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When you're running a not-for-profit, it's important to have a chief financial officer who's also a "strategic partner" for CEO's, writes Neil Shah at Forbes.
That means working closely with CEOs to create a culture of financial transparency, creating financial forecasts and scenario analyses to help CEOs make more informed decisions, and engaging in "open dialogue" to help CEOs better understand the organization's financial health.
"By fostering a culture of financial transparency, CEOs can lead with confidence, knowing they have a clear picture of the organization's financial health," writes Shah, who's worked in nonprofit finance for almost 20 years.
He offers a few other ways CFOs can help CEOs, including: Simplifying complex financial information: CFOs should translate these technical and jargon-filled details into plain language so CEOs "can grasp the financial health of the organization easily."
Setting clear financial objectives: CFOs should work with CEOs to establish concrete financial goals and key performance indicators.
Track progress toward these objectives and share regular updates.
Training and workshops: CFOs can organize training sessions and workshops to educate staff, board members, and other stakeholders about nonprofit finance.
Risk management: CFOs should work with CEOs to develop risk mitigation strategies and
Selected Grant News Headlines
A customized collection of grant news from foundations and the federal government from around the Web.
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Dobbs announced the need for volunteers at the Central Arkansas Veterans Healthcare System for Compassionate Contact Corps.Volunteers are matched with veterans that are experiencing loneliness or are...more
Jefferson Parish Young Marines receive national honors.Sgt.Taylor Science and Technology Academy, was named the Honor Graduate for the Young Marines 2025 National Leadership Academy-Senior Leadership...more
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