|Corporate Board Journey, Understanding Financials|0 Comments

Every board member has a role in financial oversight. Even if you don’t have financial expertise, you are still expected to maintain an adequate level of financial intelligence. This means that you need to have an understanding of the fundamental concepts, conventions and principles underlying financial statements. Top 5 tips to help you boost your level of financial intelligence in the boardroom: 1. Develop a plan and begin the work. Start by reviewing the annual filings of TSX listed companies that you are interested in or work for. 2. Seek out a mentor or someone who has financial expertise. Ask someone you know that has financial expertise if you can spend time with them over the next 12 months, transferring knowledge and helping you understand core financial concepts. 3. Understand the basic [...]

18 01, 2016

Understanding Financials for Not-For-Profit Boards: Are you Financially Literate?

By |2016-01-18T16:19:07-05:00January 18th, 2016|Understanding Financials|0 Comments

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 [...]

Go to Top